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Saving Schemes in India

September 5, 2018Saving SchemeSuganya Arumugam

It is very important to invest, and invest wisely. The government, banks and financial companies, all offer various savings schemes to encourage people to invest their money for a specified period of time and earn periodic returns on their investments. If you invest prudently, knowing the pros and cons of various investment options, you can ace your financial planning endeavours. Here are the best investment schemes that will ensure that you have sufficient savings for your future financial needs.

Advantages of Saving Schemes in India

Saving anything (money mostly) can be considered part of the Indian tradition that attributes to responsible and cultured living. The point wherein an individual earns his/her first salary and opens up a small savings account, the person is considered to be all ‘grown-up’ and many shades better than his/her careless, spendthrift and antisocial self from the teenage and late adolescent years.

Reasons for opting Saving Schemes

  • Readily Available- The Indian government, through both the public and private sector banking system, offers a multitude of saving schemes that are easy to enroll with and are perfectly suited for the strategic as well as casual investor. Their simplicity and abundance makes them a much preferred savings option.
  • Long Term Planning- Quite opposite to the run and burn concept, long term savings are focused on a time in the future when abundant monies will be required to comply with an expected requirement. Retirement, marriage of a son/daughter, long awaited foreign trip, etc. demand strategic, long term financial planning.
  • Wide Ranges of Products- In India, saving schemes include a plethora of different products that are intended for a wide segment of potential customers. From the Public Provident Fund (employed- retirement fund) and Employee Provident Fund to Kisan Vikas Patra(Agriculturists) and Sukanya Samriddhi Yojana (exclusively for the girl child), the choices are many and super specialized.
  • Simple to Enroll- Limited documentation, clearly defined procedures and the Indian Government’s backing ensures that these saving schemes are simple to opt for and safe to be locked onto.
  • The schemes serve as great options for people who are looking to invest small amounts on a monthly basis, rather than lump sum figures.
  • Some of the schemes come with amazing tax benefits, both on the principal amount as well as the interest earned.
  • As they’re government-initiated schemes, the original investment amount and the interest earned are assured and safe.
  • As majority of these saving schemes have certain lock-in periods, the investors are prevented from making any impulsive withdrawals. This ensures maximum benefits from the investments.
  • Some of the schemes can be invested into with as less as Rs. 100. Hence, they’re pretty reasonable to get started with.
  • You can even open these saving schemes in the name of your children, allowing you to build a healthy education corpus for their bright future.
  • The interest earned on the principal investment account (upon maturity) gets automatically credited to the provided bank account of the investor.

Types of Saving Schemes in India

  1. Public Provident Fund (PPF)
  2. Post Office Savings Scheme
  3. Senior Citizens Savings Scheme (SCSS)
  4. Kisan Vikas Patra (KVP)
  5. Sukanya Samriddhi Account
  6. Atal Pension Yojana
  7. Employee Provident Fund (EPF)
  8. National Pension System (NPS)
  9. Voluntary Provident Fund (VPF)

Public Provident Fund (PPF)

The Public Provident Fund is a savings-cum-tax-saving instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The aim of the scheme is to mobilize small savings by offering an investment with reasonable returns combined with income tax benefits. The scheme is fully guaranteed by the Central Government. Balance in PPF account is not subject to attachment under any order or decree of court. However, Income Tax & other Government authorities can attach the account for recovering tax dues.

How to open a PPF account?

A PPF account can be opened with either a Post Office or with any nationalized banks like the State Bank of India and Punjab National Bank. These days, even certain private banks like ICICI, HDFC and Axis Bank among others are authorized to provide this facility. Submit the duly filled application form along with the required documents i.e. the KYC documents like identity proof, address proof, and signature proof. And then deposit a prescribed amount towards the opening of the account. 

Features of PPF

Tenure: 

The PPF has a minimum tenure of 15 years, which can be extended in blocks of 5 years as per your wish.

Investment Limits: 

PPF allows a minimum investment of Rs 500 and a maximum of Rs 1.5 lakh for each financial year. Investments can be made in lump sum or in a maximum of 12 installments.

Opening Balance:

The account can be opened with just Rs 100. Annual investments above Rs 1.5 lakh will not earn interest and will not be eligible for tax saving.

Deposit Frequency:

Deposit into a PPF account has to be made at least once every year for 15 years.

Mode of deposit:

The deposit into a PPF account can be made either by way of cash, cheque, Demand Draft or online fund transfer.

Nomination: 

A PPF account holder can designate a nominee for his account either at the time of opening the account or subsequently too

Joint accounts:

A PPF account can be held only in the name of one individual. Opening an account in joint names is not allowed

Risk factor:

Since PPF is backed by the Indian government, it offers guaranteed, risk­-free returns as well as completes capital protection. The element of risk involved in holding a PPF account is minimal.

Who can invest in PPF?

Any Indian citizen can invest in PPF. One citizen can have only one PPF account unless the second account is in the name of a minor. NRIs and HUFs are not eligible to open a PPF account.

Loan against PPF:   

You can take a loan against your PPF account between the 3rd and 5th year. The loan amount can be a maximum of 25% of the 2nd year immediately preceding the loan application year. A second loan can be taken before the 6th year if the first loan is repaid fully.

  • Interest rate of 8.70% p.a is compounded annually.
  • Minimum yearly investment of just Rs.500 to a maximum of Rs.1,50,000.
  • The maturity period of a PPF account is 15 years. However, this can be extended for upto 5 additional years.
  • A maximum of 12 deposits can be made in a financial year. Lump sum payments are also an option.
  • Joint accounts aren’t possible, plus, PPF accounts cannot be closed before the maturity period.
  • PPF accounts can be moved from one bank/post-office to another.
  • Accumulated interest is completely tax free.
  • PPF accounts save tax under Sec. 80C of the IT Act.
  • Applicant can avail loan with the PPF account as collateral from the 3rd financial year.

