Savings scheme for Senior citizens
Whenever we have some money in our hands, we want to keep them safely with us so that we can use that money when a bad time comes. That is why we deposit money to avoid bad times. And at the time of need, we also deposit money to use the money. But if we deposit money in some other drawer in our cupboard, then that money gets spent from us in one way or the other. Or the money lying there does not come in any use. The true meaning of depositing money is only when we keep getting a little more money on the deposited money. That is, even when the money is lying, he should earn money for us. To make this type of plan a reality, we have been provided with different types of savings schemes, which we can use to save our money.
There are two types of savings plan
1. National savings certificate
2. National savings scheme
Under these schemes, we keep getting interested in the money deposited by us. Whatever the interest can be, and at a time, we can withdraw that money and use it at any time. These savings schemes are used by crores of people, and the scheme can be both government and private. Often we get more interest in private schemes.
Today we will tell you that if you also want to use savings schemes, then as a citizen of India, what are the savings schemes available to you, which you can use as your savings plans.
So let's start-
What is a savings plan?
Friends, savings schemes are a specific way for a person to deposit his/her earnings. In which a person is given a variety of schemes to fulfill his aspirations, and interest is given on it, in which every person can choose his preferred offer and deposit his amount in that specific savings project.
After a certain period of time, he can use his savings for his aspirations such as the marriage of a child or an educational course.
Savings plans are both government and private, and the best thing about savings plans is that they provide you with good protection on your investments, and the risk is very low. But the returns also provide decently. These savings projects are periodically alternated every three to six months.
1. National savings certificate
A national savings certificate is a savings scheme that is supported by the government of India, and this scheme is for those people who have a fixed salary or a source of income, and you can get it at any nearest post office. Can activate. Under this, your savings bonds or even a particular investor can deposit his savings here.
For those people who do not like to take risks and get only a moderate income, this national savings certificate proves to be very effective for those people. This is mainly parallel to public provident fund or post office fixed deposit. There is less risk in this, so you get comparatively less in profit. But when the market fluctuates, your profit also fluctuates in it.
Its benefits :
• You can buy these plans in two types of maturity period which are 5 years and 10 years respectively.
• There is no limit on the purchase under the national savings certificate. But still, you can get benefits in your income tax by investing one lakh to 150000.
• The national savings certificate has had an interest rate of 7.6 per annum in the recent past and you get this interest rate in the form of compound interest.
• If you want, you can start with a small amount like ₹ 100 under this scheme and you can increase it whenever you want.
• You can also get any type of loan on top of a national savings certificate and this certificate can be accepted as collateral in any bank.
• The investor can withdraw his entire amount only when its maturity period is over or the investor dies, but this scheme is not tax-free, in this the money received by you is also taxed.
• Due to extraordinary circumstances such as the death of the person or legal proceedings, the savings amount deposited in this scheme cannot be withdrawn prematurely without a court order.
2. National savings scheme
A national savings scheme is a scheme supported by the government of India, which is provided to you in the form of a sum insured. This scheme generally comes under compound interest and in this, you get compound interest on the amount deposited. You can also increase your investment but cannot reduce the time of investment and in this, you get the convenience that this plan is tax-free.
Its benefits :
• Its biggest advantage is that it gives you a complete security amount after a certain period of time and it is absolutely safe.
• Your deposit amount is revised every 2 months for compound interest.
• National savings schemes such as public provident fund or Sukanya Samriddhi yojana etc. Will get you tax-free and you will not have to pay any kind of tax on your earned profits in this.
• In this, you cannot withdraw your amount before maturity, unless exceptional circumstances arise.
3. Public provident fund
Friends, the public provident fund was started in 1968 and it was started by the national institute which comes under the ministry of finance of India and it is mainly an effective savings institution for thrift.
Its benefits :
• Its attractive interest rates make public provident funds very attractive and the interest rate of public provident funds as of April 1, 2020, is 7.1%.
• In this you can invest a minimum of ₹ 500 and a maximum of ₹ 150000.
• Any interest you get on the deposited amount will be completely exempt from tax.
• The minimum tenure of maturity will be up to 15 years which can be extended by another 5 years if you wish.
4. Post office savings scheme
Friends, the post office saving scheme is the most reliable and safest saving scheme among all the savings schemes. Under this scheme, the risk is taken very less and the investors are assured of relatively good returns. This is the best savings scheme among the government schemes of India.
Under the post office savings scheme, you get different types of products-
Such as post office savings account, recurring deposit account which is of 5 years, time deposit account, monthly income account scheme, senior citizen savings scheme, public provident fund account, and Kisan Vikas Patra, Samridhi account all these products you will get in post office savings account. See you.
