However, the public sector Bank of Baroda is still offering great interest on FD to its customers. This government bank is giving interest ranging from 3.50 percent to 7.20 percent on FD. Today we are going to tell you about such an FD scheme of Bank of Baroda, in which by depositing Rs 2,00,000, a fixed interest of Rs 30,228 can be earned with guarantee.

Bank of Baroda is offering up to 7.20 percent interest on FD

Bank of Baroda is the second largest government bank in the country in terms of market cap. FDs can be made in Bank of Baroda from 7 days to 10 years. This government bank is giving interest ranging from 6.50 percent to 7.10 percent on FDs from 1 year to 3 years. The highest interest of 6.60 percent to 7.20 percent is being given on FDs of 444 days in this bank. Bank of Baroda is giving 0.50 percent more interest to senior citizens and 0.60 percent more interest to super senior citizens than the general public.

You will get fixed interest of up to Rs 47,015 on Rs 2 lakh in 3 year FD

If you are a normal citizen and deposit Rs 2,00,000 in a 3-year FD in Bank of Baroda, you will get a total of Rs 2,42,681 on maturity, which includes a fixed interest of Rs 42,681. If you are a senior citizen and deposit Rs 2,00,000 in a 3-year FD in Bank of Baroda, you will get a total of Rs 2,46,287 on maturity, which includes a fixed interest of Rs 46,287. Similarly, if you are a senior citizen and deposit Rs 2 lakh in a 3-year FD in Bank of Baroda, you will get a total of Rs 2,47,015 on maturity, which includes a fixed interest of Rs 47,015.

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After retirement, when there is no regular source of income, the lifelong savings are the biggest support. Every elderly person wants that his hard-earned money should be safe and he should get enough returns on it so that he can spend his old age comfortably. If you are also looking for such an investment option with safe and guaranteed returns, then a scheme of the post office can prove to be a ‘superhit’ for you.

The name of this scheme is Senior Citizen Savings Scheme (SCSS). It is specially designed for the elderly, in which not only you get more interest than bank FD, but your money is also 100% safe. See how senior citizens can earn a huge amount of ₹ 12,30,000 from this scheme in 5 years only from interest.

What is Senior Citizen Savings Scheme (SCSS)?

SCSS is a small savings scheme backed by the Government of India, specially designed for citizens above the age of 60 years. This is a deposit scheme in which you deposit a lump sum amount for 5 years and the government gives you guaranteed interest on it every three months.

• Interest Rate: Currently, it is offering a fantastic interest rate of 8.2% per annum.
• Minimum investment: You can start with just ₹1,000.
• Maximum Investment: Up to ₹30,00,000 can be invested.

How to get bumper interest of ₹ 12.30 lakh? Understand the calculation

The biggest attraction of this scheme is its high-interest return. Let us understand this with a simple calculation.
If a senior citizen invests the maximum limit i.e. ₹30,00,000 in this scheme, then-

• Interest Rate: 8.2% p.a.
• Interest per annum: 8.2% of ₹30,00,000 = ₹2,46,000
• Quarterly Interest: ₹2,46,000 / 4 = ₹61,500 (This amount will be credited to your account every 3 months)
• Total interest in 5 years: ₹2,46,000 x 5 = ₹12,30,000

Thus, on maturity after 5 years, you will get back ₹42,30,000 comprising your investment (₹30 lakh) and total interest (₹12.30 lakh).

Understand how much return on how much investment

Who can invest in this scheme?

Any person who is 60 years of age or above can invest in it. On the other hand, civil sector government employees taking VRS and those retiring from defense are given relaxation in age limit with some conditions.

Tax exemption and other important rules

Investing in SCSS provides tax exemption of up to ₹1.5 lakh under Section 80C of the Income Tax Act. Keep in mind that the interest earned from this scheme is taxable. TDS is deducted if the interest amount in a financial year exceeds ₹1,00,000. It can be extended within 1 year of maturity. The extended account receives interest at the rate applicable on the date of maturity.

FAQs

1. Is the interest earned on SCSS tax-free?

No, under section 80C, tax exemption is available only on the principal amount invested. The interest earned from this is added to your income and is taxable as per your tax slab.

2. Can both husband and wife together open separate accounts of ₹30 lakh each?

Yes, if both are above 60 years of age, they can invest ₹30 lakh each (total ₹60 lakh) in their respective names.

3. Is the interest rate of this scheme fixed for 5 years?

Yes, the interest rate applicable at the time you open the account is locked in for the entire period of 5 years, even if the government changes the interest rates subsequently.

4. Why is this scheme better than bank FD?

Usually the interest rate of SCSS is higher than that of Senior Citizen FD. Also, it is backed by the government, so there is no risk of money sinking in it.

5. What if I need money before 5 years?

If the account is closed before one year, no interest is paid on it. If any interest is paid on the account, it is recovered from the principal. A penalty of 1.5% of the deposit amount is charged if the account is closed between 1 year and 2 years and 1% if the account is closed between 2 and 5 years.

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Small Saving Schemes: The government has given relief to small investors by changing the rules of small saving schemes. For some time now, it has been continuously seen that people are investing a lot of money in Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) and Time Deposit Scheme.

