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5 Small Saving Schemes That O er Better Returns Than Bank
Deposits
By Sunil Fernandes
Published:Friday, December 27, 2019, 9:00 [IST]

Interest rates in the economy have fallen so sharply, it's di cult to believe that the best interest
rate o ered by State Bank of India on its deposits is 6.25 per cent. For senior citizens the best
interest rate that SBI o ers is 6.75 per cent. A better option than investing in bank deposits are the
deposits of small saving schemes, also called post o ce saving schemes.

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They are extremely safe, because they are backed by the government and also because their
interest rates are way higher than bank deposits. Here are 5 small saving schemes of post o ce
that you should invest in.

Best Return Investment plan

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National Savings Certi cate

If you are looking to invest for a period of 5-years than the National Saving Certi cate (NSC) is
a good bet. The interest rate on the same is 7.9 per cent, which is almost 1.65 per cent more
than the SBI deposit.

Apart from this the NSC also o ers you tax bene t under Sec80C of the Income Tax Act. A
sum of Rs 100 grows to Rs 146.25 after a period of 5 years, which is not bad at all. One can
transfer the NSC from one person to another. This is a good bet for those looking to build a
corpus for the medium to long term.
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Post O ce Recurring Deposit

Post O ce Recurring Deposit is for those who are looking at investing small amounts every
month. One can invest a small sum of Rs 100 every month, which receives an interest rate of
7.2 per cent. The interest rate is pretty attractive when compared to interest rates o ered by
banks in the country.

Nomination facility is available and one can transfer the accounts from one post o ce to the
other. The account can also be opened in the name of a minor.
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Senior Citizen Savings Scheme

The Senior Citizen Savings Scheme is for senior citizens only and o ers an interest rate of 8.6
per cent per annum, which is not bad at all. An individual of the age of 60 years or more can
open the account.

A depositor may operate more than one account in individual capacity or jointly with spouse
(husband/wife). Premature closure is allowed after one year on deduction of an amount
equal to1.5% of the deposit & after 2 years 1% of the deposit.
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15-years Public Provident Fund Account

This is a 15-year account, which o ers an interest rate of 7.9 per cent. The PPF scheme as it is
popularly called has many bene ts including the fact that the interest earned is exempt from
tax. Apart from this, the PPF also quali es for tax exemption under Sec80C of the Income Tax
Act.

Withdrawal is permitted after 7-years of opening the account. Loan facility is available from
the third year onwards.

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Kisan Vikas Patra

Under the Kisan Vikas Patra the amount invested doubles after 113 months. So, if you have
deposited Rs 1 lakh it doubles to rs 2 lakhs after 9 years and 5 months. The interest rate
which enables such doubling is 7.6 per cent per annum, which is compounded annually.

This is a good scheme for those looking at safety and returns which are much better than
bank deposits.

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Published On December 27, 2019

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