Are you looking for to spend cash on a protected financial instrument for a long term funding? Besides fixed deposit (FD), bonds or debt mutual funds, one can spend cash on a publish office small monetary financial savings scheme. Among all these selections, one in all many well-liked small monetary financial savings scheme is public provident fund (PPF).
Investment in public provident fund affords 7.1 % yearly to consumers. The minimal funding one may make is ₹500 and the utmost is ₹1.5 lakh yearly.
Investors are allowed to go for one withdrawal all through a financial 12 months after 5 years excluding the 12 months of account opening. This means if an account was opened all through 2010-11, the withdrawal is likely to be taken all through or after 2016-17. The amount of withdrawal is likely to be taken as a lot as 50 per cent of stability on the credit score rating on the end of 4th earlier 12 months or on the end of earlier 12 months, whichever is lower.
However, one can decide to spend cash on totally different small monetary financial savings schemes equal to given beneath.
Other small monetary financial savings scheme along with PPF
Post office monetary financial savings account: It affords 4 % curiosity yearly. The minimal amount that one could make investments is ₹500 to open the account.
National Savings Recurring Deposit: It affords 6.7 % curiosity on deposits. The minimal contribution to recurring deposit is ₹100 month-to-month.
National Savings Time Deposit: One can open a National Savings time deposit by depositing a minimal of ₹1,000. There are 4 tenures of this residue.
1-year-time deposit: It gives 6.9 per cent curiosity yearly
2-year time deposit: It affords 7 per cent curiosity yearly.
3-year time deposit: This affords 7.1 % yearly.
5-year time deposit: This affords 7.5 per cent yearly.
National Savings month-to-month earnings account: This account affords 7.4 per cent yearly payable month-to-month. The minimal one could make investments on this scheme is ₹1,000.
Senior Citizen Savings Scheme: This scheme affords 8.2 % curiosity yearly. And one may make a deposit of ₹1,000 and most upto ₹30 lakh.
Sukanya Samriddhi Account: One will get to earn 8.2 % yearly. One could make investments anyplace between ₹250 to ₹1.5 lakh in a single 12 months.
(Source: indiapost.gov.in)
National Savings Certificate (VIIIth concern) (NSC): One will get to earn 7.7 % compounded yearly nevertheless payable at maturity on NSC. The minimal funding is ₹1,000 and in multiples of ₹100. There isn’t any most prohibit.
Kisan Vikas Patra: It affords 7.5 % compounded yearly. The minimal funding is ₹1,000 and in multiples of ₹100 whereas there isn’t a most prohibit.
Mahila Samman Savings Certificate: This scheme affords an curiosity of seven.5 % yearly. The deposit is likely to be made for an amount between ₹1000 and ₹2 lakh.
