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Best post office schemes that offer over 7% interest

The upcoming Indian budget for 2023-24 will be a challenging one for the government to follow the roadmap for fiscal consolidation amidst a global environment of declining inflation, said a top economist of the <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> in a report. For <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, this could make things difficult to set a nominal gross domestic product (GDP) number significantly higher than 10 per cent, with a deflator of about 3.5 per cent. But this could also mean a higher GDP growth than anticipated at about 6.2 per cent, he said. He also said the fiscal deficit of the Indian government for FY23 will be about Rs.17.5 lakh crore. According to Dr. <keyword id="6448502" type="General" weightage="80" keywordseo="soumya-kanti-ghosh" source="Orion">Soumya Kanti Ghosh</keyword>, Group Chief Economic Adviser, SBI, for FY23, total receipts of the Government would be higher than the budget estimates (BE) by around Rs 2.3 lakh crore, on account of higher direct tax receipts (about Rs 2.2 lakh crore), higher GST receipts (Rs 95,000 crore) but lower dividends (about Rs 40,000 crore), lower fuel tax net of cess (Rs 30,000 crore) and lower disinvestment receipts (about Rs 15000-20,000 crore). "Meanwhile, expenditure is likely to be on the higher side of the BE by around Rs 3 lakh crore on account of higher subsidy bill and additional spending announced by the Government. Taking this into account, the fiscal deficit of the Government in FY23 is expected to come to Rs 17.5 lakh crore. However, higher nominal GDP growth (15.4 per cent) estimates will help in keeping the fiscal deficit at 6.4 per cent of the GDP," <keyword id="4757" type="General" weightage="80" keywordseo="ghosh" source="Orion">Ghosh</keyword> said. As regards FY24, the government's expenditure is likely to increase by around 8.2 per cent over FY23 estimates to Rs 46 lakh crore, Ghosh said in the report. The subsidy bill which increased significantly in FY23 is estimated to be reduced in FY24 to around Rs 3.8-4 lakh crore and capital expenditure is expected to grow by 12 per cent. Meanwhile, receipts (minus borrowing and other liabilities) are expected to grow by about 12.1 per cent with tax revenue receipts growth likely at 11 per cent. With nominal GDP growth at 10 per cent, tax buoyancy is thus expected at close to 1.1 compared to the expected tax buoyancy of 1.5 in FY23. Thus, the fiscal deficit for FY24 is estimated at around Rs 17.95 lakh crore or 6 per cent of GDP in FY24, thereby resulting in fiscal consolidation of 40 bps from the current fiscal, the report notes. "As far as borrowing is concerned, we believe net market borrowing of the Centre in FY24 will be around Rs. 11.7 lakh crore and with repayments of Rs 4.4 lakh crore, gross borrowing is expected at Rs 16.1 lakh crore. We believe a switch of about Rs 50,000 crore is also likely to be announced," the report said. With higher tax devolution from the Centre, the states are likely to borrow around Rs 8 lakh crore in FY23, lower than earlier anticipated. "In FY24, the overall gross borrowing by Centre and States is likely to be Rs 24.3 lakh crore (Rs. 22.2lakh crore in FY23) and net borrowings Rs. 17 lakh crore (Rs 16.7 lakh crore in FY23). We further believe that the Government will continue to rely on small saving schemes (Rs 5 lakh crore likely in FY24). According to the report, the government can give a hard push to <keyword id="2757237" type="General" weightage="50" keywordseo="sukanya-samriddhi-yojana" source="Orion">Sukanya Samriddhi Yojana</keyword> (SSY), by encouraging fresh registrations in a mission-drive mode, allowing one-time registrations for all leftover cases up to 12 years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ongc-reliance-industries-paytm-siemens-among-stocks-in-focus/articleshow/97045293.cms">Sensex, Nifty50 likely to open on a tepid note amid mixed global cues: ONGC, Reliance Industries, Paytm, Siemens among stocks in focus</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/chinas-gdp-sinks-to-3-in-2022-second-lowest-in-50-years/articleshow/97047786.cms">China's GDP sinks to 3% in 2022, second lowest in 50 years</a>

India's fiscal deficit for FY23 estimated at ₹17.5 L crore, FY24 ₹17.95 L crore: SBI

