We will discuss the government-run small saving schemes if you wish to invest in a plan that offers both decent returns and tax savings. You can earn an interest rate greater than 7% by investing in them.
Senior Citizen Saving Schemes investments yield high rates of return
You can earn interest on this up to 8% annually. Any citizen who is older than 60 years old may benefit from this. You receive a benefit on a joint account in this.
PPF, or public provident fund, is a well-liked saving schemes
With this strategy, compounding is also advantageous. It is now earning a return of 7.1%. A minimum of Rs. 500 and a maximum of Rs. 1.5 lakh can be deposited in it each year. Also, investment in it is tax-exempt under Section 80C of the Income Tax Code.
The Sukanya Samriddhi Yojana (SSY)
was founded with the future of daughters in mind. This plan offers a return of 76 percent. You receive a tax credit under section 80C here for your investment.
The Kisan Vikas Patra (KVP) program is a very well-liked saving schemes
You receive a 7.2 percent return on your investment by using these programs. With the Kisan Vikas Patra, there is no tax exemption of any type. Money is deposited in this for a 10-year period and is doubled.
National Savings Program (NSS)
Your investment yields 7% under the National Savings Program (NSS) saving schemes. During five years, money is deposited in this. Taxes are waived up to Rs. 1.5 lakh for you.
Read More: Get 54 lakhs on maturity of this LIC scheme, know how much to invest
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