It also explains the special adjustments for premature withdrawal of funds from the National Savings Time Deposit Scheme. The government has issued a notification in this regard on November 9. A person can invest the money received on retirement in the Senior Citizens Savings Scheme within three months. During this time, he will have to provide proof of the date on which the retirement money has come into his account.

It has been said in the notification that the interest rate on the money deposited in the scheme will be as per the interest rate on the date of maturity of the Senior Citizens Savings Scheme.

Change in the rules for withdrawing money from PPF

The government has also changed the rules for premature closure of PPF account. In the notification, these changes have been named Public Provident Fund (Amendment) Scheme, 2023. In this, special adjustments have also been made in case of premature withdrawal of money in National Savings Time Deposit Scheme. It says that if money is withdrawn from a five-year account after four years from the date of opening the account, then the interest rate of Post Office Savings Account will be applicable on it.

Total 9 small savings schemes

Currently, the rule is that if a five-year deposit account is closed after four years of opening it, then the interest rate of a three-year time deposit account will be applicable on it. Small Savings Accounts are managed by the Department of Economic Affairs, Ministry of Finance. Currently, 9 types of small savings schemes of the government are available. These include Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS).

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Small Saving Scheme is the best option for people looking for a fixed income investment option. These schemes include Public Provident Fund (PPF), National Savings Certificate and Post Office Saving Scheme. All these saving schemes are being run by the government. The returns received on this are guaranteed. These are the interest rates on small savings schemes.

What are Small Saving Schemes?

Small Savings Scheme motivates citizens to save regularly. These schemes are of three types. Saving Schemes, Social Security Schemes and Monthly Income Schemes. Saving schemes include 1 to 3 year deposit scheme, 5 year RD. Savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) are also included. Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Saving Scheme.

Interest on small savings scheme

Saving Account – 4 percent

1 year post office FD – 6.9 percent

2 year post office FD – 7.0 percent

3 year post office FD – 7 percent

5 year post office FD: 7.5 percent

5 year RD: 6.70 percent

National Savings Certificate (NSC): 7.7 percent

Kisan Vikas Patra: 7.5 percent (mature in 115 months)

Public Provident Fund: 7.1 percent

Sukanya Samridhi Account (Sukanya Samridhi Yojana): 8.0 percent

Senior Citizen Saving Scheme: 8.2 percent

Monthly Income Scheme: 7.4 percent

Among big banks, HDFC Bank is offering maximum interest of up to 7.75 percent on FD. SBI is giving interest up to 7.50 percent annually on FD. The government is offering interest ranging from 4 percent to 8.2 percent on small savings schemes. The government will revise the interest rates on such schemes for October-December 2023 later this month. It is believed that there is little scope for change in these.

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If you have invested in any small savings scheme of bank or post office, then this news is for you. According to the guidelines of the Finance Ministry, investors of Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), National Savings Certificate (NSC) or any other small savings schemes should submit their Aadhaar number to the post office or bank branch before September 30. Have to deposit.

If Aadhaar number is not provided by this date then your small savings account can be frozen. Let us tell you that the Finance Ministry has made Aadhaar and PAN mandatory for PPF, NSC and other small savings schemes. This notification is applicable from March 31, 2023 only.

Today is the last date for PAN-Aadhaar submission

According to this notification issued by the Ministry of Finance, “If a depositor has already opened an account in these savings scheme but has not submitted his Aadhaar number to the concerned office, he shall do so within a period of 6 months from April 1, 2023.” should have to.” Explain that the period of 6 months will end on September 30, 2023.

May have to face such consequences

1. Whatever interest is being earned on your investment will not be credited to your bank account.
2. You will not be able to invest in your PPF or Sukanya Samriddhi accounts.
3. The maturity amount will not be credited to your bank account.
4. If the investor fails to submit the Aadhaar number within 6 months, his account will remain inactive until he provides the Aadhaar number to the concerned office.

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Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

(KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

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