<keyword id="2757237" type="PERSON" weightage="20" keywordseo="Sukanya-Samriddhi-Yojana">Sukanya Samriddhi Yojana</keyword> is an incredible savings scheme offered by the Central Government for the benefit of girl children. Post Offices and some banks are authorized to operate these accounts on behalf of the government. Customers can open this account in some simple steps by submitting the required documents at the designated branches of banks and post offices offering this facility. Here are the features of this scheme you need to know and how to open this account to benefit your girl child. Who can open this account? <keyword id="7329439" type="UNKNOWN" weightage="20" keywordseo="sukanya-samriddhi-yojana-account">Sukanya Samriddhi Yojana account</keyword> can be opened by any parent or a legal guardian of a girl child of less than 10 years of age. Under this scheme, only one account can be opened for a given child. Also, the parents or legal guardians can open this account only for two girl children in a family. However, a third account is permitted in case the first or second delivery gives birth to twin girls. Documents required to open a <keyword id="248266" type="PERSON" weightage="20" keywordseo="Sukanya">Sukanya</keyword> Samriddhi Yojana account The documents required to open an account under the Sukanya Samriddhi Yojana include the SSY account opening form, birth certificate of the girl child on whose name the account must be opened, identity proof, and residence proof. The documents submitted as proof of identity and address must satisfy the KYC guideline issued by the RBI. Attractive features of Sukanya Samriddhi Yojana Account This scheme provides an attractive interest of 8.4%. However, the interest rate is regulated by the Ministry of Finance from time to time. In a given financial year, a minimum amount of Rs. 1,000 can be invested. The maximum amount that can be invested in a financial year is Rs. 1,50,000. In a given account opened under this scheme, deposits can be made until the girl child attains 14 years of age from the date of opening the account. The account opened under this scheme will mature once the girl child completes 21 years of age. If the marriage of the girl happens before the account matures, the account cannot be operated beyond the date of the child’s marriage. Tax exemption The investment made in the Sukanya Samriddhi Yojana account is fully exempted from Income Tax under Section 80C. the tax benefits offered by this scheme comes under the triple E regimen which means the principal amount, interest accumulated and also the outflow are all tax exempted. Once the account holder attains the age of 18, a partial amount can be withdrawn to support the girl’s higher education. Simple steps to open a Sukanya Samriddhi Yojana Account You can open a Sukanya Samriddhi Yojana account by visiting any authorized post office or the authorized branches of nationalized banks. For a general understanding, we can say all those banks that provide the facility to open public provident fund (PPF) account provide the facility to open a Sukanya Samriddhi Yojana Account also. The bank branches and post offices will provide the complete assistance to open this account. Once the account is opened, the account holder will be given a passbook.

How to open Sukanya Samriddhi Yojana account

Both the Public Provident Fund (PPF) scheme and the <keyword id="2757237" type="PERSON" weightage="20" keywordseo="Sukanya-Samriddhi-Yojana">Sukanya Samriddhi Yojana</keyword> scheme are two investment options backed by the Government of India. Hence both these plans assure safety and security of the invested amount. Also, Section 80 C of the Income Tax Act of 1961 allows tax exemptions for the contributions made on them. Here we compare between these two investment options to know how to choose between them. Nature of these schemes The main objective of the <keyword id="248266" type="PERSON" weightage="20" keywordseo="Sukanya">Sukanya</keyword> Samriddhi Yojana investment is to secure a girl child’s future. PPF can be understood as a small savings scheme that can give good returns in the long term. Eligibility to open the account The parents or the legal guardians of a girl child can open an account on her behalf until she attains 10 years of age. Only one account can be opened in the name of a given girl child under the Sukanya Samriddhi Yojana and a family can only open a maximum of two accounts if there are more than one girl child in the family. On the other hand, any Indian resident can open a PPF account. This account can also be opened on behalf of a minor. Maturity tenure The tenure of a SSY scheme is 21 years or when the girl gets married after attaining the age of 18. PPF scheme comes with a lock in period of 15 years. Minimum and maximum amount of deposit The minimum amount that can be deposited in a SSY scheme is Rs 250 and it is Rs 500 in case of PPF scheme. The maximum amount that can be deposited in both these schemes per year is Rs 1.5 lakhs. Tax benefits Section 80 C under the Income Tax Act of 1961 allows tax exemptions for an upper limit of Rs 1.5 lakhs per year invested in both these schemes. In this regard, these schemes are just similar to each other. Interest rates Both these schemes come with an interest that is compounded on an annual basis. The interest rates of both these schemes vary year on year and at present the interest rate is 7.9% for SSY and it is 8.4% for PPF. Managing the accounts An SSF account or a PPF account can be opened in a bank or post office that offer these schemes. Also, they can be transferred from a bank to post office and also vice versa. Liquidity In SSY scheme, complete withdrawals are allowed only when the girl child attains 21 years of age or when her marriage is arranged after her 18th year. Up to 50% of the amount accrued can be withdrawn for the girl’s education or marriage after the girl attains 18 years. In a PPF scheme, partial amount (50% of what has accumulated) can be withdrawn after the 6th year of opening the account. How to decide between them Sukanya Samridhi Yojana and a PPF scheme have many things in common between them. However, the choice of the right investment option will have to depend on the reasons for the investment and what you expect from the investment.

