PMF IAS Current Affairs
PMF IAS Current Affairs

Small Savings Schemes, Important Small Savings Instruments

Small Savings Schemes

  • Context (TH): The government raised interest rates on select small saving schemes in line with the high-interest rates in the banking system.
  • Small Savings Schemes are various schemes through which people can deposit (mostly fixed deposits) money with “Govt. of India” for a fixed tenure and earn interest after maturity.
  • GOI offers these schemes through various Public and Private sector banks and Post Offices.
  • The money goes into the Public Account of India and is kept separately under the National Small Savings Fund (NSSF).
  • The interest rate on these small savings schemes has been aligned with G-Security rates of similar maturities (except Mahila Samman Saving Patra). 
  • The interest rate is generally slightly higher than what banks offer on fixed deposits.
  • So, every year, GOI receives money in NSSF (under the Public Account of India) and pays out to those whose deposits are maturing.

Important Small savings instruments

  1. Post Office Savings Account
  2. National Savings Recurring Deposit Account
  3. National Savings Time Deposit Account
  4. National Savings Monthly Income Account
  5. Senior Citizens Savings Scheme Account
  6. Public Provident Fund Account
  7. National Savings Certificates Account
  8. Kisan Vikas Patra Account
  9. Sukanya Samriddhi Account
  10. Mahila Samman Saving patra
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