Various savings schemes with government support are accessible through different financial institutions. (Representative image)
The central government has raised the rate of interest on two small savings schemes for January-March 2024
Savings Schemes Interest Rates: Government-initiated schemes provide a safe and secure way for individuals to save money, ensuring financial security for themselves and their families in the future. The government-backed nature of these schemes reduces the risk associated with saving. Government savings schemes typically offer attractive interest rates compared to regular savings accounts. By investing in these schemes, individuals can earn interest income on their savings, helping them grow their wealth over time.
Many government savings schemes in India offer tax benefits under various sections of the Income Tax Act. For example, investments in schemes such as Public Provident Fund (PPF) and National Savings Certificate (NSC) are eligible for tax deductions under Section 80C, thereby reducing the tax liability of investors.
Small Savings Scheme Interest Rates
Various savings schemes with government support are accessible through different financial institutions. Each