Small Savings Schemes: Double good news.. Why invest in small savings schemes? So much profit?

Small Savings Schemes: There are many ways to invest money these days. Investing in the stock market, investing in gold, bonds, doing any business are many. However.. there are still many people who invest in small savings schemes. This can be attributed to the assurance of good returns, important announcements from the government and the opportunity to invest even small amounts. Experts say that if you invest in these in the long run, you will get huge profits.

In line with this, Union Finance Minister Nirmala Sitharaman made a key announcement on small savings schemes in the 2023-24 annual budget (Budget 2023). This is a boost for small savings schemes. It has been clarified that the newly announced savings scheme in this budget including Senior Citizen Savings Scheme (SCSS), Monthly Income Account Scheme (MIS) and Mahila Samman Savings Certificate Schemes will double the deposit limits.

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While the maximum deposit amount in Senior Citizen Savings Scheme was Rs.15 lakh, now it has been doubled to Rs.30 lakh. While the monthly income scheme (MIS) deposit amount for a single account is currently Rs.4.5 lakh, the central government has increased it to Rs.9 lakh. While the joint account has Rs. 9 lakhs, it has been increased to Rs. 15 lakhs.

Adani Group Sensation.. Money back for all investors.. What happened? Currently, the government is offering 8 percent interest on the Senior Citizen Savings Scheme for the quarter ending March. Interest under this scheme is credited every quarter. The government currently provides 7.1 percent interest on an annual basis on the MIS scheme. This interest is credited every month. If you invest in the Senior Citizen Savings Scheme for five years and calculate a total of 8 percent interest on Rs.30 lakh, you will get Rs.60 thousand interest every quarter. And as part of the MIS scheme.. under joint account Rs. If you invest 15 lakhs, you will get an income of Rs. 8,875 every month under the interest rate of 7.1 percent. Furthermore, these schemes have the opportunity to avail income tax exemption benefits under Section 80C of the Income Tax Act.

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