PPF Vs Sukanya Samriddhi Yojana Scheme, which is better?

Both the <keyword id="114852" type="ORGANIZATION" weightage="20" keywordseo="Public-Provident-Fund">Public Provident Fund</keyword> (<keyword id="76579" type="CITY" weightage="20" keywordseo="PPF">PPF</keyword>) scheme and the <keyword id="2757237" type="PERSON" weightage="20" keywordseo="Sukanya-Samriddhi-Yojana">Sukanya Samriddhi Yojana</keyword> scheme are two investment options backed by the Government of India. Hence both these plans assure safety and security of the invested amount. Also, Section 80 C of the Income Tax Act of 1961 allows tax exemptions for the contributions made on them. Here we compare between these two investment options to know how to choose between them. Nature of these schemes The main objective of the <keyword id="248266" type="PERSON" weightage="20" keywordseo="Sukanya">Sukanya</keyword> Samriddhi Yojana investment is to secure a girl child’s future. PPF can be understood as a small savings scheme that can give good returns in the long term. Eligibility to open the account The parents or the legal guardians of a girl child can open an account on her behalf until she attains 10 years of age. Only one account can be opened in the name of a given girl child under the Sukanya Samriddhi Yojana and a family can only open a maximum of two accounts if there are more than one girl child in the family. On the other hand, any Indian resident can open a PPF account. This account can also be opened on behalf of a minor. Maturity tenure The tenure of a SSY scheme is 21 years or when the girl gets married after attaining the age of 18. PPF scheme comes with a lock in period of 15 years. Minimum and maximum amount of deposit The minimum amount that can be deposited in a SSY scheme is Rs 250 and it is Rs 500 in case of PPF scheme. The maximum amount that can be deposited in both these schemes per year is Rs 1.5 lakhs. Tax benefits Section 80 C under the Income Tax Act of 1961 allows tax exemptions for an upper limit of Rs 1.5 lakhs per year invested in both these schemes. In this regard, these schemes are just similar to each other. Interest rates Both these schemes come with an interest that is compounded on an annual basis. The interest rates of both these schemes vary year on year and at present the interest rate is 7.9% for SSY and it is 8.4% for PPF. Managing the accounts An SSF account or a PPF account can be opened in a bank or post office that offer these schemes. Also, they can be transferred from a bank to post office and also vice versa. Liquidity In SSY scheme, complete withdrawals are allowed only when the girl child attains 21 years of age or when her marriage is arranged after her 18th year. Up to 50% of the amount accrued can be withdrawn for the girl’s education or marriage after the girl attains 18 years. In a PPF scheme, partial amount (50% of what has accumulated) can be withdrawn after the 6th year of opening the account. How to decide between them Sukanya Samridhi Yojana and a PPF scheme have many things in common between them. However, the choice of the right investment option will have to depend on the reasons for the investment and what you expect from the investment.

PPF Vs Sukanya Samriddhi Yojana Scheme which is better?