What is the interest rate on PPF?

The current interest rate is 7.6% that is compounded annually. The Finance Ministry set the interest rate every year, which is paid on 31st March. The interest is calculated on the lowest balance between the close of the fifth day and last day or every month.

Deposit limit 

While the minimum annual amount required to keep the account active is Rs 500, the maximum amount that can be deposited in a financial year is Rs 1.5 lakh. One can open a PPF account in one’s own name or on behalf of a minor of whom he is the guardian. This is the combined limit of self and minor account.

If contributions are in excess of Rs 1.5 lakh in a year, the excess deposits will be treated as irregular and will neither carry any interest nor will this excess amount be eligible for tax benefit under Section 80C. This excess amount will be refunded to the subscriber without any interest.

Procedure for withdrawal from PPF

In case you wish to partially or completely withdraw the balance lying in your PPF account, you can do so by submitting an application for withdrawal in Form C with the concerned branch of the bank where your PPF account lies.This form has 3 sections:

  1. Declaration section where you must provide your PPF account number and the amount of money you propose to withdraw. Along with that, you also need to mention how many years have actually passed since the account was first opened.
  2. Office use section which comprises of details like:
  • Date when the PPF account was opened.
  • Total balance standing in the PPF account.
  • Date on which the previously requested withdrawal was allowed.
  • Total withdrawal amount available in the account.
  • The amount of money sanctioned for withdrawal.
  • Date and signature of the person in charge – usually the service manager.
  1. Bank details section which asks for the details of the bank where the money is to be credited directly or the bank in whose favor the cheque or the demand draft is to be issued.

It is also mandatory to enclose a copy of the PPF passbook along with this application.

Post Office Savings Scheme

India Post, the postal system of the country, offers several savings schemes which not only require modest contribution but also offer attractive investment return. Five savings schemes of India Post – savings account, recurring deposit account, fixed deposit account, monthly investment scheme, and sukanya samriddhi account, offer interest rates ranging from 4 per cent to 8.1 per cent. Besides decent annual returns, some of these schemes also offer income tax benefits under Section 80C of the Income Tax Act.

In the Indian context, the legendary Indian Postal system has always played a key role in helping inculcate the habit of financial savings amongst the Indian public. The local post office is seen as more approachable (especially amongst the semi-urban and rural folks) and more customer friendly in terms of higher returns and limited inherent procedures. The Post Office Saving Schemes include a plethora of products that offer the reliability associated with a government run savings portfolio, and the full-scale treatment that is characteristic of most high-end saving and investment schemes in India. Fair lists of such products are as follows-

  1. Post Office Savings Account
  2. 5 Years Post Office Recurring Deposit Account
  3. Post Office Time Deposit Account
  4. Post Office Monthly Income Account Scheme
  5. Senior Citizens Saving Scheme
  6. 15 Years Public Provident Fund Account
  7. National Savings Certificates (NSC)- 5 Years NSC (VIII Issue) and 10 Years NSC (IX Issue)
  8. Kisan Vikas Patra (KVP)
  9. Sukanya Samriddhi Account

Post Office Savings Account

​​Interest payable, Rates, Periodicity etc. – ​​​4.0% per annum on individual / joint accounts

Minimum Amount for opening of account and maximum balance that can be retained – Minimum INR 20/- for opening

Features of Post Office Savings Account

  • Account can be opened by cash only
  • Minimum balance to be maintained in a non-Cheque facility account is INR 50/-
  • Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained
  • ​Cheque facility can be taken in an existing account also
  • Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • One account can be opened in one post office
  • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account
  • Joint account can be opened by two or three adults
  • At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name
  • Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
  • ATM facility is available

5 Years Post Office Recurring Deposit Account

Interest payable, Rates, Periodicity etc.

From 1.01.2018, interest rates are as follows:-

  • 9% per annum (quarterly compounded)
  • On maturity INR 10/- account fetches INR 717.4​3. Can be continued for another 5 years on year to year basis

Minimum Amount for opening of account and maximum balance that can be retained

​Minimum INR 10/- per month or any amount in multiples of INR 5/-. No maximum limit.

Features of 5 Years Post Office Recurring Deposit Account

  • Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of presentation of Cheque
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account
  • Joint account can be opened by two adults
  • Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month.
  • If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 0.05 rs for every 5 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made.
  • *If in any RD account, there is monthly default amount , ​ the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS Post offices.
  • There is rebate on advance deposit of at least 6 installments
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name
  • One withdrawal up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account​
  • Full maturity value allowed on R.D. Accounts restricted to that of INR. 50/- denomination in case of death of depositor subject to fulfillment of certain conditions.
  • In case of deposits made in RD accounts by Cheque, date of credit of Cheque into Government accounts shall be treated as date of deposit.

Post Office Time Deposit Account

Interest payable, Rates, Periodicity etc – Interest payable annually but calculated quarterly.

Minimum Amount for opening of account and maximum balance that can be retained – Minimum INR 200/- and in multiple thereof. No maximum limit.

