Govt Schemes 2023 – Post Office Small Savings Schemes: Post Office’s Small Savings Scheme is very popular among investors. Especially in those investors who do not want to take market risk. If you also rely on small savings, then in the new year you will benefit more than before. In some post office schemes, your money will double quickly if you invest now as compared to last year. Returns on National Savings Time Deposit Scheme (TD), Monthly Income Scheme (MIS), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), Recurring Deposit (RD) increased from the new year Is. However, Public Provident Fund (PPF), Sukanya Samdhi Yojana (SSY) will continue to get returns as before.
Senior Citizens Savings Scheme (SCSS)
- Interest rate now: 8% per annum
- Time to double money: 9 years
- First interest rate: 7.6 per cent per annum
- Time to double money: 9.47 years
Its maturity is 5 years. In this, the maximum deposit can be made 15 lakhs, while the minimum deposit is 1000 rupees. Rebate under 80C on 1.50 annual investment. However, TDS will be deducted if the interest earned in a financial year exceeds Rs 50,000.
National Savings Certificate (NSC)
- Interest rate now: 7.1 percent per annum
- Time to double money: 10.14 years
- First interest rate: 6.8% per annum
- Time to double money: 10.58 years
The maturity of this scheme is 5 years. There is no limit on the maximum deposit, while the minimum deposit is Rs.1000. The amount of up to Rs 1.50 invested is eligible for tax exemption under section 80C of the Income Tax Act.
Time Deposit (TD)
- Interest on 5 year scheme: 7% per annum
- Time to double money: 10.28 years
- First interest rate: 6.7% per annum
- Time to double money: 10.75 years
There is no limit on the maximum deposit, while the minimum deposit is Rs.1000. Tax exemption under 80C on the amount invested up to Rs 1.50. But if the income from interest is 40 thousand or more then TDS will be deducted. The limit for senior citizens is 50 thousand.
Kisan Vikas Patra (KVP)
- Interest rate now: 7.2 per cent per annum
- Time to double money: 120 months
- First interest rate: 7% per annum
- Time to double money: 1230 months
There is no limit on the maximum deposit. While the minimum deposit is Rs 1000.
Recurring Deposit (RD)
Interest rate now: 7% per annum
Maturity value at Rs 5000 monthly investment for 5 years: Rs 359667
Total Investment: Rs 3 Lakh
First interest rate: 5.8 per cent per annum
Maturity value at Rs 5000 monthly investment for 5 years: Rs 348480
Total Investment: Rs 3 Lakh
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