TOP 10 THE BEST Options to SAVE MONEY

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Public Provident Fund (PPF) Account

• Minimum deposit Rs. 500/- & Maximum deposit Rs. 1,50,000/- in a Financial year.
• Loan facility is available from 3rd financial year upto 6th financial year.
• Withdrawal is permissible every year from 7th financial year.
• Account matures on completion of fifteen complete financial years from the end of the year in which the account was opened.
• After maturity, account can be extended for any number for a block of 5 years with further deposits.
• Account can be retained indefinitely without further deposit after maturity with the prevailing rate of interest.
• The amount in the PPF account is not subject to attachment under any order or decree of a court of law.
• Deposit qualifies for deduction under Sec.80-C of I.T.Act.
• Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.

Senior Citizen Savings Scheme (SCSS)

• Minimum deposit Rs. 1000/- & in the multiples thereof with maximum deposit of Rs. 15 lacs.
• An individual who has attained the age of 60 years or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under Superannuation, VRS or Special VRS, can open an account.
• Retired personnel of Defence Services (excluding Civilian Defence employees) may open an account on attaining the age of fifty years subject to the fulfilment of other specified conditions.
• A depositor may open an account individually or jointly with spouse.
• Interest shall be payable from the date of deposit to 31st March/ 30th June/30th September/31st December on 1st working day of April/July/October/January as the case may be, in the first instance and thereafter, interest shall be payable on 1st working day of April/July/October/January.
• The account can be closed after expiry of 5 years from the date of opening of account.
• The depositor may extend the account for further period of 3 years.
• Premature closure is permissible subject to certain conditions.
• Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.

National Savings Certificate (NSC)

• Account matures in 5 years
• Minimum deposit Rs. 1000/- and thereafter in multiple of Rs. 100.
• No maximum deposit limit.
• A single holder type account may be opened by an adult for himself or on behalf of a minor.
• A single holder type account may also be opened by a minor on attaining the age of 10 years.
• Joint ‘A’ Type account may be opened by up to three adults payable to both the holders jointly or to the survivor.
• Joint ‘B’ Type account may be opened by up to three adults payable to either of the survivor.
• Loan facility available by pledging with the banks.

Kisan Vikas Patra (KVP)

• Minimum Rs. 1000/- and thereafter in multiples of Rs. 100.
• No maximum deposit limit.
• A single holder type account may be opened by by an adult for himself or on behalf of a minor.
• A single holder type account may also be opened by a minor on attaining the age of 10 years.
• Joint ‘A’ Type account may be opened by up to three adults payable to both the holders jointly or to the survivor.
• Joint ‘B’ Type account may be opened by up to three adults payable to either of the survivor.
• Account can be opened in Post offices and in authorised banks.
• KVP can be transferred from one person to another and from one post office to another.
• KVP can be encashed after 2 and half years from the date of investment at the following rates.
• Money Doubles on Maturity.

Sukanya Smriddhi Yojana (SSY) Account Scheme

• Minimum deposit Rs. 250/- Maximum deposit Rs. 1.5 Lakh in a financial year.
• Account can be opened in the name of a girl child till she attains the age of 10 years.
• Only one account can be opened in the name of a girl child.
• Account can be opened in Post offices and in authorised banks.
• Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.
• The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.
• The account can be transferred anywhere in India from one Post office/Bank to another.
• The account shall mature on completion of a period of 21 years from the date of opening of account.
• Deposit qualifies for deduction under Sec.80-C of I.T.Act.
• Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.

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