Interest rates From 1.01.2018

​​Period​Rate
1yr.A/c6.6%
2yr.A/c​6.7%
3yr.A/c6.9%
​​5yr.A/c7.4%

Features of Post Office Time Deposit Account

  • Account may be opened by individual
  • Account can be opened by cash /Cheque and in case of Cheque the date of realization of C​heque in Govt. account shall be date of opening of account
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account
  • Joint account can be opened by two adults.
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name
  • *In CBS Post offices, when any TD account is matured, the same TD account will be automatically renewed for the period for which the account was initially opened . Example​ 2 Years TD account will be automatically renewed for 2 Years. Interest rate applicable on the day of maturity will be applied
  • The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Post Office Monthly Income Account Scheme

Interest payable, Rates, Periodicity etc. – From 1.01.2018, interest rates are as 7.3​% per annum payable monthly.

Minimum Amount for opening of account and maximum balance that can be retained-

  • In multiples of INR 1500/-
  • Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account
  • An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
  • For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.

​ Features of Post Office Monthly Income Account Scheme

  • Account may be opened by individual.
  • Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account.
  • Nomination facility is available at the time of opening and also after opening of account.
  • Account can be transferred from one post office to another.
  • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
  • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
  • Joint account can be opened by two or three adults.
  • All joint account holders have equal share in each joint account.
  • Single account can be converted into Joint and Vice Versa.
  • Minor after attaining majority has to apply for conversion of the account in his name.
  • Maturity period is 5 years from 1.12.2011.
  • Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or ECS. /In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices.
  • Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)
  • A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011.

Senior Citizens Saving Scheme

Interest payable, Rates, Periodicity etc.- From 1.07.2017, interest rates are as follows:-

8.3​% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.

Minimum Amount for opening of account and maximum balance that can be retained- There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.

​ Features of Senior Citizens Saving Scheme

  • An individual of the Age of 60 years or more may open the account.
  • An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits.
  • Maturity period is 5 years.
  • A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).
  • Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by C​heque only.
  • In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account.
  • Nomination facility is available at the time of opening and also after opening of account.
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
  • Joint account can be opened with spouse only and first depositor in Joint account is the investor.
  • Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or Money Order.
  • In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. It will be applicable at all CBS Post Offices.
  • *Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices.
  • Premature closure is allowed after one year on deduction of an amount equal to1.5% of the deposit & after 2 years 1% of the deposit.
  • After maturity, the account can be extended for further three years within one year of the maturity by giving application in prescribed format. In such cases, account can be closed at any time after expiry of one year of extension without any deduction.
  • TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a.
  • Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

15 Years Public Provident Fund Account

Features of 15 Years Public Provident Fund Account

​Interest payable, Rates, Periodicity etc – From 1.01.2018, interest rates are as follows:-

7.6​% per annum (compounded yearly).

Minimum Amount for opening of account and maximum balance that can be retained

Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year. Deposits can be made in lump-sum or in 12 installments.

  • An individual can open account with INR 100/- but has to deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/-
  • Joint account cannot be opened.
  • Account can be opened by cash / Cheque and In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account.
  • Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another.
  • The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
  • Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.
  • Maturity value can be retained without extension and without further deposits also.
  • Premature closure is not allowed before 15 years.
  • Deposits qualify for deduction from income under Sec. 80C of IT Act.
  • Interest is completely tax-free.
  • Withdrawal is permissible every year from 7th financial year from the year of opening account.
  • Loan facility available from 3rd financial year.
  • No attachment under court decree order.
  • The PPF account can be opened in a Post Office which is Double handed and above.

National Savings Certificates

National Savings Certificates (NSC)

7.6​​% compounded annually but payable at maturity.​

Minimum of Rs. 100/- and in multiples of Rs. 100/

Salient features of National Savings Certificates (NSC)

  • A single holder type certificate can be purchased by, an adult for himself or on behalf of a minor or by a minor.
  • Deposits qualify for tax rebate under Sec. 80C of IT Act.
  • The interest accruing annually but deemed to be reinvested under Section 80C of IT Act.

5 Years National Savings Certificate (VIII Issue)

Interest payable, Rates, Periodicity etc.- INR 100/- grows to INR 144.23​ after 5 years.

Minimum Amount for opening of account and maximum balance that can be retained-No Maximum Limit

Salient features of 5 Years National Savings Certificate (VIII Issue)

  • In case of NSC VIII, transfer of certificates from one person to another can be done only once from date of issue to date of maturity.
  • At the time of transfer of Certificates from one person to another, old certificates will not be discharged. Name of old holder shall be rounded and name of new holder shall be written on the old certificate and on the purchase application(in case of non CBS Post offices) under dated signatures of the authorized Postmaster along with his designation stamp and date stamp of Post office.

Kisan Vikas Patra (KVP)

Interest payable, Rates, Periodicity etc. – From 1.01​.2018, interest rates are as follows:- ​

  • 3​​​% compounded annually ​
  • Amount Invested doubles in 118​ months (9 years & 10​ months)

Minimum Amount for opening of account and maximum balance that can be retained- Minimum of Rs. 1000/- ​​and in multiples of Rs. 1000/- No Maximum Limit.

Features of Kisan Vikas Patra (KVP)

  • Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
  • KVP can be purchased from any Departmental Post office.
  • Facility of nomination is available.
  • Certificate can be transferred from one person to another and from one post office to another.
  • Certificate can be en cash after 2 & 1/2 years from the date of issue.

Sukanya Samriddhi Account

Interest payable, Rates, Periodicity etc – Rate of interest 8.1% Per Annum (with effect from​ 1-01​-2018​​),calculated on yearly basis ,Yearly compounded.

Minimum Amount for opening of account and maximum balance that can be retained- Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year

Features of Sukanya Samriddhi Account

  • A legal Guardian/Natural Guardian can open account in the name of Girl Child.
  • A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
  • Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003​ &1.12.2004 can open account up to1.12.2015.
  • If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
  • Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
  • Account can be closed after completion of 21 years.
  • Normal Premature closure will be allowed after completion of 18 years​/provided that girl is married.

