Are you looking for a secure and stable investment? Well, the solution is perfectly backed by the Indian Government. Given below are some of the schemes that you can consider. These schemes are known for long-term investments, retirement planning, superior benefits, tax-efficiency, stable income, etc. Here:
- Sukanya Samriddhi Yojana: The Sukanya Smriddhi Yojana or SSY is a savings scheme exclusively for the girl child was launched by Prime Minister Mr. Narendra Modi in the year 2015. Only a legal guardian or parent can open an account in the name of a girl child until she attains 10 years age. This scheme is aimed at encouraging the parents/guardians to build a fund for their education and marriage expenses. Basically, it is a part of ‘Beti Bachao, Beti Padhao’ initiative. The account can be opened at any India Post Office or it can be in a branch of some authorized commercial banks. The rate of interest offered is 8.1% yearly and a minimum deposit is Rs.1,000; the maximum is Rs. 1.5 lakh. SSY account also offers tax-deduction for up to Rs. 1.5 lakh under section 80C. Lastly, the account matures at 21 years of age.
- National Pension Scheme: National Pension Scheme or NPS is a retirement saving scheme which is open for all Indians, but compulsory for the government employees. It aims to provide retirement income to all Indians. NRIs and Indian citizens in the age group of 18-60 years are eligible for this scheme, and can allocate the funds in corporate bonds, government securities, and equity. Investments up to Rs. 50,000 are liable for tax-deduction under section 80CCD(1B). Additional investments up to Rs. 1,50,000 are tax-deductible under 80C. If you are investing for 3 years, you can withdraw up to 25% for certain criterion (higher studies, buying a house, children wedding, medical treatment, and others).
- Public Provident Fund: Public Provident Fund or PPF is one of the oldest retirement schemes launched by the Indian Government. The amount invested, amount withdrawn, and interest earned is exempted from tax. PPF is not only safe, but also helps in saving the tax. The PPF account can be opened in post office or bank; the lock-in-period is for 15 years. The minimum investment is Rs. 500 and maximum is Rs. 1.5 lakh. The account can be opened with Rs. 100.
- National Savings Certificate: National Saving Certificate or NSC is a fixed income-investment scheme which you can open in any post office. You can buy it for a minor/ or with another adult as a joint-account. NSC comes with two maturity periods – 5 and 10 years and there is no maximum limit of NSCs, but you can earn tax-break up to Rs. 1.5 lakh under section 80C. Currently, the rate of interest is 8%.
- Atal Pension Yojana: Atal Pension Yojana or APY is aimed at the unorganized sector such as gardeners, delivery boys, maids, etc. The goal was to ensure that no Indian citizen should worry about any accidents, diseases, or illness in old age, precisely, giving a sense of security. There is also an option of getting a fixed pension of Rs.(1000, 2000, 3000, 4000, 5000) on attaining 60 years of age. The pension will be determined based on the age and contribution amount of an individual.
- Pradhan Mantri Jan Dhan Yojana: Pradhan Mantri Jan Dhan Yojana or PMJDY was launched to provide banking services like a deposit account, insurance, savings account, and pension. The minimum age limit for a minor is 10 years, else, any Indian resident over 18 years of age is eligible to open PMJDY account. The exit from this scheme can be availed after reaching 60 years.
- Senior Citizen Savings Scheme: The senior citizen savings scheme or SCSS is primarily for the senior citizen that offers a regular stream of income with tax-savings benefits and safety. It is a good choice of investment for those over 60 years. This scheme is available through post offices and banks across India. An individual can invest Rs. 15 lakhs as a maximum amount. The tenure of this investment is flexible with 5 years which can be extended up to 3 (additional) years. With 8.6% of return rate, it is good as compared to FD or savings account.
Which government scheme you have started investing with? Apart from the government investment schemes, if you are looking for some other way-out for the investment, then Gulaq is the best platform regarding the same. How about taking the tour?