New Delhi, Apr 11 () The Finance Ministry on Saturday extended the deadline for mandatory minimum deposit in Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) for 2019-20 by three months up to June 30 in view of the lockdown due to coronavirus outbreak. "Relaxation of provisions for Account holders of PPF, Sukanya Samriddhi Account (SSA) and RDs (recurring deposits). Govt has taken the decision to safeguard interests of small savings depositors in view of the lockdown in the country due to #Covid19 Pandemic," the Finance Ministry said in a tweet. To keep these accounts active the subscribers are required to make some specified deposit in a year otherwise penalty is charged over that. Usually, subscribers make a payment towards the end of fiscal as these schemes are part of 80C of the Income Tax Act. The subscribers of PPF and SSA may now deposit their savings up to June 30, which couldn't be deposited in 2019-20 due to lockdown in the country, it said. The account holders of the specified schemes will be eligible to make a single deposit each in the account or accounts opened in his own name or in the name of minors the case may be for 2019-20 till June subject to maximum deposit ceiling of prescribed by law, an office memorandum issued by the ministry said. For this purpose, it said, the subscriber will have to give an undertaking to the account office that the maximum deposit ceiling applicable to PPF, SSA opened has not breached the deposit ceiling for 2019-20. However, it said, interest will be applicable from the actual date of deposits. It further said that the revival fee/ penalty charges are waived on the PPF, SSA/ RD accounts in which mandatory minimum deposit is not made up to March 31 subject to such deposit are made up to June 30. All those PPF subscribers, whose accounts were matured on March 31 including one year window for extension, can now be extended up to June 30, it added. Last month, the ''Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020'' extended the date for making various investment and payment for claiming deduction under Chapter-VIA-B of IT Act, which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), to June 30. DP CS MRMR

Govt eases norms for PPF and Sukanya Samriddhi account holders due to COVID-19

Coming as yet another welcome initiative from the central government in the line of social security schemes, <keyword id="2713906" type="PERSON" weightage="20" keywordseo="Sukanya-Samriddhi-Account">Sukanya Samriddhi Account</keyword> is a part of “Beti Bachao – Beti Padhao” policy of the government. Even though the government has been taking many initiatives, the sex ratio in India has become a grave concern. Coming up to remedy the situation, the main objective of the Sukanya Samriddhi Scheme is to cure the gender imbalance and provide a conducive environment for the education of girl children. What is Sukanya Samriddhi Scheme? Sukanya Samriddhi Scheme comes through a bank account opened in the name of a girl child. This is a savings scheme that can secure the future of a girl child. Benefits of Sukanya Samriddhi Account Savings account with the highest interest rate This savings account provides the highest interest rate among the various savings account options. The rate of interest of this account will be linked with the market. The government of India will declare the interest rates on the deposits in this scheme for every year. The interest will be compounded every year meaning it will be credited to the account on a yearly basis. Saves on taxes For the sake of encouraging more people to open Sukanya Samriddhi Accounts, the government has exempted the contributions to this account under the 80C section of Income Tax Act, 1961. Lock-in-period The account will mature when the girl attains 21 years of age or gets married, whichever is earlier. If marriage is arranged, the girl must have attained the age of 18. The account cannot be operated after the girl gets married. In case the family wants funds for supporting the higher education of the child, one withdrawal is permitted when the girl attains 18 years of age. Only 50% of the balance accrued can be withdrawn in case of premature withdrawal. Payments directly given to the girl child Once the account matures, the balance in the account along with the interest accrued will be paid out only to the girl child concerned (account holder). In this way, we can say that this scheme aims at making girls financially independent. Interest paid even after the maturity of the account In most financial schemes, the interest will be paid only till the deposit or investment matures. However, in case of Sukanya Samriddhi Account, the interest will continue to be paid until the account is closed finally. Flexibility The account can be opened with Rs 1,000 minimum deposit. Deposits can be made thereafter in multiples of Rs 100 subject to the maximum limit of Rs 1.5 lakhs in a given financial year. In order to keep the account live, a minimum of Rs 1,000 must be deposited in every financial year. In case of a household having two girl children, the cumulative amount deposited in two Sukanya Samriddhi Account cannot exceed 1.5 lakhs in a financial year. Once the girl attains the age of 10, she can choose to operate the account on her own. If the account is resulting in some hardships to the account holder, it can be closed. The account can be transferred to any part of the country.

