Do you know that investing in SSY, SCSS and PPF gives high returns!

The government has not made any change in the interest rates on small savings schemes for the April to June quarter. That is, the old interest rates will be applicable on these schemes for this quarter as well. Investors can earn good returns by investing in these schemes. Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and Senior Citizen Savings Scheme (SCSS) are small savings schemes that offer better returns. Let us know about them.

According to the website of India Post, the account can be opened in Public Provident Fund with a minimum of Rs 500. At the same time, a maximum of Rs 1.5 lakh can be invested annually in the account. According to Sebi Registered Investment Advisor Jitendra Solanki, PPF comes with a maturity period of 15 years. It can be extended further for 5 years. The interest rate on PPF is decided by the government every three months. At present, 7.10 percent interest rate is being offered on PPF. In this scheme interest is paid on 31st March every year. The investor can also take a loan against the amount of PPF. The special thing is that investors also get tax benefits in this.

It is a plan offering Guaranteed Retirement Income. Indian citizens above 60 years of age can open an account in this scheme. For those who have retired under voluntary or special voluntary scheme, the age requirement is 55 years. At the same time, for those who have retired from the Defense Services, the age for investment has been kept at 50 years with certain conditions. The minimum investment that can be made in this scheme is Rs 1000 and the maximum investment is Rs 15 lakh. The duration of this scheme is 5 years. It can be extended for another 3 years. The account can be opened singly or jointly in this scheme. At present, the interest rate in this scheme is 7.4 percent per annum.

Sukanya Samriddhi Yojana

This scheme is for girls. Under this scheme, parents can open an account in the name of their daughter younger than 10 years. This account can be opened by visiting the post office or any bank. This account can be opened for maximum two daughters of a family. According to the website of India Post, this account can be opened with a minimum amount of Rs 250. Minimum Rs 250 and maximum Rs 1.50 lakh can be invested in a financial year.

According to tax and investment expert Balwant Jain, the interest rate in this scheme is fixed by the government every quarter. The amount can be deposited in this account in lump sum or in installments. The amount can be deposited in the account till the maximum completion of 15 years of account opening. At present, the scheme is offering an interest rate of 7.6 per cent per annum. Interest will be credited to the account at the end of every financial year. The interest earned in this scheme is tax free.

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