Check out 6 best small savings schemes offering attractive interest rates

Small savings schemes are designed for various demographics, with special provisions for women and senior citizens. Learn about these schemes offering up to 8.2% interest.

Small savings schemes

Many invest in the central government's small savings schemes. These schemes are designed for various demographics, with special provisions for women and senior citizens. Learn about small savings schemes offering 7.5% to 8.2% interest rates.

Senior Citizens Savings Scheme

1. Senior Citizens Savings Scheme (SCSS): A government scheme providing regular income to senior citizens and retirees. The minimum deposit is Rs 1000, with a maximum limit of Rs 30 lakh. It offers 8.2% interest per annum for October-December 2024.

Post Office Time Deposit Scheme

2. Post Office Time Deposit Scheme: Investments under the 5-year Post Office Time Deposit scheme are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The minimum investment is Rs 1,000. The interest rate is 7.5% for the October-December 2024 quarter.

National Savings Certificate

3. National Savings Certificate (NSC): A government-backed savings scheme offering assured returns and tax benefits under Section 80C. Deposits mature after five years. NSC offers 7.7% interest for October-December 2024, calculated annually but paid at maturity.

Kisan Vikas Patra

4. Kisan Vikas Patra (KVP): A low-risk investment offering guaranteed returns and fixed interest rates. The invested amount doubles in 115 months (9 years, 7 months). KVP offers 7.5% interest per annum for the October-December quarter, calculated annually.

Mahila Samman Savings Certificate

5. Mahila Samman Savings Certificate (MSSC): A government-backed scheme for women and girls to invest up to Rs 2,00,000. Investments are open until March 2025. The deposit matures after two years with a 7.5% annual interest rate, calculated quarterly.

Sukanya Samriddhi Yojana

6. Sukanya Samriddhi Yojana (SSY): A savings scheme for parents of girl children, offering tax benefits under Section 80C. Interest earned is tax-free. The account is operated by the guardian until the girl turns 18. SSY offers 8.2% interest for October-December 2024.