India has various national saving schemes designed for different types of investors, which offer a range of investment options with returns and tax benefits. Usually, national schemes are available to only Indian citizens residing in the country. Hence, Non Resident Indians (NRIs) have limitations in availing these schemes.
These national saving schemes in India offer a wide range of options for investors, each with its unique features and benefits. Investors should choose the scheme that best fits their investment needs and financial goals.
As per the information available on the official website of National Savings Institute, the investment in national savings schemes, which are the products of the government, has a sovereign guarantee and therefore these products are secured and safe.
The rate of interest offered on these products are attractive as compared to other schemes in the financial market.
Also Read: How Can NRIs Open NPS Account? Check Eligibility And Other Details
National Savings Institute works under the Department of Economic Affairs, Ministry of Finance, Government of India. The Institute is entrusted with the task of mobilisation of savings in National Savings Schemes of government, operated through post offices and designated Banks throughout the country.
What products are under the fold of NSI?
The government has structured eight products to cater the needs of different segments of the investors as given below.
1) Senior Citizens’ Savings Scheme
2) Post Office Monthly Income Account
3) 15 Year Public Provident Fund Account
4) National Savings Certificate (VIII Issue)
5) 5-year Post Office Recurring Deposit Account
6) Post Office Time Deposit Account
7) Post Office Savings Account
8) Kisan Vikas Patra
Who formulates and introduces the schemes of National Savings?
The Ministry of Finance designs the product in consultation with experts committees and National Savings Institute.
From where the investor can buy the National Savings products?
All products are available at Post offices. Schemes like PPF and Senior Citizen Savings Scheme etc. are also available with designated Bank’s branches.
Is nomination facility available in National Savings Products?
Yes. The depositor can nominate one or more persons as the nominee and also mention the share of the nominee in case of more than one nominee.
Whether NRI(s) can invest in the National Savings Products?
NRI(s) are not authorised to make investment in National Savings Products.
It should be noted that there are many other options where NRIs can invest in India and clear guidelines are available with each product available in the financial market.
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