Govt. promises "Less Investment and Good Returns" Under These Schemes


BANGALORE: Govt. plan out various schemes for people of India to help people in the low strata of the society, almost every year. The schemes are designed in such a way that they do not pinch anyone’s monthly budget and people can achieve their healthier and long living financial goals through savings. 

A saving and investment plan is very beneficial and everyone wants to pick up a scheme with the comparatively higher rate of interests and yield max benefits and min investments. All these schemes can be availed right from the first job of the contributor (the one who takes the plan in his/her name). 

Here are the top 5 schemes that you need to know right now:

Atal Pension Yojana

This pension benefit scheme with a minimum contribution per month is available to age group 18-40. However, the Indian gov will contribute 50% for every contribution made by you in the pension fund.

Under this scheme

-  Age limit - 18 - 40 yrs

- The minimum period of contribution : 20 years

- You can opt for a fixed pension of Rs 1,000 to 5,000, pension starts after you are 60 yr old.

- In the case of uncertain death of the contributor, the nominee will be eligible to claim the pension money and the accumulated principal sum.

Note: Only those who are under the low-income group or are not a part of the tax bracket, are eligible.

Sukanya Samriddhi Account

The scheme was brought to fight the cult to end female feticide or the part of “Beti Bachao aur Beti Padhao movement.”

Under this scheme

- annualized returns of around 8.5%

- Only one account is allowed per child

- Parents can open a maximum of two accounts for each of their children.

- A minimum of 1,000 must be deposited in the account annually.

- The maximum deposit limit is 150,000.

Mutual Funds ELSS

The scheme is a boon for those who want to get tax benefits (under section 80c) by investing in mutual funds.

Under Equity-Linked Savings Scheme (ELSS)

- Save up to Rs 1.5 lakh

- Also get chances to earn significant returns on your investments with the lowest lock-in period of only three years. Lowest, if compared to other tax saving investment schemes.

Pradhan Mantri Jeevan Jyoti Bima & Surakhsha Bima Yojan

It is a ‘government of India’ supported life insurance scheme and any individual aged between 18 - 50 years can avail this scheme/plan.

Age Limit – 18-50 yrs

Minimum annual premium - Rs 330

Death Benefit - Rs 2 lakh to the nominee

Under the Pradhan Mantri Suraksha Bima Yojana

A renewable one-year accidental death-cum-disability benefit – 2 lakh (at Rs 12 as an annual premium)

Partial permanent disability – 1 lakh to the insurer

National Pension Scheme (NPS)

The scheme is regulated by Pension Fund Regulatory & Development Authority (FRDA) and is designed especially to meet retirement needs.

Under this scheme

- Get tax benefits under section 80CCD of Income-tax Act, 1961 (overall limit of Rs 1.5 lakh).

- In the last budget, an additional deduction up to Rs 50,000 is also allowed for the contribution made towards NPS. This made the total deduction under section 80CCD to Rs 2 lakh.

An additional deduction—up to Rs 50,000—is also allowed for the contribution made towards NPS. So, the total deduction under section 80CCD comes to Rs 2 lakh.

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