Other Schemes

It gives you a ₹5K pension definitely after you cross 60. It gives you fixed returns, which makes it a suitable option for low-income and unorganized sector workers. It is a government-backed scheme, so it is safe to invest in APY.

It's a safe investment that is backed by the government, making it worthwhile for long-term, low-risk savings. It offers a 7.5% interest rate per annum, compounded yearly, and your investment doubles in approximately 115 months. There are no specific advantages under Section 80C for KVP investment, and the interest earned is fully taxable.

The interest rate of RBI Floating Bonds varies every 6 months (January 1st and July 1st), unlike the fixed-rate bonds, after ensuring the return reflects current market conditions. The RBI links these rates to the National Savings Certificate (NSC) rate, with a fixed spread added.

For a student, here are some government-backed schemes suitable for you:

PPF is a secure and long-term investment scheme that gives you a 7.1% interest rate. You can start investing with ₹500 up to ₹1.5 lakh annually. It gives you tax benefits also.

RD is also another suitable option for savings; it gives you a 7-8% interest rate annually.

These schemes are extremely secure and provide returns in the end; there is no risk involved. But if you can handle some risk, then Mutual funds are also a suitable option. You will get good returns, but there is some risk factor involved.

The Sukanya Samriddhi Yojana (SSY), a government-backed scheme, is specifically designed to secure the financial future of girl children. It provides attractive benefits.

It gives you even more interest rates than FDs, and the maturity amount will be tax-free. You can deposit a minimum of ₹250 and a maximum of ₹1.5 lakh per year. There is a lock-in period of 21 years, but once your daughter turns 18, you can withdraw the partial amount for higher studies.

This is the excellent and profitable scheme run by the government of India; definitely, you should think about this.