Top 3 High Return Small Saving Schemes Launched by Government

There are some of the high return schemes launched by the government of india under small saving schemes.

Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana (SSY) is a “Small Savings Scheme” especially for Girl Child and we can understand its meaning of this small slogan name is “BETI BACHAO-BETI PADHAO”.

Its main motive of SSY is to meet the educate girl child. Our Prime Minister launched this scheme on 22^nd Jan of 2015. This slogan concept is cleared, we never determine the ratio of Sex in India. The main motive of this scheme is to save every girl and let’s educate her.

It should be our prime responsibility to care here. But sometimes I was very disappointed when I heard it is not a scheme it’s just a “Financial Planners”. It just like PPF A/c.

I felt very said but SSY has never been a burden of the future. Specially BBB is our responsibility to make good educated social, state, as well our country. So it is our responsibility to give her handbooks, no broom.

Under the SSY scheme, all are the Indian can open Account in India in any Post Office or its authorized commercial bank branches like. SBI, Andhra Bank, Allahabad Bank, Bank of Baroda etc .anyone can open an account any time after the birth of girl child till she turns 10 yrs old.

Minimum of Rs.- 250/- & Maximum of Rs.- 1.5 Lacs (In Financial Year). Parents can open only one account per child. Parents can be open a maximum of two accounts for each of their children (Exception allowed for twins and triplets) & the account should be transferred anywhere in India.

At a time to open an account, the following are the relevant documents are required –

• SSY account opening Form
• Birth certificate of the girl child 
• Identity or Address proof of the depositor (parent or legal guardian) i.e. PAN, Driving Licence, Passport, Ration Card, electricity bill, telephone bill etc.

The following interest rate since its launch is as follows:

Benefits:- 

• The high rate of bank interest (comparing to SB, RD)
• Tax Saving
• Lock-in Period
• Purpose of Marriage or education
• Interest should be paid even after maturity
• Flexibility

Disadvantage:-

• Lock-in Period
• Maximum two accounts can be opened
• Premature Withdrawal
• No online facility
• Rate of interest may vary as per subject of rules
• Not for NRI child girl.

What is Public Provident Fund (PPF)

PPF stands for Public Provident Fund. First time year on 1968 By the Finance Ministry’s National Savings institute offered PPF account especially for to the individual public. All are the individual whose residents in India can go with the PPF Account.

Basically It’s a long term (15 Yrs) investment plan & the most important part of this plan is it is totally tax-free saving scheme as well free of a risk investment plan. We have to option to set here our investment monthly, quarterly & half-yearly and yearly.

Mainly the most important reason for its very popular in human being due to the good compound rate of interest as well as safety, returns and tax savings. 

Nowadays PPF investors used it as a tool to build themself for their retirement by putting some lump sum fixed amount for live a life easily.

Actually whenever we have to compare PPF account with LIC Returns, officially rate of interest is better according to the LIC. LIC rate of interest is always around 6-8% where PPF offers 8.7%.

Due to the popularity of PPF account, it is the most important tools in human being to be like. It can be opened at Post Office or any nationalized banks and major private bank. In this account we should contribute a minimum for Rs.- 500/- & maximum 1,50,000/- annual.

Criteria eligibility to whom open PPF Account

• Any individual who lives in Indian can open one PPF account
• NRI is not eligible to open
• A resident Indian has become an NRI after maturity of account it should be closed.
• Parents/guardian can open PPF accounts for their minor.
• Open of joint accounts 
• Not allowed for multiple accounts

Documents required at the time of open an account

1. Form A (PPF account opening form)
2. ID proof
3. Address proof
4. Photograph of the account holder
5. Nomination form

Benefits of opening a PPF Account

• Nothing is Risk in this account
• Tax-free investment
• Tax Rebate under 80 CC under 1.5 Lacs
• Principle & interest amounts are guaranteed safe.
• Interest should be always higher than FD rates on any banks.
• The interest rate should be (compound rate) 
• Flexibility

Disadvantage:-

• It is no Risk/Insurance coverage.
• It has a locking period of 15 yrs
• Only individual can open a PPF account, not any firm or company.
• Maximum limit is just 1.50 lakh in a financial year 

Whenever we have to see the analyses of PPF account, then we say It’s a good long term investment plan to return maximum rate of interest & after retirement & its is useful for live a long life. Therefore, every individual should have (PPF) Public Provident Fund account.

• Senior Citizens Savings Scheme Account
  • Minimum Deposit: Rs.1000/- 
  • Maximum Deposit: Rs: 15 Lakh/-
  • Interest Rate: 7.4% PA
• Eligibility
  • An individual of the Age of 60 years or more 
  • An individual of the age of 55 years or more who have retired on superannuation or under VRS. the account should be opened within one month of receipt of retirement benefits and the amount should not exceed the number of retirement benefits
• Retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible at the age of 50.
  • Maturity period is 5 years
  • Premature closure is allowed

(i) If closed before 1 year, no interest will be payable, if paid already will be recovered.

(ii) after one year on deduction of an amount equal to1.5% of the deposit to be deducted

(iii) after 2 years 1% of the deposit to be deducted.

• After maturity, the account can be extended for further three years within one year of the maturity by giving application
• TDS is deducted at source on interest if the interest amount is more than INR 50,000/- PA
• Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 
• Disclaimer: All the above information is for educational purposes only, and the above schemes are not to be considered as recommendations as the above data might vary from actuals in the period. kindly read the scheme and policy-related documents carefully before investing in any saving schemes and visit the official website for more information.