Savings

The 5 Brahmastra of small savings that can even make you crorepati here

Personal finance: Saving money is THE MOST important thing you can do for your future. Not only does it provide a cushion in times of difficulty, but it also allows you to take advantage of any investment opportunities that may come your way. And one of the best ways to save money is to start early. The sooner you start saving, the more time your money has to grow. If you wait until later in life to start saving, you may need to save a lot more each month to reach your goal. So whether you are planning to open a savings bank account or want to start saving money regularly, here are 5 ‘Brahmastra’ to save money for your future expenses.Also Read – Brahmastra Mania: Ranbir Kapoor Starrer Astra-Verse Saga Beats KGF 2 Craze in Bengal

Public Provident Fund Account (PPF)

  • Minimum deposit Rs. 500/- & maximum deposit Rs. 1,50,000/- in a financial year.
  • The loan facility is available from the 3rd financial year until the 6th financial year.
  • Withdrawal is authorized each year from the 7th financial year.
  • The account matures after fifteen full accounting years from the end of the year in which the account is opened.
  • After maturity, the account can be extended for any number for a block of 5 years with further deposits.
  • The account can be held indefinitely without further deposit after maturity with the prevailing interest rate.
  • The amount in the PPF Account is not subject to seizure by order or decree of a court of law.
  • The deposit is eligible for a deduction under Section 80-C of the ITAct.
  • Interest earned on the account is exempt from income tax under section -10 of the ITAct.

Seniors Savings Plan (SCSS)

  • Minimum deposit Rs. 1000/- & in their multiples with a maximum deposit of Rs. 15 lacs.
  • A person who has reached the age of 60 or over on the date an account is opened or a person who has reached the age of 55 or over but under 60 and has retired under Superannuation, VRS or Special VRS, can open an account.
  • Retirees from the Defense services (excluding Civil Defense agents) can open an account from the age of fifty, subject to fulfilling other specified conditions.
  • A depositor can open an account individually or jointly with his spouse.
  • Interest will be payable from the date of deposit until March 31/June 30/September 30/December 31 on the 1st business day of April/July/October/January as the case may be, first and thereafter, interest will be due on the 1st business day of April/July/October/January.
  • The account can be closed at the end of a period of 5 years from the date of opening the account.
  • The depositor can extend the account for a further period of 3 years.
  • Premature closing is authorized under certain conditions.
  • Deposits in the SCSS are eligible for the Income Tax Act u/s 80-C deduction.

National Savings Certificate (NSC)

  • The account matures in 5 years
  • Minimum deposit Rs. 1000/- and then in multiples of Rs. 100.
  • No maximum deposit limit.
  • A single holder type account can be opened by an adult for himself or on behalf of a minor.
  • A single holder type account can also be opened by a minor who has reached the age of 10.
  • A type “A” joint account can be opened by a maximum of three adults payable to both holders jointly or to the survivor.
  • A type “B” joint account can be opened by a maximum of three adults payable to one or other of the survivors.
  • Loan facility available as pledge from banks.

Kisan Vikas Patra (KVP)

  • Minimum R. 1000/- and then in multiples of Rs. 100.
  • No maximum deposit limit.
  • A single holder type account can be opened by an adult for himself or on behalf of a minor.
  • A single holder type account can also be opened by a minor who has reached the age of 10.
  • A type “A” joint account can be opened by a maximum of three adults payable to both holders jointly or to the survivor.
  • A type “B” joint account can be opened by a maximum of three adults payable to one or other of the survivors.
  • The account can be opened in post offices and in authorized banks.
  • KVP can be transferred from person to person and from post office to post office.
  • KVP can be cashed out after 2.5 years from the date of investment at the following rates.
  • The money doubles at maturity.

Sukanya Smriddhi Yojana (SSY) Account Scheme

  • Minimum deposit Rs. 250/- Maximum deposit Rs. 1.5 Lakh in a financial year.
  • An account can be opened in the name of a girl until she reaches the age of 10.
  • Only one account can be opened in the name of a girl.
  • The account can be opened in post offices and in authorized banks.
  • Withdrawal is permitted for account holder’s higher education purposes to meet educational expenses.
  • The account can be closed prematurely in case of marriage of a girl after she has reached the age of 18.
  • The account can be transferred anywhere in India from one post office/bank to another.
  • The account matures after a period of 21 years from the date the account is opened.
  • The deposit is eligible for a deduction under Section 80-C of the ITAct.
  • Interest earned on the account is exempt from income tax under section -10 of the ITAct.

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