Kisan Vikas Patra (KVP)

First launched in 1988, the Kisan Vikas Patra (KVP) is one of the premier and popular saving scheme offering from the Indian Postal Department. This product has had a very chequered history- initially successful, deemed a product that could be misused and thus terminated in 2011, followed by a triumphant return to prominence and popular consumption in 2014.

Kisan Vikas Patra Scheme

  • Kisan vikas patra is a saving scheme doubles the amount deposited within the time period of 118 months (9 years 10 months).
  • The minimum amount to deposit is Rs.1000 and is available in the denominations of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 without an upper-limit on the investment.
  • The interest rate in the scheme is compounded annually and is 7.3% p.a. (effective from Jan, 2018).
  • KVP is issued in the post offices or authorized banks and can be purchased by :
  • An adult in his own name, or on behalf of a minor through an adult guardian
  • Two adults jointly
  • A Trust
  • The lock-up period for the amount invested is 2 ½ years (30 months).

Features and Benefits of Kisan Vikas Patra

There are numerous kisan vikas patra benefits that one can receive by investing in this scheme; some of which are:

  • Long term Savings – With the Kisan Vikas Patra, you can start saving early with an amount as low as Rs. 1000. The Kisan Vikas Patra certificates can be bought for amounts as low as Rs. 1000 and going up to as much as you want. There is no upper limit on the amount that you wish to invest. The value is said to be doubled in 100 months i.e. 8 years and 4 months. The value that the holder will receive on the completion of the term is declared on the Kisan Vikas Patra certificate itself.
  • 100% Security –We all want security on the investments that we make. The Kisan Vikas Patra scheme gives us just that. Since it is a Government owned scheme, the returns are fixed and secure. Since the amount that you will receive is declared on the certificate, you will have security on the investment that you have made and the amount that you will receive at the end of the term.
  • Fixed Rate of Interest –Kisan vikas patra interest rate fixed on the amount that you are investing. This rate of interest ensures doubling of the principal amount in 100 months and is secured since it is a Government bond.
  • Collateral for Loan –The Kisan Vikas Patra certificate can be used as a collateral while applying for a loan. Most banks and financial institutions accept this certificate as collateral before issuing you any loan.
  • Non-Transferable – The benefits of kisan vikas patra is availed only by the holder of the Kisan Vikas Patra certificate. To have this transferred to another name, the permission of the Postmaster is required along with certain other formalities.
  • Tax – Benefits –At the time of encashment or disbursal of the Kisan Vikas Patra scheme, tax is not deducted at source; it is TDS exempted and paid in full to the holder. However, it is the responsibility of the certificate holder to pay the taxes on the interest accrued over the term of the scheme. This scheme is completely exempted from Wealth Tax.
  • Physical Instruments of Investment –The Kisan Vikas Patra saving scheme comes as a simple printed certificate that can be saved in a physical form. There is no demat form for this certificate and cannot be traded for in the secondary market.
  • Fixed Lock-in Period –The fixed lock in period on this scheme is two and half years. If you have an emergency financial requirement, you can encash this money prematurely after two and half years from the date of issuance with some amount of interest on the same.

Who should invest in the KVP scheme?

Any Indian citizen above age 18 can buy a Kisan Vikas Patra from the nearest post office. People from rural India (with no bank account) find this particularly appealing. You can also buy one for a minor or jointly with another adult. Don’t forget to mention the date of birth of the minor and the name of the parent/guardian. A Trust can also buy one, but not an HUF or an NRI.

KVP is a good choice for risk averse individuals, who have surplus money, which they may not require in the near future. It all depends on your risk profile and goals. For instance, people seeking tax-saving schemes have better options like Public Provident Fund, National Saving Certificates and tax saving bank FD Schemes. If you are open for some level of risk exposure, you have the Equity Linked Savings Scheme (ELSS). Hence, play to your financial strengths.

How to invest in  Kisan Vikas Patra & the documents required

Investing in Kisan Vikas Patra is simple, as mentioned below.

Collect the application form (Form-A) and submit it duly filled to the PO. If the investment in KVP is through an agent, then the agent should fill Form-A1. You can download these forms online. The Know Your Customer (KYC) process is mandatory and you need to submit the ID proof copy (PAN, Aadhaar, Voter’s ID, Driving License or Passport). Once they verify the documents and receive the deposit, you will get a KVP certificate. Keep this safe as you will need to submit this at the time of maturity. You can also request them to send you the certificate by email.

In short, if Kisan Vikas Patra seems like a worthwhile investment that matches your financial goals, invest immediately. It is easy enough to open and manage. All you need to do is have the amount ready and pay one visit to the nearest post office.

Pre-mature Withdrawal of Kisan Vikas Patra

Kisan Vikas Patra scheme allows an investor to withdraw from the scheme before the maturity date. The lock-in period for pre-mature withdrawal is 2 years and 6 months. The investor can appeal the post office or the bank branch and submit the application for pre-mature withdrawal. However, the amount will also be paid prior to the lock-in period in the following cases-

  • Death of certificate holder or any of the holders where in the legal heir or the nominee will be paid.
  • On order by court of law.

Maturity

The maturity proceeds will be credited to the savings bank account. The interest accrued on the amount is taxable.

Click here to calculate income tax payable.

The following documents must be submitted by the applicant at the time of maturity of certificate.

  • Original KVP certificate
  • Identity proof of the holder.
  • The investor/nominee must sign behind the KVP on the receipt of encashed amount. In the case of a minor KVP Certificate holder attaining majority, the KVP Certificate shall be signed by such a person himself or herself on attestation by a known person to the Post Master.