This government scheme aims to right gender imbalance

When it comes to investments, you always need to do a careful planning and research before settling with an option. This is because, the decision you make can affect the several aspects of your investment like flexibility of operation, tenure and interest rate besides many others. Here we compare between the FDs offered by banks and the Post Office Savings Scheme to decide which among them is the better option for investors looking from different angles. Bank FDs and Post Office Savings Bank FDs are the conventional fixed deposit investment instruments offered by different banks. Any amount of money without any upper limit can be invested in FD for a period ranging from 12 months to 60 months. The rates of interest for FDs vary between banks and for different categories of investors like regular investors and senior citizens. Post Office Savings scheme is operated by Post Office which is also popularly called as small savings scheme. They are known to offer far better interest rates and returns than bank deposits. Here is a comparison of the different features of FD and Post Office Saving Scheme. Interest rate of Bank FD and Post Office To compare the interest rate between FD and Post Office, let us take the case of SBI for example. SBI is the largest lender in the country. While SBI offers only 5.75% interest on your investment in FDs, a five year term post office term deposit can give you 7.4%. The interest rate of PPF is 7.8%. NSC offers 7.6% interest on deposits and the interest rates for deposits in <keyword id="248266" type="PERSON" weightage="20" keywordseo="Sukanya">Sukanya</keyword> Samriddhi and KVP are 8.1 percent and 7.3 percent respectively. Tax efficiency When compared to the banks FDs, some schemes offered by the post office are seen to be more tax efficient. For instance, what is earned from PPF is completely tax exempted. On the other hand, all that is earned from FD is taxable. Under Section 80C, it is possible to get tax savings for bank FDs. Some select post office savings schemes like PPF, National Savings Certificate, and Sukanya Samriddhi can give the investors similar tax benefits. Since post office savings schemes combine in them a higher interest rate as well as some attractive tax benefits, they weigh more than the bank FDs. Advantages for senior citizens in FD and Post Office Majority of the bank deposits do not give any encouraging benefits to senior citizens. Whereas, the Senior Citizens Saving Scheme offers 8.3% per annum. The senior citizens looking for monthly income will find the monthly income scheme much better at Post Offices s it would offer an interest rate of 7.3% per annum. The monthly interest rates on the bank deposits are considerably lower and hence are not that beneficial when compared with the post office savings schemes. Service quality in Bank FD and Post Office In this one aspect, the banks significantly outweigh the post offices. When it comes to customer service, banks work with the latest and advanced technology today. The experience at the post office can be time consuming and tedious involving a lot of paper work. However, considering the significant gains that you have while investing in the post office savings schemes, you can overlook this aspect and settle with these better investment instruments to gain more from your hard earned money.

Bank FD Vs Post Office Saving Scheme : Which Is Better

<keyword id="6380711" type="UNKNOWN" weightage="20" keywordseo="post-office">Post Office</keyword> in India provides a host of savings schemes to the citizens and most of them assure a risk-free high returns on the investments. The reliability and operational convenience of the different post office savings schemes have made a lot of Indians turn towards these investment instruments as highly sought after options. Offered through 1.54 lakh post offices located across the country, some of the major benefits of these schemes include attractive tax benefits, reliability, security and high interest rates. Here is a list of some post office savings schemes and their unique advantages over other investment options. Some popular post office savings schemes <ul><li>Post Office Savings Account</li><li>Post Office Recurring Deposit Account (RD)</li><li>Post Office Time Deposit Account (TD)</li><li>Post Office Monthly Income Scheme Account (MIS)</li><li>Senior Citizen Savings Scheme (SCSS)</li><li>Public Provident Fund Account (PPF)</li><li>National Savings Certificates (NSC)</li><li>Kisan Vikas Patra (KVP)</li><li>Sukanya Samriddhi Accounts (SSA)</li></ul>Unique advantages of post office savings schemes Ease of operation The various post office savings schemes are very easy to operate. They are highly suitable both for rural as well as urban investors. The ease of accessing them and operating them make them attractive options for people from all walks of life. Simplicity and government support All the post office savings schemes are simple in their nature without any need for cumbersome documentation. Since these are backed by the government, there are much safer than the other kinds of investment instruments. Long term investment options Some post office savings schemes like PPF (Public Provident Fund) are long term oriented. They are also forward looking to meet the retirement needs of the investors. Hence such schemes give room for pension and retirement planning. Tax exemption The majority of the post office savings schemes carry tax deductions under Section 80C for the amount deposited in them. The interest earned from savings schemes like PPF, <keyword id="2713906" type="PERSON" weightage="20" keywordseo="Sukanya-Samriddhi-Account">Sukanya Samriddhi Account</keyword> and SCSS enable for claiming tax exemption for the amount earned as interest through these investments. High interest rates and risk-free nature The interest rates in the various post office savings schemes range from 4% to 9% which is very attractive in many cases when compared to the interest rates offered by the different kinds of bank deposits. Since post office is an undertaking by the Government of India, the investments in them are safer as against investing in the private sector and even in some other kinds of banks. Wide range of investment choices Post offices offer a wide portfolio of investment options for different categories of investors and across different purposes of investments. Hence depending on their situation and need, the investors can choose the instrument that meets their needs and expectations. Take away The ultimate objective behind the various savings schemes operated by the government through post offices is to provide the citizens with safer and easier investment avenues. All these schemes are very easy to manage and the money invested in them is safe without being subjected to any kinds of risks whatsoever while letting the people achieve their financial goals in a much better way.

