- Schemes like Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) are beneficial
- Currently getting the highest interest rate
- The interest rate received by the government on these schemes has not been changed from July to September
New Delhi: In our country people like fixed deposit the most for investment but at present small savings schemes have become more attractive than fd. In fact, the interest rate received by the government on these schemes has not been changed from July to September, due to which, at present, these schemes are getting more profit than the rest of the plans, even fixed deposits. This includes schemes like Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS).
Why these schemes are better than Fixed Deposit – The State Bank of India (SBI) revised the fixed deposit rates (SBI FD rates) in May. Now SBI is paying interest on FDs from 2.9% to 5.4%. It is different for FDs of less than Rs 2 crore for FDs of 45 days to 10 years. While the interest on Public Provident Fund is getting interest at the rate of 7.1 per cent and in the post office from 5.5 to 6.7 per cent for 3 years to 5 years.
Sukanya Samridhi Yojana is the most beneficial- The highest interest rate among small savings schemes is Sukanya Samriddhi Yojana (SSY), the government is getting a rate of 7.6 percent interest on this scheme.
On the other hand, in case of senior citizens, good interest is being paid by the government in special schemes being run for them i.e. investment in Senior Citizen Savings Schemes is beneficial for such people. The scheme currently offers 7.4 percent interest. At the same time, some banks have launched special schemes for senior citizens.