Sukanya Samriddhi Account

Sukanya Samriddhi Yojana is a new scheme launched in the year 2014 by Prime Minister Narendra Modi. The Sukanya Samriddhi Account scheme was launched with an initial interest rate of 9.10% p.a. for the year 2017-2018. This has been increased to 9.20% p.a. for the current fiscal 2015-16.Sukanya Samriddhi Yojana interest rate is revised on a yearly basis and hence for FY 2016-17 it has been revised 8.6%.

On 23 July 2018, the criteria for minimum annual deposit for the Sukanya Samriddhi Yojana account has been revised to Rs.250 from the earlier amount of Rs.1,000. Also the interest rate for the July-September quarter is 8.1%.

A premier saving scheme offering from the Indian Ministry of Finance, the Sukanya Samriddhi Yojana (SSY) Accounts are aimed at ensuring a bright future for the girl children in India. This ambitious and resourceful scheme was launched by the honorable Prime Minister of India, Mr. Narendra Modi, and has quickly emerged as a popular “Savings Scheme” that aims to provide financial backing for a girl child’s varied, lifelong aspirations.

The thoughtful features of this scheme are as follows-

  • Attractive interest rate at 9.2% p.a. This is in fact one of the highest rates of interest in its class.
  • Account can be opened at any departmental post office or authorized banks in India.
  • The opening amount for the SSY account is Rs.1000. Thereafter, deposits can be made in multiples of Rs.100. The minimum deposit into the account must amount to Rs.1000, the maximum limit is Rs.1,50,000 per year.
  • The SSY account attains maturity in 21 years from the date of issue. However, the account holder is expected to pay into the account for a total duration of 14 years.
  • A SSY account can be transferred from one post office/bank to another, anywhere in India.

Benefits of Sukanya Samriddhi Account

Apart from the higher interest rates, some of the other Sukanya Samriddhi scheme Benefits are as follows:

  • Sukanya Samriddhi Account Tax benefits under section 80C.
  • The account can be transferred anywhere in India.
  • The minimum amount that needs to be deposited on an annual basis is very low, i.e., Rs.250 per year.
  • The girl child will be able to operate the account after the attainment of 10 years.
  • The girl child will receive the proceeds when the account matures.

The SSA is unique in the fact that it is a scheme that offers financial security and growth, in addition to creating awareness on the well-being of the girl child.

Sukanya Samriddhi 9.2% Interest: Maturity Amt. Calculation

The application process for the Sukanya Samriddhi scheme is very simple and requires the parents of the child to submit certain documents, such as:

  • Account Opening Form
  • Birth Certificate of the child
  • Address and proof of identity of the legal guardian

The amount that the child receives on maturity of the policy is totally tax-free. There will also be no tax on the investments made towards the scheme.

If you are the parent of a girl child who has decided to invest in this scheme, the maturity amount that you can avail when you start contributing from the financial year 2015-16 is as follows. The interest rate considered for this calculation is 9.2%.

How is the interest rate on deposits calculated? 

The government fixes interest rates on quarterly basis based on the G-sec yields. The interest rate spread that the SSY enjoys over the G-sec rate of comparable maturity is 75 basis points.

The interest rate since its launch is as follows:
From April 1, 2014: 9.1%
From April 1, 2015: 9.2%
From April 1, 2016 -June 30, 2016: 8.6%
From July 1, 2016 -September 30, 2016: 8.6%
From October 1, 2016-December 31, 2016: 8.5%
From July 1, 2017- December 31, 2017: 8.3%
From January 1, 2018 – March 31, 2018 : 8.1%
From April 1, 2018 -June 30, 2018: 8.1%
From July 1, 2018 -September 30, 2018: 8.1%

How it works? 

The account is opened and operated by the natural or legal guardian of the girl child in her name till she turns 10.

When she turns 10, the girl child can operate the account herself; however, deposit in the account may be made by the guardian or any other person or authority.

What is the mode of deposit? 

The deposit in the account can be made in cash or by cheque or demand draft and an endorsement on the back of such instrument has to be made and signed by the depositor, indicating the name of the account holder and the account number in which the deposit is to be credited.

Deposits may also be made through electronic means (e-transfers) in the concerned post office or banks if there is CBS (core banking solutions) availability in them.

In case the deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft is the date of credit to the account, while for e-transfer, it is the date of deposit.

What are the rules for opening Sukanya Samriddhi Account? 

The account can be opened by the natural or legal guardian in the name of the girl from her birth till she turns 10.

A depositor may open and operate only one account in the name of the girl child under these rules. One can’t open two accounts for one girl.

The birth certificate of the girl in whose name the account is opened should be submitted by the guardian at the time of the opening of the account in the post office or bank, along with other documents relating to identity and residence proof of the depositor.

Atal Pension Yojana

Named after one of India’s most popular erstwhile Prime Ministers, the Atal Pension Yojana is aimed squarely at the weaker sections of the society as well as those individuals who can benefit from a government sponsored welfare program. The central premise of this scheme is to provide the pension option to individuals who are working in the unorganized professional sectors and aren’t covered by any regular pension plans. Applicants pay a very low premium and enjoy the fruits of a robust and reliable pension plan.

Benefit of Atal Pension Yojana

APY provides guaranteed pension of Rs 1,000 to Rs 5,000 (as explained above) to the subscribers. The scheme also allows a subscriber to decrease or increase pension amount during the course of accumulation phase, once an year.

In case of death of subscriber, the spouse of the subscriber shall be entitled for the same amount of pension till his or her death. And after the demise of both spouse and subscriber, the nominee will be entitled to receive the pension money that the subscriber, the nominee will be entitled to receive the pension money that the subscriber had accumulated till 60 years of age.

