APY or Atal Pension Yojana is a pension scheme introduced by the government to assist the workers in the unorganized sectors so that they can earn a fixed income after they retire.
– Pension Amount – Up to Rs.5,000
– Age Limit – 18 years – 40 years
– Contribution Period – Minimum 20 years
– Exit Age – 60 years
PMJDY is a lucrative govt investment scheme, especially crafted for people from financially weak sections to allow them easy access to financial services like:
– Minimum age to open an account – 18 years (minors 10 years)
– Interest Rate – depends on interest rate of the savings account
– Minimum Balance – Zero balance account
– Accidental Insurance Cover – available as per ‘Rupay Scheme
– Overdraft Facility – Available
This is another risk-free scheme that allow the investor to enjoy greater returns.
– Tenure – 15 years
– Interest rate – 7.1% currently (keep changing)
– Investment Amount – Min. 500 rupees and Max. Rs.1.5 lakh p.a.
– Maturity Amount – Mostly depend on tenure of investment
This plan is also loaded with features and suits aptly for investors in India. It facilitates a fixed income and definite returns to generate best revenues.
– Minimum investment – Rs.1000
– Maximum investment – no max. limit
– Investment Amount – Min. 500 rupees and Max. Rs.1.5 lakh p.a.
– Maturity Amount – Mostly depend on tenure of investment
The SSY scheme was initiated by the Indian Government under the campaign named; ‘Beti Bachao Beti Padhao’ and is available at 7.6% current interest rate.
– SSY account allow highest return on tax deduction, and it comes with the EEE status.
– The contributions per year in this account (Rs. 1.5 lakh/year) is qualified for tax deduction under Section 80C of Income Tax Act.
– The sum received after the account matures is non-taxable.
– Thus it presents incredible Tax Benefits which can’t be ignored.