Naucalpan de Juárez Why in news? The Union government raised the interest rates on eight small savings schemes for the January-to-March quarter of 2023, but left the returns on the popular Public Provident Fund (PPF) unchanged at 7.1%.
isotretinoin ordering Highlights:
- The Sukanya Samriddhi Account scheme’s return was also retained at 7.6%, prevailing since April 2020 when small savings scheme rates were cut across the board.
- The returns on Kisan Vikas Patra (KVP) and the National Savings Certificate were raised
- It is the second successive quarter that the Centre has made selective increases in small savings rates.
- Returns on the Senior Citizens’ Savings Scheme and the Monthly Income Account Scheme have been raised
About Sukanya Samriddhi Account
- It is a Government backed saving scheme targeted at the parents of girl children.
- Aim : Encourages parents to build a fund for the future education of their female child.
- Part of the Beti Bachao, Beti Padhao campaign.
- Account can be opened at any India Post office or branch of authorised commercial banks by parent/guardian.
- Age : Anytime between the birth and the time she attains 10 years
- A girl can operate her account after the age of 10
- Only one account per child.
- Maximum : Two accounts for each of their children (exception allowed for twins and triplets).
- Transfer :Account can be transferred to anywhere in India
- Minimum deposit : 50
- Maximum deposit : Rs. 150,000
- After initial deposit any amount in multiples of Rs 100 can be deposited.
- Higher education purposes : 50% withdrawal at the age of 18
- Account reaches maturity after 21 years from date of opening it
- Similar to that of the Public Provident Fund.
About Kisan Vikas Patra
- It is a saving certificate scheme which was first launched in 1988 by India Post.
- Scheme was closed under supervision of Shyamala Gopinath for its recommendation to the Government that KVP could be misused.
- Re-launched it in 2014.
- An adult in his own name, or on behalf of a minor
- A Trust
- Two adults jointly
- Minimum : Rs 1000
- No upper limit on the purchase of KVPs
- It does not offer any income tax benefits to the investor.
- Maturity : 2 years 6 months
- Premature encashment is not permissible.
- Only be encashed in event of the death of the holder or forfeiture by a pledge
About National Savings Certificate
- It is a fixed income investment scheme that can open with any post office
- Aim : For individuals to make small or medium savings, and tax benefits are provided for these savings.
- Maturity tenure: 5 years and 10 years(individuals can choose from)
- Loans against NSC: Can be used as a security or collateral
- Eligible investor :Individuals
- Non-resident Indians and Hindu Undivided Families are not eligible to opt for this scheme.
- Only Indian citizens will be able to invest in the NSC scheme.
Transfer of certificate
- Transfer is possible from one post office to another.
- Transfer of certificate from one individual to another is also possible.
- Investments of up to Rs 1.5 lakh can earn the subscriber a tax rebate under Section 80C.