The government-backed saving schemes encourage long-term wealth creation and come with various features and benefits such as lock-in period, tax exemptions, and many more. Here are more details about the various savings scheme options available in India.
List of Saving Schemes In India 2024
The following table highlights the details of savings schemes:
| Savings Scheme | Interest Rate | Contribution Amount | Duration | Tax Deduction on Principal | Interest Taxable | Taxability of Returns |
| Post Office Savings Account | 4.0% | Minimum: Rs.500Maximum: No Limit | No limit | No | Yes | Interest up to Rs.10,000 in a financial year is exempt |
| Post Office Monthly Income Scheme | 7.4% | Minimum: Rs.1,000Maximum: Rs.9 lakh | 5 years | No | Yes | Taxed as per income tax slab rates |
| Post Office Recurring Deposit | 6.7% | Minimum: Rs.100Maximum: No limit | 5 years | No | Yes | TDS of 10% if interest exceeds Rs. 40,000 (Rs. 50,000 for senior citizens) |
| Post Office Time Deposit (One Year) | 6.9% | Minimum: Rs.1000Maximum: No limit | 1 year | No | Yes | Interest added to total annual income and taxed as per income tax slab rates |
| Post Office Time Deposit (Two Year) | 7.0% | Minimum: Rs.1000Maximum: No limit | 2 years | No | Yes | Interest added to total annual income and taxed as per income tax slab rates |
| Post Office Time Deposit (Five Year) | 7.5% | Minimum: Rs.1000Maximum: No limit | 5 years | Yes | Yes | Tax benefits under Section 80C |
| Kisan Vikas Patra (KVP) | 7.5% | Minimum: Rs.1000Maximum: No limit | 9 years & 5 months | No | Yes | Returns are taxable |
| Public Provident Fund (PPF) | 7.1% | Minimum: Rs.500Maximum: Rs.1.5 lakh p.a. | 15 years | Yes | No | Exempt from tax |
| Sukanya Samriddhi Yojana | 8% | Minimum: Rs.250Maximum: Rs.1.5 lakh p.a. | 15 years contribution periodMaturity period at 18 or 21 years of girl child | Yes | No | Interest is exempt from tax |
| National Savings Certificate | 7.7% | Minimum: Rs.1,000Maximum: No Limit | 5 years | Yes | No | Up to Rs.1.5 lakh under Section 80C |
| National Pension Scheme | Market Linked | Govt employees: 14%Others: 10% | Up to 60 years of age but can be extended up to 70 | Yes | Yes | Up to Rs.1.5 lakh tax deduction for employee & employer’s contributionAdditional deduction of up to Rs.50,000 for self-contribution |
| National Savings Certificate | Market Linked | Minimum: Rs.1,000Maximum: No Limit | 5 years | Yes | Yes | Interest is taxed as per income tax slab rates |
| Senior Citizens’ Saving Scheme | 8.2% | Minimum: Rs.1,000Maximum: Rs.30 lakh | 5 years | Yes | Yes | Interest is taxed as per income tax slab rates with deduction of up to Rs.50,000 |
| Tax Saving FDs | 5.5% to 7.75% | Minimum: Rs.100Maximum: Rs.1.5 lakh per financial year | 5 years | Yes | Yes | Deduction of up to Rs.1.5 lakh p.a.; interest is taxable |