Post Office Saving Schemes: which are best?

The Indian government has reduced the interest rate on <keyword id="807514" type="UNKNOWN" weightage="20" keywordseo="small-saving-schemes">small saving schemes</keyword> such as <keyword id="76579" type="CITY" weightage="20" keywordseo="PPF">PPF</keyword>, Kisan Vikas Patra and Sukanya Samriddhi scheme. 
 
In a bid to make banks cut their deposit rates, the government has lowered the interest rate by 0.1% for the April-June quarter. 
 
Meanwhile, interest rate on savings deposits has been retained at 4% annually. 
 
A finance ministry notification said investments in the public provident fund (PPF) scheme will fetch lower annual rate of 7.9 per cent, the same as 5-year National Savings Certificate. The existing rate for these two schemes is 8 per cent. 
 
Kisan Vikas Patra (KVP) investments will yield 7.6 per cent and mature in 112 months. 
 The one for girl child savings, <keyword id="3035572" type="UNKNOWN" weightage="20" keywordseo="Sukanya-Samriddhi-Account-scheme">Sukanya Samriddhi Account Scheme</keyword>, will offer 8.4 per cent annually, from 8.5 per cent at present, while it will be the same at 8.4 per cent for the 5-year Senior Citizens Savings Scheme. The interest rate on the senior citizens scheme is paid quarterly. 
 
Term deposits of 1-5 years will fetch a lower 6.9-7.7 per cent that will be paid quarterly while the 5-year recurring deposit has been pegged lower at 7.2 per cent. 
 
"On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis," the ministry said while notifying the rates for the fourth quarter of 2016-17 starting from April 1, 2017. 
 
While announcing the quarterly setting of interest rates, the ministry had said the rates of small saving schemes would be linked to government bond yields. 
 
The move is expected to prompt banks to lower the deposit rate in line with the small savings rate as offered by the government.