Restrictions on government contribution 

However if you are a part of any other social security scheme and a tax payer, then you are not entitled for government contribution. For instance, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution:

  •  The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
  • Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
  • Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
  • Seamens’ Provident Fund Act, 1966.
  • Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
  • Any other statutory social security scheme.

Eligibility

Atal Pension Yojana (APY) is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the NPS between the period 1st June, 2015 and 31st December, 2015 and who are not members of any statutory social security scheme and who are not income tax payers. However the scheme will continue after this date but Government Co-contribution will not be available.

The Government co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from Central Record Keeping Agency at such periodicity as may be decided by PFRDA.

Features of the Atal Pension Yojana

  • Citizens of India between the age groups of 18-40 years can apply.
  • The applicant is expected to regularly pay premiums for a minimum duration of 20 years. Since most individuals step into the pension years at the age of 60- the upper limit for application is set at 40 years.
  • The applicant must have an active savings bank account.
  • The applicant must not have subscribed to any other statutory social security schemes.
  • Actual pension amount depends on the tenure of premium payment. The higher number of premiums paid, the higher will be the payable pension amount.

Age of joining and contribution period 4.1 The minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.

How to apply?

Approach the bank branch/post office where your savings bank account is held or open a savings account if you don’t have one and fill up the APY registration form.

If you are a net savvy user, you can get enrolled for APY through your savings account directly using internet banking and choose auto debit facility for your contributions. The premium will be debited from your age of enrolment till 60 years.

While, leading banks in the country like SBI and ICICI are offering this facility through net banking, this online option is not available with all the banks and you may have to pay a visit to your bank to get enrolled.

How to apply for APY using SBI online

Login to your net banking account. Select ‘Social Security Schemes’ under ‘My Account’ tab. A new page will appear on your screen. Click ‘select scheme’ dropdown and choose Atal Pension Yojana. Then select your savings account number that you want to link with the scheme and submit. As soon as you submit this page, you get an option to select the Customer Identification (CIF) number. Select the CIF generated which is system generated and submit.

After this step, an e-form will appear on your screen. Follow the instructions given on the screen. Your bank details and personal information shared with the bank during the time of opening your account will be picked automatically. However there will be a few tabs seeking additional contact information like email address, Aadhar number which was not made available to the bank while opening the account. It is not mandatory to provide Aadhaar number for opening APY account. It is however desirable to provide Aadhaar Number for proper identification of the subscriber. Below the personal details tab, you’ll get the option of filing the nominee details. After filing the nominee details select the pension details; Pension amount, Contribution Periodicity which can be monthly, quarterly or half yearly and the contribution amount. Fill in all the details carefully and submit and download the acknowledgement.

You may e-subscribe for APY with a few clicks, but there’s no option to unsubscribe for it online. To discontinue APY, you need to visit your bank’s home branch which involves a little paperwork and can be a tiresome task.

Penalties for default 

Deduction would be made in the subscribers account for account maintenance charges and other related charges on a periodic basis. Once the account balance in the subscriber’s account becomes zero due to deduction of account maintenance charges, fees and overdue interest, the account would be closed immediately. If there’s a continuous default for 6 months, you pension account will be freezed and if there’s a continuous default for 12 months, the account will get closed and whatever balance is left after the above said deductions will be given to the subscriber.
For delayed contributions a penalty of Rs. 1 per month for contribution of every Rs. 100, or part thereof, for each delayed monthly contributions. This implies:

Rs.1 per month for contribution upto Rs.100 per month.
Rs.2 per month for contribution upto Rs.101 to 500 per month.
Rs.5 per month for contribution between Rs.501 to 1000 per month.
Rs.10 per month for contribution beyond Rs.1001 per month.

Withdrawal procedure from APY 

Upon completion of 60 years of age:

After attaining the age of 60 years, you need to get in touch with your respective bank or post office and submit the request for drawing the pension.
However, if in case of subscriber’s death after 60 years, the same amount of monthly pension is payable to spouse (default nominee). Nominee will be eligible for return of pension wealth accumulated till age 60 of the subscriber upon death of both the subscriber and spouse.

Exit before the age of 60 Years:
As per circular dated May 2, 2016 on PFRDA website, voluntary exit in APY is generally not permitted. However in case of exceptional circumstances such as terminal illness, or death of the subscriber it can be allowed. In case a subscriber, who has availed Government co-contribution under APY, along with the net actual accrued income earned on his contributions (after deducting the account maintenance charges). The Government co-contribution, and the accrued income earned on the Government co-contribution, shall not be returned to such subscribers.

Employee Provident Fund (EPF)

Administered by the Employees’ Provident Fund Organization (EPFO), the Employee Provident Fund (EPF) targets Indian workers through a system of compulsory monetary contribution into a specified ‘provident fund’ account that will act at a later date as their retirement fund, or could also be treated as emergency funds for unforeseen or planned financial requirements. In essence, the employer and employee each contribute 12% of the latter’s salary amount into this provident fund account on a monthly basis. EPF is one of the shining success stories when it comes to government sponsored saving schemes in India with massive popularity and vast implementation.

The interest rate applicable on the amount accumulated in the EPF account is decided by the government and has traditionally ranged between 8-12% of the funds maintained in the account. The interest is credited to the concerned account on the 1st April each year. The EPFO office sends annual reports through the employer that the concerned employee can use to get clear bearings on the amount accumulated in his/her account. Also, EPF related information can be sourced from the EPFO’s official website.

