News India Live, Digital Desk: Government Schemes: There is a good news for those who are afraid of the stock market uproar! If you are looking for a safe investment where your money is saved from market fluctuations, and also better returns, then some schemes supported by the government can be a great option for you. These investments are very good for those who do not want to take risk and keep their money safe.
Let’s know about 5 such government investment options, where your money will not be stuck and returns will also be sure:
1Public Provident Fund (PPF):
PPF is one of the most popular government investment schemes, and is known for its safety and attractive returns.
Benefits: Investing in this provides tax exemption under Section 80C of the Income Tax Act (on investment of up to ₹ 1.5 lakhs annually). The interest received in it is also tax-free.
What to do: You can open a PPF account in any bank or post office. Its duration is 15 years, which can be extended for 5-5 years. It provides compound interest in compound interest according to 7.1% (can change) annually, which increases your money quickly.
2. sukanya samriddhi yojana (ssy):
The scheme has been launched especially for the bright future of daughters under 10 years of age.
Benefits: SSY also provides tax benefits under Section 80C of Income Tax and the return available in it is also completely tax-free. It is currently getting an attractive interest of 8.2% (can change), which is more than PPF.
What to do: Open an account in the name of the daughter. You can invest from small amounts to lump sum every month. The scheme lasts 21 years or daughter’s marriage (50% amount is allowed for studies when she is 18 years old).
3. Post Office Time Deposit (POTD):
This bank is similar to a fixed deposit (FD), but it is opened in the post office.
Benefits: In Potd you get a fixed interest rate for different periods (1 year, 2 years, 3 years, 5 years). The principal deposited in it and the interest received is safe. Tax benefits are also available under Section 80C on 5 years deposit.
What to do: Open your Potd account in the post office and choose the duration as per your convenience.
4. Senior Citizen Savings Scheme (SCSS):
The scheme is very popular for senior citizens aged 60 and above.
Benefits: The SCSS assures senior citizens of safe and regular income. The interest rate on it is higher than the rest (currently 8.2%, can change). It is also a tax-saving option under 80C.
What to do: It can invest up to ₹ 30 lakh. You can open it in a bank or post office. Its duration is 5 years, which can be extended up to 3 years further.
5. National Savings Certificate (NSC):
NSC is a type of savings bond, which can be purchased from the post office.
Benefits: It has a fixed lock-in period of 5 years and gets a fixed interest rate on investment (currently 7.7%, can change). It also provides tax exemption under Section 80C of Income Tax.
What to do: You can buy any amount NSC from the post office. It can also be pledged to take loans from the bank.
In all these government schemes, your money is inside the government’s security shield, so the faster of the stock market does not affect them. These are very good options for those who do not want any risk on their investment.
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