NEW DELHI: As an additional incentive to invest in government small savings schemes like Public Provident Fund (PPF), NSC, Post Office deposits, etc the Odisha government has announced a new scheme to reward all such savings in government instruments.
Under the Odisha Small Savings Incentive Scheme, the Odisha government will conduct a lucky draw of all such investors of small savings schemes and give winners a cash award as an incentive for their habit of thrift.
In a release, the government has announced that the Odisha Small Savings Incentive Scheme “AQ" series has been launched for the calendar year 2019.
To participate in the scheme, you need to deposit at least ₹2,000 in any government small savings scheme like Kisan Vikas Patra, National Savings Certificate, Post Office (Monthly Income) Account, PPF, etc during the calendar year 2019 in any post office or bank situated within Odisha.
After making the deposit, you need to get a free web-based coupon from the office of the collectors, sub-collectors and block development officers. This is like a lucky draw ticket.
The Odisha government will conduct a state-level lucky draw on April 26, 2020 at Bhubaneswar where winners will be given out cash awards worth totalling ₹74 lakh.
Altogether, there more than 2,400 prizes in seven categories under the scheme. The first prize is that of ₹5 lakh.
Currently, Public Provident Fund (PPF) scheme offers an annual interest of 7.9%, Kisan Vikas Patra 7.6% while Sukanya Samridhi Account Scheme fetches a return of 7.4%.
"It is expected that the people will not run after the suspicious non-banking private financial institutions, in the greed of high returns, rather they will show their faith in the Small Savings Schemes which is proven to be safe and secured," said a government press release.