Therefore, the government has relaxed some rules by issuing a gazette notification. At present the government runs 9 types of small savings schemes. These small savings schemes are managed by the Department of Economic Affairs of the Finance Ministry.

New rules of PPF

The rules regarding premature closure of PPF accounts have been changed. According to the notification, this scheme has been called Public Provident Fund (Amendment) Scheme, 2023.

SCSS account can be opened for 3 months

Under the new rules, you will get 3 months time to open an account under Senior Citizens Savings Scheme (SCSS). At present this period is only for one month. According to the notification, a person can open a SCSS account within three months from the date of retirement. This gazette notification was issued on 9 November. According to this, interest will be given at the fixed rate for the scheme on the date of maturity or extended maturity.

National Savings Time Deposit Scheme also changed

According to the notification, the rules for premature withdrawal under the National Savings Time Deposit Scheme (NSTDS) have been changed. If the amount deposited in an account with a tenure of 5 years is prematurely withdrawn after 4 years from the date of account opening, interest will be payable at the rate applicable to Post Office Saving Scheme. According to the current rules, in the above situation, interest is given at fixed rate for 3 years savings account.

Tax saving on small savings scheme

On many of these schemes, you can get exemption of up to Rs 1.5 lakh under Section 80C of Income Tax. People are investing heavily in small savings schemes like Senior Citizen Savings Scheme and Mahila Samman Savings Certificate. Investment in these schemes has reached record levels. Investment in these schemes increased 2.6 times compared to last year to Rs 74,675 crore. The government had increased the annual investment limit in these schemes to Rs 30 lakh.

Cash Withdrawal Rules : Good News! You will not have to go to ATM to withdraw cash, now you will get money sitting at home, just do this work

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For some time now, it has been continuously seen that people are investing a lot of money in Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) and Time Deposit Scheme. Therefore, the government has relaxed some rules by issuing a gazette notification. At present the government runs 9 types of small savings schemes.

According to the notification, a person can open an account under the Senior Citizen Savings Scheme within three months from the date of retirement. This notification was issued on November 9. According to this, interest will be given at the fixed rate for the scheme on the date of maturity or extended maturity.

Under the new rules, you will get 3 months time to open an account under Senior Citizens Savings Scheme (SCSS). At present this period is only for one month. According to the notification, a person can open a SCSS account within three months from the date of retirement. This gazette notification was issued on 9 November. According to this, interest will be given at the fixed rate for the scheme on the date of maturity or extended maturity.

The rules for premature withdrawal under the National Savings Time Deposit Scheme (NSTDS) have been changed. If the amount deposited in an account with a tenure of 5 years is prematurely withdrawn after 4 years from the date of account opening, interest will be payable at the rate applicable to Post Office Saving Scheme. According to the current rules, in the above situation, interest is given at fixed rate for 3 years savings account.

On many of these schemes, you can get exemption of up to Rs 1.5 lakh under Section 80C of Income Tax. People are investing heavily in small savings schemes like Senior Citizen Savings Scheme and Mahila Samman Savings Certificate. Investment in these schemes has reached record levels. Investment in these schemes increased 2.6 times compared to last year to Rs 74,675 crore. The government had increased the annual investment limit in these schemes to Rs 30 lakh.

In view of this, the government is now also considering post tax returns while deciding the quarterly rates, especially for small savings schemes like PPF. By the end of September, investment in small savings schemes increased 2.6 times compared to last year to Rs 74,675 crore. It was Rs 28,715 crore in the same period last year. The government had doubled the annual investment limit in these schemes to Rs 30 lakh. Only after this, investment in these schemes has increased.

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Senior Citizens Savings Scheme: The lottery for senior citizens has been started on the very first day of the new year. If you are also taking advantage of the government scheme, then from today you will get more money. The government has recently increased the interest of Small Savings Scheme. After this decision, the employees will get interest at the rate of 8 percent. Let us tell you that the new interest rates have come into force from today. The Finance Ministry has given information about this by issuing a notification.

Ministry of Finance issued Notification

According to the notification of the Ministry of Finance, earlier the government was giving the benefit of interest at the rate of 7.6 percent on the Senior Citizens Savings Scheme. At the same time, from today i.e. from January 1, people will get interest at the rate of 8 percent. 40 basis points more interest will be available in this scheme.

Interest Rates Are Reviewed Every Quarter

Let us tell you that the interest received on the Small Savings Scheme is reviewed every quarter. Earlier, the government had increased the interest of some schemes in the month of October as well.

At What Age Can the Account be Opened?

You must be 60 years of age to open an account in SCSS. Only people of the age of 60 years or more can open an account in this scheme. Apart from this, those people who have taken VRS (Voluntary Retirement Scheme), they can also open an account in this scheme.

What is The Minimum investment That Can be Made?

The minimum amount for opening an account in this scheme is Rs 1000. If we talk about the maximum investment, then it is 15 lakh rupees. If your account opening amount is less than one lakh rupees, then you can open the account by paying cash. Whereas, to open an account for more than one lakh rupees, you will have to give a cheque.

