From Senior Citizen Savings Scheme to National Savings Certificate, take a look at the interest rates offered in various government schemes.
With the advent of social media, financial literacy among people has been on the rise. From experts on YouTube to business-related courses on various platforms, we now have the option to make ourselves more aware of different investment schemes. Now with various channels and experts claiming to give the best suggestions and strategies for investing, we often plan everything ourselves. Yet, we lose out on some of the best investment schemes out there. So today, let’s take a look at the top 10 government investment schemes.
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The central government runs several types of investment schemes in which funds can be invested monthly, half-yearly or annually. Investors in these schemes also get the benefit of tax exemption under the old tax regime. It must also be noted here that the government has increased interest rates for small savings schemes by up to 70 bps (basis points) for the April-June 2023 quarter. Its benefits will be given to schemes like Senior Citizens Savings Scheme, National Savings Certificate, Sukanya Samriddhi Yojana and Kisan Vikas Patra. So let’s enlist all such schemes along with the returns an investor can gain from them. Here are the top 10 government schemes and their interest rates:
Senior citizens can now enjoy a slightly higher rate of interest on their savings through the Senior Citizen Savings Scheme (SCSS), as the rate has been increased from 8% to 8.2%.
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Similarly, the National Savings Certificate (NSC) now offers an increased interest rate of 7.7%, up from 7%. The Sukanya Samriddhi Yojana (SSY) also saw an increase in interest rates, going from 7.6% to 8%.
For those interested in the Kisan Vikas Patra (KVP), the interest rate has been raised from 7.2% to 7.5% for a term of 115 months, compared to the previous 120 months.
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The Post Office Monthly Income Scheme has also had a boost, with its interest rate being increased from 7.1% to 7.4%. Meanwhile, the Public Provident Fund continues to offer a 7.1% interest rate.
Finally, the Post Office Time Deposits have also seen an increase in interest rates, with a 1-year deposit now offering 6.8% interest (up from 6.6%), a 2-year deposit offering 6.9% interest (up from 6.8%), a 3-year deposit offering 7% interest (up from 6.9%), and a 5-year deposit offering 7.5% interest (up from 7%).
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The focus of the Central government has been to motivate elders and women to invest in the schemes above. That is why it is running the Senior Citizens Savings Scheme for senior citizens and, new saving scheme Mahila Samman Bachat Certificate Yojana was started for women.
