Senior Citizen Savings Scheme
Senior Citizen Savings Scheme provides safe investment and good returns to senior citizens. Currently, the scheme offers an interest rate of 7.4% per annum. People above 60 years of age can invest in it. Income tax benefits are also available in this scheme.
General Provident Fund
A Public Provident Fund scheme is like a small savings scheme. But it comes with higher interest rate and tax benefits. Currently, the scheme offers an interest rate of 7.1%. There is no tax on interest amount and maturity amount.
Wealth Saving Scheme
Sukanya Samriddhi Account Scheme is a great mini savings scheme to invest in the future of girl children. Currently, the scheme offers a compound interest rate of 7.6% per annum. Selvam savings account can be opened in the name of girls under 10 years of age. The deposit made in this scheme is tax deductible.