Bank of Baroda is Backed by our Government!
Don't Just Save, Invest too!
Government Deposit Schemes
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E-Kisan Vikas Patra Scheme, 2014
Kisan Vikas Patra is a small savings instrument that will facilitate people to invest in a long term savings plan.
- Low-risk and also guarantees assured returns.
- Rate of Interest: 7.2%
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Floating Rate Savings Bonds
The government has announced the launch of Floating Rate Savings Bonds, 2020 (Taxable). 93 authorized branches of Bank of Baroda have subscription of this scheme.
- No maximum limit for investment in the bonds.
- The interest rate of the bond, would be reset half yearly at 7.35 percent.
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Gold Monetization Scheme
Gold is mobilized from households and institutions of the country to facilitate its use for productive purposes, and in the long run, to reduce country’s reliance on the import of gold.
- 102 Bank of Baroda branches are authorized to accept gold deposit.
- Rate of interest depends on type of deposit.
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Senior Citizen Savings Scheme
The SCSS account is a robust and safe account designed especially for seniors to earn long term savings in their old age.
- Retired individuals above the age of 60 to 55 or retired personnel of 50 years in defence services.
- Depositors are allowed to open multiple account under this scheme with combined maximum limit of Rs. 15 lakhs in all accounts.
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Sovereign Gold Bonds
A sovereign gold bond is a government security that is denominated in gold grams. Investors invest in these bonds when the scheme opens and it is redeemed on maturity.
- It is a substitute for physical gold.
- Interest of 2.5% paid half yearly for tenure of 8 years.
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What is Government deposit scheme?
Government deposit schemes are a collection of savings instruments managed by the central government with the goal of encouraging citizens to save on a regular basis. They are launched with the intention of improving people's livelihoods and providing security for a better life. Each scheme is designed to benefit the individual in specific areas of their life. Some schemes provide financial security, while others focus on socioeconomic measures.
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Which government scheme has highest interest rate?
The highest interest rate in government investment scheme is at present i.e., in Q3
Sukanya Samridhi Yojana (SSY) - ROI 7.6%
Senior Citizen Savings Scheme (SCSS) - 7.6% -
Which is the best deposit scheme?
Because most government savings schemes are launched by the government, the risks of investing in them are very low. Contributions to savings schemes are safe and secure, in addition to providing good returns. The government sets the interest rates on savings schemes, which change every three months to a year. So, depending on the need and return as per customer demand, all schemes are good.
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Why is it important to invest in government deposit schemes?
It is critical to invest in government deposit schemes for a steady income and a tax break.
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How do I invest in government deposit schemes?
Investing in government deposit schemes is possible through branches, digital platforms and bank websites.
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Which government deposit scheme gives highest return?
SSY (Sukanya Samridhi Yojana - ROI 7.6%) & SCSS -7.6% gives highest return.
