Winning Bizness Desk

Mumbai. It is also very important to invest your savings in some place that gives excellent returns. Your money should be invested in a scheme which is giving higher returns than the rate of inflation. Retail inflation jumped to 7.43 percent in July 2023. This rate is higher than the returns from PPF and bank FD. To beat inflation, now investors will have to look at other investment options as well. Because, the amount of money you buy today, you will have to spend more money to buy the same thing in future. That's why we should invest our money in such a place, where it will grow more than the rate of inflation over time.

'Winning Bizness' giving you a guide where you can park your money to beat the inflation. SBI and ICICI Bank are giving interest ranging from 3% to 7.1% to general customers on FDs between 7 days and 10 years. Axis Bank is giving interest ranging from 3.5 per cent to 7.3 per cent on FDs maturing in seven days to ten years to the general customer. HDFC Bank is also giving a maximum of 7.25 percent interest to the general customer. The money invested in Public Provident Fund (PPF) is also getting 7.1 percent return. In this way they fail to beat inflation. Today we are telling you about such small savings schemes, which are still giving inflation-beating returns to investors.

• Sukanya Samriddhi Yojana: Currently, investors are getting 8 percent interest, which is higher than the retail inflation rate in July. In this SSY scheme, you can open an account in the name of your daughter. In this scheme, Rs 250 to Rs 1.50 lakh can be deposited annually.
• National Savings Certificate: NSC is the second such small savings scheme, in which returns are currently higher than the inflation rate. 7.7 percent return is being given on the money deposited in NSE account. The lock-in period of this scheme is five years.
• Post Office Monthly Income Scheme: This scheme is also currently giving inflation beating returns. Investors are getting 7.4 percent return on the money invested in this scheme. The maturity period of this scheme is five years. You can invest a maximum of nine lakh rupees in this.
• Kisan Vikas Patra: KVP is a lump sum deposit scheme. At present, 7.5 percent interest is being given on this scheme which is higher than the current inflation rate. In Kisan Vikas Patra Scheme, you can invest a minimum of Rs 1000 and in multiples of Rs 100. There is no limit on maximum investment. The good thing is that any number of accounts can be opened under this scheme.
• Senior Citizen Saving Scheme: If you want to invest your retirement fund somewhere where you get huge interest, then there is nothing better than Senior Citizen Saving Scheme (SCSS) for you. Only people above 60 years of age can invest in this scheme and currently 8.2 percent interest is being given in it. Up to Rs 30 lakh can be invested in the Senior Citizen Saving Scheme.