The government currently provides total types of 9 small savings schemes. These financial instruments that provide a variety of benefits, featured in the schemes with guaranteed results, including a 15-year public provident fund (PPF), the Kisan Vikas Patra (KVP) certificate schemes, the National Savings certificate schemes(NSC), the Senior Citizen Savings Schemes (SCSS) and the Sukanya Samriddhi schemes (SSS). These 5 schemes provide the highest returns in small saving schemes. The interest rates are applicable to all these small savings schemes and renewed by every quarter.
The key features of these five small savings schemes that put forward annual returns adjust up to 6.8 to 7.6 per cent in the current quarter, which ends on 31st December.
The current interest rate marked for Kisna Vikas Patra (KVP) is 6.90%.
The current rate marked for Senior Citizen Savings Schemes (SCSS) is 7.40%. All individuals who are above 60 years of age can open this account to invest between Rs, 1000 to 15 lakh.
Public Provident Fund Account (PPF) is the desired savings instrument, to invest between RS 500 to 1.5 lakh in a financial year. The amount deposited can be in the lump-sum, or instalments with current interest of 7.10%.
The Sukanya Samriddhi Schemes allow investment up to Rs 250 to 1.5 Lakh in the financial year with an interest of 7.60%. The guardian can open an accounting account of the girl child below the age of 10 years.
The current interest rate for the National Savings Certificate (NSC) is 6.80 per cent. This is simply a certificate-based savings scheme with an investment of Rs 1000 that grows up to 1389.49 in five years. There is no upper limit but a minimum of Rs, 1000 is allowed in the NSC scheme.