5 Best Income Saving Plan
NATIONAL SAVING CERTIFICATE(NSC) The National Savings Certificate comes out on top in our rankings because of its higher returns and flexibility. National Savings Certificates are available for an investment period of 5-10 years. The best part of this scheme is that the minimum investment one can make is as little as Rs. 100, while there is no upper limit. The interest rates for NSC (VII) five-year schemes is 8.5% annually, and for the ten years NSC (IX) scheme it is 8.8%. Tax benefits are available for investors. Although the age of entry to this scheme is 18, minors can open an account along with a guardian. However, the only downside to this scheme is that premature withdrawal is not possible. SENIOR CITIZEN SAVING SCHEME (SCSS) This scheme is open to all senior citizens. It is offered by both banks and by the postal department. We rank it second because of its high returns, tax benefits, and flexibility. SCSS is one of the most preferred savings schemes for the eld...