Today is Dhanteras, and the day after tomorrow is Diwali. Diwali is seen as the best day to begin anything new. You can start saving for your future from this day.
If you don’t like taking big risks with your money, investing in government schemes could be a good choice for you.
Today, we’ll talk about some government plans and the newest interest rates.
By investing in these, you can be sure to get returns, and because the government supports these plans, there isn’t much risk.
Post Office Monthly Income Scheme (POMIS)
If you are older than 10 years, you can put money in this plan. You can start with Rs 1000 and put in up to Rs 9 lakh if it’s just your account. If it’s a shared account, the most you can put is Rs 15 lakh.
This account will be finished in 5 years. Right now, the government is giving 7.4 percent interest on this plan in the December quarter.
Public Provident Fund (PPF)
Any adult in India who is 18 years old can open this account and start investing. You can start with Rs 500 and invest up to Rs 1,50,000 in a year.
This account lasts for up to 15 years. Right now, the government is offering 7.1 percent interest on PPF.
Kisan Vikas Patra (KVP)
In this plan, any adult in India who is 18 years old can begin investing.
You can start with a minimum of Rs 1000, and there’s no maximum limit for investment. Right now, the government is offering 7.5 percent interest on this plan.
Sukanya Samriddhi Yojana (SSY)
You can invest in this account only if you are the parent of a daughter.
The Sukanya Samriddhi Yojana account can be opened in the name of a girl child only until she turns 10 years old.
In a year, you can invest a minimum of Rs 250 and a maximum of Rs 1.5 in this account. Right now, the government is offering 8 percent interest on the SSY account.
