Odisha Government offers Cash rewards on Small Savings Scheme

August 17, 2019 Finance Talk Valli Sarvani No comments

Odisha government offers cash rewards small savings scheme to encourage saving among the citizens. There are many small savings schemes of the government like Public Provident Fund, National Savings Certificate, Post Office fixed deposits etc.

In order to encourage a habit of thrift in people, the Odisha government announced cash incentives.

The government revised the existing scheme to offer additional benefits. Under the new scheme, the Odisha government would conduct a lucky draw for investors of small saving schemes to be awarded cash rewards.

The Automation of Small Savings Scheme department of the Odisha government issued a notification on this saying that Odisha government’s Small Savings Incentive Scheme AQ series has been launched for the year 2019.

The scheme would be open until 31 December 2019.

The investors need to invest at least ₹2,000 to participate in the scheme. One free incentive coupon would be issued on the deposit of every ₹2,000.

All the deposits should be made either in the bank or in the post office situated only in Odisha.

Small saving schemes including NSC-VIII issue, KVP, SSA, PPF, SCSS P.O.M.I.S/N.S.M.I.A, P.O.R.D/N.S.R.D.A and 5yr P.O.T.D or 5yr N.S.T.D.A. would be eligible for the cash rewards.

The deposits made in the Senior Citizen Savings Scheme (SCSS) should be in a bank under the Government of India Small Savings Scheme.

The last day for issuance of the coupons is 29 February 2020.

A lucky draw would be held on 26 April 2020 at Bhubaneswar.

There are seven categories under which 2,428 prizes would be awarded amounting to ₹74 lakhs.

The first prize is ₹5 lakh and the second prize is ₹3 lakh. Two third prizes are awarded for ₹1 lakh each. Four fourth prizes worth ₹50,000 each, 20 fifth prizes of ₹10,000 each, 400 sixth prizes and 2,000 seventh prizes would also be awarded.

Image Credit: Image by Indrakaul from Pixabay (Free for commercial use)