Invest in these government schemes
If you do not want to take risk, then there are many savings schemes of the Government of India, in which you can invest. The government keeps changing the interest rate of these savings schemes from time to time. These savings schemes get an interest of 4 percent to 7.6 percent annually. One can get guaranteed return on investment in these schemes.
Post office saving account
Investing in the post office is the oldest and safest option. Here you can open a savings account for only 500 rupees, this account is exactly like bank saving accounts. But 4% interest is paid annually on investment in this scheme. Apart from this, time deposit accounts can also be opened in the post office. In which you can invest for 1, 2, 3 and 5 years. For one to three years, you will get 5.5 percent on investment and 6.7 percent for five years.
RD in post office for 5 years
You can also get more interest on a recurring deposit in the post office. The post office scheme is getting 5.8 percent interest. Apart from this, under the Senior Citizen Savings Scheme, the husband and wife can jointly invest up to 30 lakh rupees in the scheme. It has a lock-in of 5 years, and gets 7.4 percent interest annually.
National Savings Certificate (NSC)
The post office National Savings Certificate (NSC) is currently getting 6.8 percent interest. There is also a tax rebate under Section 80C of Income Tax on investments made in it. There is a lock-in period of 5 years on the investment made in it. However, a loan can be taken from the bank by pledging the NSC in emergency.
Public Provident Fund (PPF)
PPF is the most popular tax saving scheme in India, the investment made in it matures in 15 years. PPF investment also has a lock-in period of 5 years. You can invest a minimum of 500 rupees and a maximum of 1.5 lakh rupees in PPF account. Currently, it is getting 7.1 percent return. PPF accounts can be opened by banks or post offices anywhere.
Kisan Vikas Patra (KVP)
Keeping in mind the Indian rural scenario, the Central Government has started the Kisan Vikas Patra Yojana. Account can be opened with minimum 1000 rupees in Kisan Vikas Patra. Currently, it is getting 6.9 percent annual return. The amount invested in Kisan Vikas Patra doubles in 124 months. You can open an account by going to any post office and filling the form. The form can also be downloaded online.
Sukanya Samriddhi Yojana
If your daughter’s age is less than 10 years, then you can invest in Sukanya Samriddhi Yojana in the name of the daughter. Currently, 7.6 percent interest is being received on this scheme. In this scheme, a person can open an account for his two daughters. At the age of 21, daughters can withdraw money from this account. In this scheme, the amount will double in 9 years and 4 months.