5. Senior Citizen Saving Scheme
Friends, Senior Citizen Saving Scheme is designed keeping in mind the needs of senior citizens of India, and to become eligible in this scheme, the person must be 60 years old. Generally, a person can be between the age of 55 to the end of 60 years.
• Various types of benefits are available under this scheme such as-
• Quarterly interest rate of 7.4%
• 5 years tenure
• Maximum deposit capacity in multiples of thousand
• And investment amount less than 1500000
• The best feature in this is that the account holder can withdraw his deposited amount even before the completion of his investment tenure, but for this, the investor has to deposit 1.5% of the amount deposited in the first year and deposited in the second year. 1% of the amount has to be paid.
• Transfer facility
• Minimum tenure of 5 years can be extended by 3 years
• Tax is deducted if interest exceeds ₹10,000 every year.
6. Kisan Vikas Patra
Kisan vikas patra was started in 1988. It is one of the most preferred schemes of the Indian postal department and was discontinued in 2011 due to the most misused scheme and was reintroduced in 2014 on public demand.
• Under Kisan Vikas Patra, if you deposit your amount for 124 months, then that amount doubles at the rate of 6.9% interest.
• In this scheme, you can invest in multiples of 1000, 5000, or ₹ 10000 or ₹ 50000 and there is no maximum limit.
• If you want to withdraw money after two and a half years of deposit, then you can withdraw.
• Transfer facility is also given in this.
7. Sukanya Samriddhi Yojana
The scheme was launched by the ministry of finance of India and was launched by the honorable prime minister Shri Narendra Modi to make the future of the girl child bright and to support the future of the aspiring girl child.
Its different types of features and you can get such as-
• In this you get an annual interest rate of 7.6%
• For this scheme, an account can be opened in any bank here in the post office.
• This account can be opened with a minimum of rs.150000 and can be deposited up to a maximum of rs.150000.
• In this also you are given the facility of transfer.
8. Atal pension scheme
In the name of the former prime minister of India Shri Atal Bihari Vajpayee Ji, this scheme has been made for the welfare of the people of the weaker section of India, and under this scheme, a person deposits money in his youth and after that, he goes to the bank & bank returns the amount to him as a pension till his entire old age, which includes interest.
• Apart from its various types, you can get such as it provides the option of pension for the weak and people working in the unorganized sector.
• People in the age group of minimum 18 to 40 years can apply.
• This includes the minimum premium amount and you have to pay it continuously for 20 years. The higher the premium amount, the higher will be the pension.
• The applicant must have a bank account.
• It is necessary that the applicant should not have purchased any type of policy.
9. Employees Provident Fund Organization
The employees' provident fund was introduced by the employees' provident fund organization. And it is mainly for Indian workers, whose fixed salary comes into their account every month; it is mainly used to provide pension and emergency funds.
• Under the scheme, workers put 12% of their monthly salary in the account of the provident fund.
• On this, you get an interest of 8% to 12%, which is decided by the government.
• The interest amount is credited to the employee's account on 1st April every year.
10. National Pension Scheme
National Pension Scheme is such a scheme that after the person retires, a monthly income is provided to that person, which gets deposited in his bank account completely safe. For this, the employee has to deposit his small premium every month as payment. The accumulated close amount is clubbed together and then that growth along with interest is given to the individual as retirement payments every month.
• Under this scheme, the person had a bank account, 10% of the salary coming every month is deducted and it is deposited under the national pension system, and after retirement after a certain time, the person will get that deposit with interest. Together it is returned.
Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana was launched in 2014 and this particular scheme, people did not have a bank account, it was possible to open a zero savings account of poor people and give the amount of money related to government schemes and other facilities like banking, insurance or pension to the person.
• Whoever invests under the Pradhan Mantri Jan Dhan Yojana, when and when can take accident insurance up to one lakh and life cover up to ₹ 30000, which will also be payable on the death of the person.
• Up to ₹ 5000 and the draft facility can also be available on this for a family.
• There is no need to maintain a minimum balance in this account.
• Dangerous can avail the interest of your deposits.
• Account holders can get the benefit of all types of policies and pensions.
• They get the benefits of government schemes directly.
• The facility of mobile banking also makes them easy.
You can get to know some more reliable information about the saving schemes of Senior citizens, we have provided very fine information about these schemes, but there are always some “more”. So if you want to get to know more information then please visit the https://app.moneyspring.in/ website for relatable information.