Following the recent increase in bank interest rates, individuals are increasingly turning to Fixed Deposits (FDs) to maximize their returns.
However, there are several government schemes that offer higher interest rates than FDs. Here are 5 such schemes worth considering:
- Senior Citizen Savings Scheme (SCSS) Interest Rate: 8%
The Senior Citizen Savings Scheme (SCSS), backed by the government, offers an attractive interest rate of 8% for individuals aged 60 and above.
With a maturity period of five years, SCSS provides a reliable investment option for senior citizens.
- Sukanya Samriddhi Yojana Interest Rate: 7.6%
Sukanya Samriddhi Yojana (SSY) is a government-supported small savings scheme specifically designed for the benefit of girl children.
Investors can earn an interest rate of 7.6% through SSY, along with the added advantage of income tax exemption.
- Kisan Vikas Patra (KVP) Interest Rate: 7.2%
Kisan Vikas Patra (KVP) is an investment option offered by the Indian Post Office and is favored by many individuals in the country.
It serves as an excellent choice for those seeking long-term investments and provides a competitive interest rate of 7.2%.
- Public Provident Fund (PPF) Interest Rate: 7.1%
Public Provident Fund (PPF) is a widely popular investment scheme due to its attractive features and benefits.
Investors can earn an interest rate of 7.1% through PPF, making it a reliable and secure long-term investment option.
- National Savings Certificate (NSC) Interest Rate: 7%
National Savings Certificate (NSC) is a fixed-income scheme that can be opened at post offices.
As a low-risk investment product, NSC offers a safe investment avenue with a respectable interest rate of 7%.
By exploring these government schemes, investors can secure higher interest rates compared to traditional Fixed Deposits.
These schemes provide reliable and regulated investment opportunities while offering competitive returns.
