We are mostly using bank' s for the money saving,but we can use post office also,which gives more profit than bank.There are several schemes introduced by the government.
Saving schemes
Selva magal saving scheme(sukanya samriddhi):
This scheme is mainly introduced for girl child development whose age is below 10 year.Parents or guardians can create the saving account in child name by paying the minimum amount of Rs 1000.It can be created in all the post office branches in India.Minimum amount deposited per year is Rs 1000 and maximum amount is Rs 1.5 Lakhs. Amount will be matured at the age of 21 yr.Interest rate per year is 8.5%,which is tax exempted.
Ponmagan podhuvaipu scheme(public provident fund):
PPF scheme is common for all the people.There is no age limit to start the account in this scheme.In this we can deposit minimum amount of Rs 500 to maximum amount of Rs 1.5 Lakhs per year.The interest rate per year is upto 8.0%.Mature period is after 15 years.
Recurring deposit(RD):
This is monthly saving scheme.There is no limit for the money deposit per year.But this is a term deposit scheme.If we opened the account then every month we should pay the money without fail otherwise penalty is applied.Interest rate per year is 7.3%.Premature withdraw is available.
Time deposit scheme(TD):
This scheme has time period of deposit.We can deposit minimum of Rs 200 and there is no maximum limit.
Interest rate
for 1 yr -7.0%
for 2 yr-7.1%
for 3 yr-7.3%
for 5 yr-7.8%
Senior citizen saving scheme(SCSS):
This scheme is introduced for the senior citizens age above 60 yrs.This is one time deposit scheme in which minimum amount Rs 1000 and maximum amount of Rs 15 lakhs can be deposited.Maturity period is 5 yr.Interest rate per year is 8.5%.
Monthly income scheme(MIS):
This scheme can be opened by individual or by join account.Minimum amount to be deposited is Rs 1500 and maximum amount is Rs 4.5 Lakhs. Annual interest is 7.7%.Maturity period is 5 yrs.There is no age limit.
National saving certificate(NSC):
This scheme can be used for tax reduction under 80c. Minimum deposit amount is Rs 100 and there is no maximum limit.This certificate can be owned by a single holder.Maturity period is 5 yrs.Interest rate per year is 8%.
Kisan vikas patra(KVP):
This scheme benefits for tax reduction under 80c. Minimum amount to be deposited is Rs 1000 and there is no maximum limit.Deposited amount will be doubled after 9 yr 4 months.This certificate can be purchased by adults only,in case of minor two adults to be owned.