New Delhi: With an aim to impoverish its citizens and provide them with better money saving opportunities, the Central government introduces several investment schemes on regular basis.

Centre facilitates the citizens friendly schemes with very minimal cost, any individual can invest in these schemes, which profits them by yielding higher returns after their maturity period ends.

These government schemes are offered to everyone, be it a man or a woman, working class, business class, rural and urban masses.

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At the bottom, it all comes down to an individual’s personal choice in choosing perfect saving schemes as per their investment needs. The huge advantage of the governmental schemes is that it caters the people without posing any high potential risks to their saving.

Interested applicants can choose any governmental scheme by visiting their nearby post offices scattered across India as well as through banks.

Here are some of the popular Govt saving schemes:

1. Atal Pension Yojana (APY)-

This pension plan has been specially put together for the unauthorized sector of Indian Society, Atal Pension Yojana is launched with the aim of providing financial corpus to underprivileged senior citizens. Starting in 2015, the scheme is regulated by the PFRDA (Pension Fund Regulatory and Development Authority).

Eligibility Criteria

• An employer should be having only 1 APY account.
• The age of the employer should lie between 18 to 40 years.
• Under this scheme, tax benefits can be availed under Section 80 CCD of the Income Tax Act, 1961.
• Contributions need to be done for a minimum of 20 years. (Minimum Amount: Rs 42)

2. Kisan Vikas Patra (KVP)

KVP is only available at the Indian post offices, is an excellent one-time investment scheme, which doubles the investors’ money in about 10 years. It was initially launched in 1988 and remodelled in 2014 to stop money laundering activities.

Eligibility criteria

• Applicant should be of a minimum of 18 years of age
• Bank account not mandatory.
• This scheme can be availed by anyone.
• The current rate of interest is 6.9 per cent per annum

3. National Pension Scheme (NPS)

Started by the Indian Government, this scheme was framed particularly for the senior citizens. The National Pension Scheme (NPS) is controlled by the PFRDA (Pension Fund Regulatory and Development Authority).

Benefits of this scheme can be availed by the citizens along with NRIs (Non-Resident Indians). It also offers a tax exemption of Rs 1,50,000 under Section 80CCD of the Income Tax Act, 1961.

Eligibility Criteria

• Any person applying for the scheme should be in the age range of 18 to 60 years.
• A unique PRAN (Permanent Retirement Account Number) is mandatory for investment under Tier-I and Tier-II accounts.
• The scheme holder should be KYC compliant.

The Indian government offers several other schemes for the welfare of its citizens by securing their future and saving their hard earned money.

(The writer is Mahek Nigam)