Top 10 High Returns Saving Schemes in India

 

Saving money is an essential part of financial planning, and investing in profitable saving schemes is a great way to grow your wealth. India offers a variety of saving schemes that offer attractive returns and tax benefits. Here are ten highly profitable saving schemes in India:

Public Provident Fund (PPF):

PPF is a long-term saving scheme that offers an annual return of 7.1% (as of April 2023) and a tax deduction under Section 80C of the Income Tax Act. The minimum investment in PPF is Rs. 500 per year, and the maximum investment is Rs. 1.5 lakh per year.

National Savings Certificate (NSC):

NSC is a fixed-income saving scheme that offers an annual return of 6.8% (as of April 2023) and a tax deduction under Section 80C of the Income Tax Act. The minimum investment in NSC is Rs. 100, and there is no maximum limit.

Sukanya Samriddhi Yojana (SSY):

SSY is a saving scheme for the girl child that offers an annual return of 7.6% (as of April 2023) and a tax deduction under Section 80C of the Income Tax Act. The minimum investment in SSY is Rs. 250 per year, and the maximum investment is Rs. 1.5 lakh per year.

Senior Citizen Saving Scheme (SCSS):

SCSS is a saving scheme for senior citizens that offers an annual return of 7.4% (as of April 2023) and a tax deduction under Section 80C of the Income Tax Act. The minimum investment in SCSS is Rs. 1,000, and the maximum investment is Rs. 15 lakh.

Post Office Monthly Income Scheme (POMIS):

POMIS is a fixed-income saving scheme that offers an annual return of 6.8% (as of April 2023). The minimum investment in POMIS is Rs. 1,500, and the maximum investment is Rs. 4.5 lakh for a single account and Rs. 9 lakh for a joint account.

Kisan Vikas Patra (KVP):

KVP is a saving scheme that offers an annual return of 6.9% (as of April 2023). The minimum investment in KVP is Rs. 1,000, and there is no maximum limit.

Equity-Linked Savings Scheme (ELSS):

ELSS is a mutual fund scheme that offers an annual return of 10-15% (as of April 2023) and a tax deduction under Section 80C of the Income Tax Act. The minimum investment in ELSS is Rs. 500, and there is no maximum limit.

National Pension System (NPS):

NPS is a retirement saving scheme that offers an annual return of 9-12% (as of April 2023) and a tax deduction under Section 80C and Section 80CCD of the Income Tax Act. The minimum investment in NPS is Rs. 1,000 per year.

Bank fixed deposits (FD):

Bank FD is a fixed-income saving scheme that offers an annual return of 5-7% (as of April 2023). The minimum investment in bank FD varies from bank to bank.

Mutual funds (MF):

Mutual funds are investment schemes that offer returns based on the performance of the underlying assets. MFs offer various investment options like equity funds, debt funds, hybrid funds, etc. The returns on MFs depend on the performance of the underlying assets.

In conclusion, these ten saving schemes offer attractive returns and tax benefits.