Govardhan Puja 2026: 5 Government Savings Schemes Every Indian Family Should Know

As families celebrate Govardhan Puja, the festival also offers an opportunity to look at financial security and the government-backed schemes available to meet different household needs. There are many schemes backed by the government that offer various possibilities of savings and health care coverage.

Here are five government-backed schemes:

Public Provident Fund (PPF)

The Public Provident Fund (PPF) offers a government-backed option for families looking to build long-term savings. An individual can open an account for themselves or on behalf of a minor child.

The minimum annual deposit is Rs 500, and the maximum is Rs 1.5 lakh. The scheme currently offers 7.1 per cent annual interest and has a maturity period of 15 years. Deposits are eligible for tax deduction under Section 80C, subject to applicable rules.

Sukanya Samriddhi Yojana (SSY)

For families saving for a girl child’s future, the Sukanya Samriddhi Yojana (SSY) allows a parent or guardian to open an account in her name before she turns 10. The minimum annual deposit is Rs 250, and the maximum is Rs 1.5 lakh.

The scheme offers 8.2 per cent annual interest for the October-December 2026 quarter and matures after 21 years. Up to 50 per cent of the balance can be withdrawn for education after the girl turns 18 or passes Class 10, subject to scheme conditions.

Atal Pension Yojana (APY)

The Atal Pension Yojana (APY) is meant for people who want a regular pension after retirement. Indian citizens aged 18 to 40 years with a savings bank or post office account can join the scheme, provided they are not income-tax payers.

It depends on their age when they join and the pension option they choose; they can receive a monthly pension of Rs 1,000 to Rs 5,000 after turning 60. The contribution is automatically deducted from their bank account.

Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY)

For families that need support with hospital expenses, the Ayushman Bharat PM-JAY scheme can provide health cover of up to Rs 5 lakh per family every year for secondary and tertiary care hospitalisation. The eligible beneficiaries can receive cashless treatment at empanelled public and private hospitals across India. The scheme also covers all senior citizens aged 70 years and above, irrespective of their income.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

For families looking for life insurance cover, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers Rs 2 lakh in case of the subscriber’s death due to any cause. People aged 18 to 50 years with a bank or post office account can enrol in the scheme. It has an annual premium of Rs 436, which is automatically deducted from the linked account. The cover is renewable every year.