1. National Savings (Monthly Income Account) Scheme
The account matures in 5 years.
A minimum of Rs.1000 and a maximum of Rs.9 lakhs and up to Rs.15 lakhs in joint accounts.
A depositor can operate more than one account under this scheme.
The current interest rate is 7.1 percent. (Image courtesy of Unplash)
2. National Savings Time Deposit Account
There are four categories of time deposit accounts available namely 1 year, 2 years, 3 years and 5 years.
Minimum deposit is Rs.1000.
There is no maximum deposit limit.
Interest Rate – 6.60 (1 year) 6.80 (2 years) 6.90 (3 years) 7.00 (5 years) (Image courtesy unplash)
3. Senior Citizens Savings Scheme
The minimum deposit is Rs.1000 and the maximum is Rs.30 lakh.
Only a person who has attained the age of 60 years or above on the date of account opening or a person who has attained the age of 55 years or above but below 60 years and retired under superannuation, VRS or special VRS can invest in this scheme.
The account can be closed after the expiry of 5 years from the date of account opening. (Image courtesy of Unplash)
4. National Saving certificate (VIII issue)
The account matures in 5 years.
Minimum deposit is Rs.1000.
There is no maximum deposit limit.
The interest rate is 7 percent. (Image courtesy of Unplash)
5. Public Provident Fund Scheme
Minimum deposit in a financial year is Rs.500.
A maximum of Rs 1,50,000 can be deposited.
Withdrawals can be made every year from the 7th financial year onwards.
The interest rate is 7 percent. (Image courtesy of Unplash)
6. Sukanya Samriddhi Account
Minimum deposit is Rs 250 and maximum deposit is Rs 1.5 lakh per annum.
This account can be opened in the name of a girl child till the age of 10 years.
Only one account can be opened in the name of a girl child.
The interest rate is 7.6 percent. (Image courtesy of Unplash)
7. Mahila Samman Saving Certificate
The Mahila Samman Samkam Samkaj Certificate Scheme is a one-time new small savings scheme of the Government of India announced in the Budget 2023.
A deposit facility of up to Rs 2 lakh is offered in the name of women or girls for a period of 2 years at a fixed interest rate of 7.5 per cent. (Image courtesy of Unplash)
8. Kisan Vikas Patra
Minimum investment is Rs.1000.
There is no maximum deposit limit.
A single holder type account can also be opened by a minor at the age of 10 years.
The interest rate is 7.2 percent. (Image courtesy of Unplash)
9. Recurring Deposit Account Scheme
In this scheme, a minimum of Rs 100 can be deposited per month and the maximum limit is not fixed.
Depositors can deposit upfront money in this scheme for 6 months or 12 months option.
The amount deposited in the scheme account will mature in 5 years.
The interest rate is 5.8 percent. (Image courtesy of Unplash)
10. Post Office Savings Account
In this scheme, a minimum deposit of Rs 500 is required and there is no maximum deposit limit.
Interest on accounts up to Rs 10,000 can be exempted under the Income Tax Act.
A person can open an account in his own name individually or jointly with an adult. The account can also be opened for a minor.
The interest rate is 4 percent. (Image courtesy of Unplash)