The Employees’ Provident Fund (EPF) is a savings tool for the workforce. It is a scheme managed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, by the Employees’ Provident Fund Organisation (EPFO).

Under the EPF scheme, an employee has to pay a certain percentage from his pay and an equal amount is contributed by the employer. The employee gets a lump sum amount (which includes his own and employer’s contributions) with interest upon retirement or two months after switching jobs.

Documents required

  • UAN
  • KYC verification
  • Aadhaar information
  • PAN details
  • Mobile number
  • Bank account details

How to link account

To get UAN (Universal Account Number), a unique identification number for those contributing towards EPF, you need to either check monthly salary slip or contact human resource department. UAN is a 12-digit number issued by your employer and can be different for different companies. Ensure your UAN is activated and linked with bank account, PAN, mobile number, and Aadhaar. Then register on the EPFO website and get a password.

5 ways to check Provident Fund balance

Check balance on EPFO portal

The easiest and most common way to check your EPF balance is the EPFO website. After logging in on the EPFO website (www.epfindia.gov.in) using UAN number and password, click on ‘For Employees’ option and select ‘Our Services’ before clicking on ‘Member Passbook’ option. Enter your UAN and password details on the new page, and your provident fund details will be reflected. You can even save a PDF copy of the EPF details.

UMANG mobile app

UMANG (Unified Mobile Application for New-age Governance) provides a single platform to access pan India e-gov services, including EPF details. To do so, you have to click on UMANG app on the EPFO website and it will direct you to the mobile app page (umang.gov.in). Click on ‘services’ section and go to employment and skills option, and submit all details on the mobile app. Once all the details like mobile number, Aadhaar, etc, are filled, you can check EPF balance, claim it and even track the claim processing.

m-Seva app

You can check the provident fund balance on the government’s e-Seva mobile app. The app service is only available for Android OS users. Go to Play Store on your mobile and download the m-Seva mobile app. After you open the app, click on ‘members’ and enter details mobile number, employee number, UAN, etc, to activate your UAN. Once these details are filled, log in using UAN and password, and click on passbook to view your EPF balance.

SMS service

Type EPFOHO UAN ENG and send an SMS from your mobile number to 7738299899, and you will receive a message from the EPFO, displaying provident fund details. You can select any of the 10 languages, including English, Hindi, Gujarati, Marathi, Kannada, Punjabi, Tamil, Malayalam, Bengali, and Telugu. You need to use first three words of the language in which you want to see PF details (eg. type EPFOHO UAN HIN for Hindi) and send it to 7738299899. However, ensure your UAN is connected before you send the SMS.

Missed call

Give a missed call on the number 011-22901406 from your registered mobile number, and you can get details about the balance PF. Before this, make sure UAN number is activated and linked with Aadhaar, mobile number, bank account, and PAN number, etc.

When can EPF be withdrawn

One may choose to withdraw EPF completely or partially. EPF can be completely withdrawn under any of the following circumstances:

A       When an individual retires from employment

B       When an individual remains unemployed for a period of 2 months or more. Here, it needs a mention that the fact that the individual is unemployed for more than 2 months has to be certified by a gazetted officer.

Further, complete withdrawal of EPF while switching over from one job to another without remaining unemployed for 2 months or more (i.e. during the interim period between changing jobs), will be against the PF rules and regulations and therefore illegal.

Procedure for EPF withdrawal

Broadly, withdrawal of EPF can be done either by:

  • Submission of a physical application for withdrawal
  • Submission of an online application
  1. Submission of a physical application

For this, one can download the new composite claim (Aadhar)/ composite claim form (Non-Aadhar) EPF application here.

The new composite claim form (Aadhar) can be filled and submitted to the respective jurisdictional EPFO office without the attestation of the employer whereas, the new composite claim form (Non-aadhaar) shall be filled and submitted with the attestation of the employer to the respective jurisdictional EPFO office.

One may also note, that in case of partial withdrawal of EPF amount by an employee for various circumstances as discussed in the above table, very recently, the requirement to furnish various certificates has been done away with and the option of self-certification has been introduced for the EPF subscribers.

  1. Submission of an online application

Interestingly, the EPFO has very recently come up with the online facility of withdrawal which has rendered the entire process easier and less time-consuming.

Prerequisite: To apply for withdrawal of EPF online through EPF Portal, make sure that the following conditions are met:

  • UAN (Universal Account Number) is activated and the mobile number
    used for activating the UAN is in working condition
  • UAN is linked with your KYC i.e. Aadhaar, PAN and bank details
    along with the IFSC code.

If the above conditions are met, then the requirement of an attestation of the previous employer to carry out the process of withdrawal can be done away with.

Voluntary Provident Fund (VPF)

The term ‘voluntary’ signifies willingly or doing something when guided by their own free will. The concept of Voluntary Provident Fund (VPF) draws on this, wherein the subscriber willingly contributes up-to 100% of their basic salary and dearness allowance into their respective Employee Provident Fund (EPF), instead of the usual 12%. The reservoir for such funds is the concerned employee’s EPF account, meaning, any activity concerning the employee’s VPF will impact the EPF portfolio too, and vice versa. For the financial year 2014-15, the VPF account doles out an interest rate of 8.75% on the accumulated funds.

Benefits of Investing in VPF

Let’s understand why investing in VPF is such a good tax saving investment option.

Risk-free investment

The Provident Fund Schemes are considered to be a debt oriented investment option and hence, it bears a fixed rate of interest, i.e. the returns are guaranteed.

Also, the funds are managed by the Government of India which scales down the risk of default in repayment to zero.

