Inflation of Rs 1 lakh crore in small savings schemes

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Mumbai, Ta. Thursday, November 19, 2020

The current financial year has seen a huge inflow of money into various small savings schemes in the country. This money has been diverted to small savings schemes as Corona has reduced people's unnecessary expenses. In the April-September period of the current financial year, Indians have invested about Rs 1 trillion in small savings schemes, which is 3 per cent more than the same period last year.

Small savings schemes include National Savings Certificates, Kisan Vikas Patra, Sukanya Samrudhi Yojana, Post Office Deposits etc.

The public provident fund also received Rs 30,000 crore in the April-September period, which is 3 per cent higher than the five-year average. In the first quarter of the current financial year, the country's economic growth rate has slowed to 9 per cent and is projected to remain at 10 per cent for the full year.

Generally, small savings schemes are designed with the salaried and the peasantry in mind, but in the current scenario, the country's affluent class is also investing in the schemes, government sources said.

Savings plans are fairly safe in such times compared to other asset classes. Investors are also choosing to invest their savings in safe havens due to the recent deteriorating state of banks in India.

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