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Also, people have less knowledge about the tenure of this savings scheme. In such a situation, today we are going to tell many things regarding the tenure of PPF.

PPF Maturity Rule

PPF is such a scheme being run by the government, in which people can save, invest and also save tax. PPF is a long term investment with a tenure of 15 years but that does not mean that your money gets locked in for that long. The period of 15 years is from the day of opening of the account. Tenure of 15 years means that the maturity of the PPF account will be for 15 years from the day the PPF account is opened.

PPF Balance Check

However, if some fund is to be withdrawn from PPF before maturity, then that can also be done. Partial withdrawal is allowed from the PPF account after the sixth year. That’s why some investors use PPF as an emergency fund. PPF allows investors partial withdrawal in case of emergency. From the PPF account after the sixth year, an investor can withdraw up to 50% of the balance at the end of the fourth year or 50% of the account balance at the end of the financial year preceding the year of withdrawal.

PPF Amount On the other hand, if the account is extended with additional contribution, then the withdrawal limit can be 60% of the account balance at the beginning of the extended period. However, if the fund is to be withdrawn before maturity, it can be withdrawn only on emergency. PPF operates under a mandatory lock-in period of 15 years.

In such a situation, some funds can be withdrawn from the PPF account after the completion of the 5th financial year from the year in which the PPF account was opened. For example, if the PPF account was opened in February 2015, then withdrawal from PPF can be done from the financial year 2020-21. At the same time, partial withdrawal is allowed only once in every financial year.

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If you keep investing in such a scheme according to the rules and duration, then you get double the money. But you should keep in mind that this is not a miracle but a rule of the scheme. Thumbnail 72 is very effective for this, which shows in how many days the money will double in the scheme. In this rule, the annual return is divided by 72. It shows that in how many days the money in the scheme will double.

1-Tax free bonds

Tax pre bonds were earlier issued only for a specific period. But the government has allowed some state government companies to issue bonds up to Rs 40,000 crore. Apart from this, huge demand is seen for PFC and NTPC bonds. The annual return on such tax free bonds is 8.20% to 8.50%. This type of bond can double money in 8-9 years.

2-Kisan Vikas Patra

Kisan Vikas Patra scheme is considered the best scheme to double the money. In this scheme, the investment used to double in the first 124 months. The government has recently changed it and reduced its duration by 1 month. Now the amount invested in this scheme doubles in 123 months i.e. 10 years 3 months.

3-Gold ETF

Investing in Gold has always been beneficial. Apart from physical gold, good earnings can be made by investing in gold ETFs and gold bonds. If you want, you can also invest in Sovereign Gold Bond. The government and the Reserve Bank run this scheme. You can invest at least one gram of gold in this. On this, 2.5 percent interest is received every year. Its lock in period is of 8 years. Money can double in Gold ETF in 8 years.

4-stock market

Stock market plays a big role in earning and doubling money. Direct stock investment carries a lot of risk, but its returns are also very high. On the other hand, if you invest money in a particular stock for a long time, the risk will be less and the returns will also be good. This return can go up to 20%. For example, Eicher Motors stock gives more than 28% returns in five years. Money doubles in such stocks in 3.5 to 4 years.

5-Real Estate

Your money can also be doubled by investing in real estate. Good rental income can be earned by investing in residential real property. This also helps in saving tax. Money invested in real estate can double in 6-7 years. But the special thing is that you have to invest a lump sum amount in real estate. In how many days the money will double, it will depend on the location and infrastructure.

The post Good News ! 5 great schemes to double money, when and how will you earn… know the details first appeared on Rightsofemployees.com.

If you are looking for a safe option to invest your hard earned money, then the Post Office Savings Scheme can prove to be perfect for you. Post Office is trusted by the whole of India for many years and being backed by the government, its savings schemes are absolutely risk free.

You can invest in the National Savings Certificate Scheme of the Post Office. This is a great small savings scheme. You can start it at any post office in the country. Its maturity period is 5 years. Today we will tell you about this scheme in detail so that you can make it easier to decide about the investment of money.

Scheme Details On investment in National Savings Certificate (NSC), you get an interest of 6.8 per cent per annum. This is more interest than FDs of most banks. You can start investing in it with Rs 1,000. Also, there is no limit on the maximum investment in NSC i.e. you can invest as much money as you want and you will get more interest on it than FD.

Along with this, you will also get tax exemption under the Income Tax Act on investments up to Rs 1.5 lakh. In NSC, you can buy certificates of Rs 100, 500, 1000, 5000, 10,000 or more. An adult can also take this certificate for his child.

How much return will you get

If you invest Rs 10 lakh in NSC and you get 6.8 per cent return every year during the lock-in period of 5 years, then with compounding this amount will become Rs 14 lakh.

Who is eligible for investment You must be at least 10 years of age to invest in National Savings Certificate. However, the control over this account will remain with the guardian of the child. This account will be converted into a Vyks account when the child attains the age of 18 years. Indian citizens of 18 years or more can invest in this by themselves. In this you also get the facility to open a joint account. You can open a joint account of NSC with only 2 not 3 people.

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