No mandatory contribution

The saving towards the VPF is not mandatory and the employee can determine his/her contribution towards such scheme. On the other hand, the contribution can also go up to a maximum of 100% of the employee’s salary (Basic + DA).

Tax benefits

  1. The contributionis deductible up to a maximum of ₹ 1.5 Lakhs per annum under section 80C.
  2. The interestreceived is exempted up to 9.50% under the Income Tax Act, 1961.
  3. The proceeds of VPFupon maturity are tax-free.

Competitive rate of interest

The rate of interest is high as compared to the other debt oriented investment options.

Easy process

It has always been easy to register for VPF just by intimating your employer in a basic KYC form with the amount of deduction for VPF from salary and your EPF account can then serve as your new VPF account.

Long-term investment

Contributing to VPF is a long-term investment scheme which qualifies it to be a good retirement saving plan and a potential pension fund.

Transferrable

The investment in VPF doesn’t get affected with the change in the employer as every employee is assigned a UAN (Unique Account Number) liked with the EPF Account by the government.

Loan option

The VPF scheme comes with an option to avail loan for various purposes such as child’s education, child’s marriage, home loan repayment, etc.

Investment planning should always be done at the beginning of the FY to effectively achieve your savings goals. If you need any assistance in planning your taxes and e-filing your tax returns, the tax experts at H&R Block will be happy to help you.

Eligibility criteria for VPF

The voluntary provident fund scheme is an extension of the Employee Provident Fund (EPF) wherein the applicants can invest above the 12% contribution factor that applies to their traditional EPF accounts. The voluntary PF option applies exclusively to salaried individuals who receive their monthly pay through a designated salary account. People working in the unorganized sectors including non-salaried employees can open a PPF (Public Provident Fund) account at a local bank or post office.

Documents required for opening VPF Account

As mentioned earlier, the VPF account is the subset of the Employee Provident Fund (EPF) account and can be applied for by simply forwarding a request to the concerned company’s payroll/finance/HR team. The application form is a basic collection of employee information that directs the concerned payroll team to deduct a specified percentage of monies from the employee’s basic monthly salary as VPF contribution.

In terms of the bigger picture, the employer must register with the Employees’ Provident Fund Organization of India to be eligible to offer the EPF facility to its employees and consequently, the VPF option. For registration, the company must produce the following documents-

  • Compiled company profile.
  • Certificate of Business Registration (Form 9 & Form D).
  • Forms 24 & 49.
  • MOF- Company Registration Certificate
  • If company is an ‘Sdn Bhd’- Memorandum and Articles of Association.
  • Other documents as and when required.

Calculation of VPF

When indulging in any long term savings/investment plan, the curiosity with regards to the sheer quantum of the final monetary output, and how to actually get there, is always a strong motivation in the back of a resourceful investor’s mind. Simple online tools such as the Voluntary Provident Fund Calculator help make such calculations easier; allowing said investor the basic knowledge of how much money must be periodically invested to attain the planned target payout. The standard VPF calculator utilizes the following input points to flesh out your voluntary PF payment strategy-

  • Base Monthly Salary
  • % of Salary to be Contributed to VPF Account
  • Monthly Contribution to Employee Provident Fund (EPF)
  • Employer’s Contribution to your EPF Account
  • Current EPF Balance
  • Applicable Interest Rate

Withdrawal facilities

The fund allows partial withdrawals as loans with also the possibility of complete withdrawals. If the withdrawal happens before the 5-year minimum tenure, then tax will be applicable on the accumulated maturity amount. Once the employee resigns or retires from the employment the final maturity amount is paid to him. At the time of the untimely death of the account holder, the nominee can get the possession of the accumulated fund in the VPF account.

The VPF fund is mainly popular as the accumulated money can be withdrawn at any given time. In case of an unforeseen financial emergency, one can always fall back to his VPF account. The account can be broken for many reasons which include:

  1. Payments of medical bills for the individual and his kin
  2. Cost-intensive events like higher education and marriage
  3. Payments for house construction or purchase of new land/house

VPF withdrawal process & withdrawal Forms

Investments under the Voluntary Provident Fund scheme are quite popular, and one of the biggest reasons for this is the fact that the money accumulated in the voluntary pf account can be withdrawn at any time. Yes, there are certain conditions involved, yet, this accumulation of funds can be called to immediate action in case of an unforeseen and pressing financial contingency. A depositor can ‘break’ his/her VPF account for a fixed number of reasons, including-

  • Medical treatments involving the account holder and/or his/her family members.
  • Cost intensive events such as higher education and marriage.
  • For the construction/purchase of house/plot of land.
  • Home loan repayments.

Kindly note that terminating your voluntary PF account before said account has completed 5 years of existence will lead to tax deductions on the accumulated funds.

In order to withdraw the funds accumulated in his/her VPF account, the applicant must raise a request in #Form-31# through his/her employer. Form-31 (Application for Advance from the EPF Fund) can be downloaded from the Employees’ Provident Fund Organization of India website. The document includes details about the employee, including full postal address, EPF account number, bank account details where the money will be credited, etc. The document must be properly attested by the concerned employer.

Saving Schemes – Reasons

Public Provident Fund (PPF)-Saving Scheme

Post Office Savings Scheme

Senior Citizens Savings Scheme (SCSS)

Kisan Vikas Patra (KVP)- Saving Scheme

Sukanya Samriddhi Account-Saving Scheme

Atal Pension Yojana-Saving scheme

Employee Provident Fund (EPF)- Saving Scheme

Voluntary Provident Fund (VPF) – Saving Scheme

 

Previous post Public Provident Fund (PPF)-Saving Scheme Next post Post Office Savings Deposit Scheme in your local post office account in 2021, including Tax Savings




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