we can avail loans against pledge of Kisan Vikas Patras and National Savings Certificates from Commercial Banks and certain private financial institutions.
Retail borrowing by the Govt. of India to meet their plan expenditure administered through Post Offices across the country. The collection of Deposits is through Small Savings Agents who offer door to door services. As the borrower is the Govt. Of India, return on our investments is guaranteed. We can save income tax also from our investments in certain types of savings schemes. There is facility of pre-mature withdrawal available after completion of a minimum lock in period. Further, in case of emergencies, A snapshot of the Schemes and the corresponding interest rates are given below:
TYPES OF SMALL SAVINGS SCHEME:
The following Small Savings scrips are available for investment in the small savings schemes: I. Kisan Vikas Patra -- Investment doubles in 8 years and 7 months II. I.T. REBATE SCHEMES III. Post Office Monthly Income Scheme -- 8% interest payable monthly– 6 years maturity. Presently 5% Bonus is offered on maturity. IV. Post Office Recurring Deposit - This is household savings scheme. as desired by any employee, they can also enrol themselves under the scheme by deduction at source (Pay Roll Savings Scheme) .This scheme helps one from making savings in as small as Rs.10/= p.m. with no limit for maximum investment per month. V. Term Deposits - Deposits can be made for one year, two year, three year and five years period. VI. Senior citizen savings scheme- 9% Interest payable quarterly. 5 Years maturiy. VII. Post Office Savings Account - only individuals can invest in Small Savings Scheme w.e.f. 13.05.05.. Web-site on small savings viz., http://www.tnsmallsavings.com/ has been created and displayed on the internet. Public can contact the nearest post office or agents operating in their residential area or Personal Assistants to Collectors (Small Savings) in the districts to get guidance regarding investment of their deposits. |
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