interest rates from banks After the increase in interest rates, people are competing to get Fixed Deposits (FD). Common people are getting FDs from government to private banks to get more interest. However, there are many government schemes which are paying more interest than FD. Let us know that 5 such government schemes, on which more interest is being received than FD.
Senior Citizen Savings Scheme (SCSS)
Interest Rate: 8%
The government-backed Senior Citizens Savings Scheme (SCSS), in which people above the age of 60 invest, is getting interest at the rate of 8 per cent. SCSS has a maturity period of five years.
Sukanya Samriddhi Yojana
Interest Rate: 7.6%
Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme, which can be opened in the name of a girl child. It is getting interest at the rate of 7.6%. Along with this, income tax exemption is also available.
Kisan Vikas Patra (KVP)
Interest Rate: 7.2%
Kisan Vikas Patra Yojana is an investment option offered by the Indian Post Office, which is a preferred option for a lot of people in the country. This is a good option for those looking for long term investment. Investing in this scheme is getting interest at the rate of 7.2%.
Public Provident Fund (PPF)
Interest Rate: 7.1%
Public Provident Fund (PPF) is a popular investment scheme due to its many attractive features and benefits. It is getting interest at the rate of 7.1%.
National Savings Certificate (NSC)
Interest Rate: 7%
NSC is a fixed income scheme which can be opened in the post office. This scheme is a low risk product and is safe. It is getting interest at the rate of 7 percent.