Interest rates on small saving schemes like PPF lowered

<ul><li>Two big financial goals – medical necessities and retirement pension – are taken care of to a large extent. </li><li>Systematic <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> plans (SIPs) are an ideal investment option due to regular monthly income. </li><li>Buying property can be a good long-term investment, especially given the housing benefits and loans available to <keyword id="462296" type="General" weightage="20" keywordseo="defence-personnel" source="Orion">defence personnel</keyword>. </li></ul>All of us go to bed at night knowing that the men at our borders are there to protect us. But the lives of defence personnel are different, not only when it comes to their jobs, but also to their finances. First, they might be posted at extremely remote locations where it is very difficult to get financial advice or access to banking and investment products. Also, the demands of their career are such that it relegates financial planning low down in their to-do list. “Being a government servant, two big financial goals of medical necessities and retirement pension are taken care of to a large extent. But then there are many more requirements of life which need careful planning,” says Col. Sanjeev Govila (Retd), a SEBI Registered Investment Advisor (RIA), and CEO, Hum Fauji Initiatives, a financial planning firm. Children’s graduation and post-graduation, their marriages, purchase of a house when they’re close to retirement, good vacations post-retirement, change of car, charity, indulging in passions which may need money, etc are likely financial goals which need to be carefully planned for. We take a look at five investment options defence personnel may consider. <cmsannotation type="cmsannotation" annotationid="Fixed deposits" comment="Subhead" text="Fixed deposits"><keyword id="6377620" type="General" weightage="20" keywordseo="fixed-deposits" source="Orion">Fixed deposits</keyword></cmsannotation>: Fixed deposits are a good investment choice for defence personnel due to their safety and simplicity. They offer guaranteed returns, minimising risks associated with market fluctuations. For military personnel with unpredictable schedules, FDs provide flexibility in terms of tenures and can be easily managed from anywhere. Moreover, the guaranteed interest earnings add to financial stability, making it a good choice for long-term planning and security, which matches the disciplined and secure aspects of military life. <cmsannotation type="cmsannotation" annotationid="Equity investments" comment="Subhead" text="Equity investments">Equity investments</cmsannotation>: Defence personnel, like any other citizen, are allowed to invest in stocks / <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> or any other investment products. “However, they might have certain restrictions, especially officers holding sensitive positions. Such individuals might need to inform their respective cadres about their investments to avoid conflicts of interest,” says Bhuvanaa Shreeram, co-founder and head of financial planning, House of Alpha, a financial planning firm. When it comes to equity, the best suited investment option is mutual funds. “Systematic investment plans (SIPs) are ideally suited due to regular monthly income. However, thorough research, long-term outlook and regular monitoring is important,” says Govila. <cmsannotation type="cmsannotation" annotationid="Sukanya Samriddhi Yojana (SSY)" comment="Subhead" text="Sukanya Samriddhi Yojana (SSY)">Sukanya Samriddhi Yojana (SSY)</cmsannotation>: Sukanya Samriddhi Yojana is another investment option military personnel can consider if they have a girl child. It provides a secure and tax-saving avenue for their daughters' future. SSY offers an attractive interest rate, along with tax deductions under Section 80C of the Income Tax Act. For defence personnel frequently posted to remote areas, SSY can be conveniently managed online, ensuring consistent savings for their daughters' education and marriage. Its assured returns, safety, and tax benefits make it an appealing option, aligning with their commitment to secure their family's financial well-being. <cmsannotation type="cmsannotation" annotationid="Real Estate" comment="Subhead" text="Real Estate">Real Estate</cmsannotation>: “Buying property can be a good long-term investment, especially given the housing benefits and loans available to defence personnel. Although while in service they will be provided a place to stay, once they retire they will need a comfortable house to live in,” says Shreeram. “Start saving for a house early through SIPs in mutual funds and buy a house around 50 years of age when plans to finally settle down are concrete. No need for a second house,” says Govila. <cmsannotation type="cmsannotation" annotationid="Gold" comment="Subhead" text="Gold">Gold</cmsannotation>: Gold is a good investment choice for defence personnel due to its stability, liquidity, and security. It acts as a hedge against economic uncertainties, offering protection against inflation and currency fluctuations. Gold investments, such as Sovereign Gold Bonds (SGBs) and Gold Exchange-Traded Funds (ETFs), provide the convenience of electronic holdings and easy liquidity, aligning with the mobile lifestyle of military personnel. <keyword id="3790" type="General" weightage="20" keywordseo="armed-forces" source="Orion">Armed forces</keyword> personnel experience unique service conditions, and their financial situations can vary significantly. Nevertheless, the fundamental principles of financial planning and investment are applicable to them. With careful planning and disciplined execution, there's no reason they cannot achieve a financially secure and dignified life.

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Best post office schemes that offer over 7% interest

Ira Alok Puranik

India's fiscal deficit for FY23 estimated at ₹17.5 L crore, FY24 ₹17.95 L crore: SBI

IANS

How to open Sukanya Samriddhi Yojana account

BI India Bureau

PPF Vs Sukanya Samriddhi Yojana Scheme, which is better?

BI India Bureau

PPF Vs Sukanya Samriddhi Yojana Scheme which is better?

BI India Bureau

Govt eases norms for PPF and Sukanya Samriddhi account holders due to COVID-19

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