Investment: These 5 savings schemes are great for women, invest like this
Saving is an integral part of everyone's life. You never know when and where you may need money. Therefore, every earner is advised to save, this recommendation is often repeated by their family and parents. There are many options available to save money these days.
Women in India are now walking shoulder to shoulder with men in every field. Their participation in every field is almost equal to that of men. There are many savings schemes available in India specifically designed for women, enabling them to save and invest their money. Let's learn about five such savings schemes:
Mahila Samridhi Budget Patra
This scheme launched by the Government of India can be a great saving option for women. Under this scheme, investment can be made for up to 2 years, in which the contribution can range from ₹1000 to ₹200,000. You earn annual interest of 7.5%, compounded quarterly. After completion of 2 years, you receive both your principal amount and accumulated interest.
Fixed Deposit Scheme:
Post Office Fixed Deposit Scheme provides a good saving opportunity to women. You can invest in this scheme for 1 to 5 years, with different interest rates depending on the investment period. Interest rates range from 6.9% for one-year deposits to 7.5% for five-year deposits.
Sukanya Samriddhi Yojana:
Sukanya Samriddhi Yojana is very beneficial for women with daughters. Under this scheme, an account can be opened in the post office or any bank with a minimum deposit of Rs 250. You can deposit a maximum of Rs 1.5 lakh annually. This scheme offers an interest rate of 8.2%. Women can open accounts for both their daughters and plan for their future.
National Savings Certificate (NSC) Scheme:
National Savings Certificate Scheme is a good savings option for women as it does not require heavy initial investment. The minimum investment amount is ₹1000, and there is no maximum limit. The duration of this scheme is 5 years and it offers an interest rate of 7.7%.
Public Provident Fund (PPF):
PPF is a great investment option to save money. You can deposit a minimum of ₹500 and a maximum of ₹1.5 lakh annually. The government sets the interest rate, which is currently 7.1% per annum. Besides, there is also a provision for tax exemption on interest earned. The lock-in period for PPF is 5 years, after which partial withdrawals can be made.
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