Public Provident Fund (PPF)
Public Provident Fund is the contribution of the salaried people in the government and organized sectors to the household of the government, half of which is given by the employer and half by the employee. The interest rate on this is quite high. At present, 7.1% interest is available on PPF whereas no bank will ever get this much interest.
National Savings Certificate (NSC)
National Savings Certificate earns the highest annual interest after PPF. At present, the government pays 6.8% interest on National Savings Certificate NSC.
Sukanya Samridhi Yojana (SSY)
In low-income families, it is the best scheme for saving from the birth of a girl child till the age of 18 years. Sukanya Samriddhi Yojana earns more annual interest than PPF. Presently SSY offers 7.6 percent interest.
Senior Citizens Savings Scheme
This is a scheme for low-income senior citizens. 7.4 percent interest is available under Senior Citizens Savings Scheme.
Post Office Savings Scheme
Five year fixed deposit under Post Office Savings Scheme offers 6.7 percent interest rate.
Small savings scheme is better in any case
Small savings scheme can also be understood in this way. Generally, a bank gives an annual interest of 3 to 3.5 percent on a savings account. Top banks in India also offer no more than 5.4-5.5 percent interest rate on fixed deposits during the tenure of five years but 6.7 percent interest under Post Office Savings Scheme. Similarly, 7.6 percent interest is available on girl child savings scheme, 7.4 percent interest on senior citizen savings scheme. That is, in any case, small savings schemes get more interest.
Interest rate had to be withdrawn in March
On March 31, the announcement was made regarding interest rates for the June quarter on many small savings schemes and small deposits. Under this announcement, the annual interest rate on small deposits was also reduced from 4 per cent to 3.5 per cent. The interest rate of Personal Provident Fund (PPF) was also reduced from 7.1 to 6.4 per cent per annum.
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