7 Best Free Saving Schemes by the Government of India in 2024

India, being the most populous country, is also called a developing country. With a huge population, the Union Government led by Shri Narendra Modi emphasizes “Sabka Sath, Sabka Vikas.” Keeping this aim in mind, the Union Government comes up with many free saving schemes from time to time.

These schemes focus on providing benefits to every Indian citizen. Multiple such schemes not only improve the livelihood but also help in providing security and a better life. It’s crucial to know these schemes benefit people at different stages of their lives. Some schemes provide financial security while some enhance socio-economic status. 

Numerous such schemes are currently open through which rural people, low-income families, urban poor, weaker sections of society, and economically backward sections get direct benefits.

Seven Free Saving Schemes by the Government of India:

1. Atal Pension Yojana

The Atal Pension Yojana is a popular scheme launched in the 2015-16 Union Budget. Former Finance Minister Shri Arun Jaitley was the one who launched this scheme. The purpose of this scheme is to provide pensions to the workers of the unorganized sector. This includes the maids, gardeners, delivery boys, etc. 

Eligibility Criteria:

• The age should remain between 18 and 40 years. 
• You should possess a savings account in any nationalized bank.
• You must not be included in any statutory social security scheme. 
• The scheme needs the contribution of a minimum of 20 years. 

Benefits:

• You’ll get a fixed pension ranging from Rs.1000 to Rs. 5000. This will also depend on your contribution.
• You can enjoy the Atal Pension after attaining the age of 60 years. 
• Employees of private companies who don’t get any pension can also avail of this pension benefit.

Official Website : https://www.npscra.nsdl.co.in/

2. Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PM-JAY)

The Pradhan Mantri Jan Arogya Yojana or the Ayushman Bharat Scheme is launched under the pre-existing National Health Protection Scheme. The launch date of this scheme is 23 September 2018. This scheme aims to provide financial assistance for primary, secondary, and tertiary healthcare services. 

Eligibility Criteria:

• The major eligibility factor remains the identification of families by the Socio-Economic Caste Census (SECC) as per defined criteria.
• There are no restrictions or limitations for family size, gender, or age. 

Benefits:

• The scheme acts as health insurance for a maximum of 5 lakhs in a particular year. 
• The secondary and tertiary care hospitalization remains free when you have the Ayushman Card.
• You can enjoy cashless and paperless services and treatment right away. 

Official Website : https://nha.gov.in

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3. Pradhan Mantri Matritva Vandana Yojana (PMMVY)

The Ministry of Women and Child Development operates the Pradhan Mantri Matritva Vandana Yojana. This scheme has its implementation date in 2017. The main objective of the scheme is to provide direct financial assistance to first-time pregnant and lactating women. This scheme provides monetary help as compensation for their wage loss during pregnancy, childbirth, and childcare.  

Eligibility Criteria:

• If you’re a pregnant woman above the age of 19 years, you can easily apply for this scheme. 
• This scheme is mainly beneficial for the first live birth.
• If you’re employed in any government office or public undertaking, you can’t apply for Matritva Vandana Yojana. 

Benefits:

• A cash incentive of ₹5,000 is provided in three installments.
• The first installment of ₹1,000 is given to the woman on early registration of her pregnancy.
• The second installment of ₹2,000 is directly transferred to the bank accounts on receiving at least one antenatal check-up after six months of pregnancy.
• The third installment of ₹2,000 will be given on the child birth registration and completion of the first immunization cycle.

4. Pradhan Mantri Awas Yojana (PMAY)

This Pradhan Mantri Awas Scheme was started as a social welfare program in the year 2015. In the initial period, the scheme aimed to construct 20 million houses by the 31st of March 2022. However, now the scheme has been extended till 2027 and the Union Government aims to provide pucca houses to urban poor, lower-income groups, and rural area people. 

Eligibility Criteria:

• Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) families.
• The beneficiary family should not own a pucca house in their name in any part of India.
• The family must only include a husband, wife, and unmarried children.

Benefits:

• Interest subsidy on home loans under the Credit Linked Subsidy Scheme (CLSS).
• Subsidy of up to 6.5% on home loan interest for EWS and LIG.
• Financial assistance for the construction, purchase, or renovation of homes.
• Slum rehabilitation through in-situ redevelopment.

Official Website : https://pmaymis.gov.in/

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5. Pradhan Mantri Mudra Yojana (PMMY)

The Pradhan Mantri Mudra Yojana, launched by Shri Narendra Modi on the 8th of April 2015, aims to provide financial assistance and support to small and micro enterprises (SMEs). Through the financial assistance provided, the government aimed to generate employment and boost economic growth. 

Eligibility Criteria:

• Non-corporate, non-farm small/micro enterprises are the priority for providing the required financial assistance. 
• Individuals, proprietorships, partnership firms, and small enterprises can apply for PM Mudra Yojana. 

Benefits:

• Loans up to ₹10 lakhs under three categories—Shishu (up to ₹50,000), Kishor (₹50,001 to ₹5 lakhs), and Tarun (₹5 lakhs to ₹10 lakhs).
• No collateral is required.
• Low interest rates, and flexible repayment terms.

Official Website : https://www.mudra.org.in/

6. Pradhan Mantri Jan Dhan Yojana (PMJDY)

The Pradhan Mantri Jan Dhan Yojana is a nationwide scheme launched in August 2014. The main motive for launching this scheme was to help people open zero-balanced bank accounts in any bank branch or Business Correspondent (Bank Mitra) outlet. People can also get the benefit of the services like credit, banking, pension, and insurance. This scheme is successfully running even in the present year as well. 

Eligibility Criteria:

• This scheme is open to all Indian citizens.
• Individuals with no bank account can open a zero-balance savings account under this scheme without paying anything.

Benefits:

• Opening of zero-balance savings accounts.
• Issuance of a RuPay debit card.
• Overdraft facility up to ₹10,000 after six months of satisfactory account operation.
• Accidental insurance cover of ₹2 lakh for RuPay cardholders.
• Life insurance cover of ₹30,000 for eligible beneficiaries.

Official Website : https://pmjdy.gov.in/

7. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

This is one of the three major social security schemes announced in the Union Budget of 2015-16. Through this scheme, individuals get accidental security coverage. This also includes insurance coverage for accidental death and disability. This insurance coverage can also be renewed every year. 

Eligibility Criteria:

• To be eligible for this scheme, your age should range between 18 to 70 years.
• You should have an active savings bank account in any bank. 

Benefits:

• Accidental death and disability cover of ₹2 lakh for a premium of ₹12 per annum.
• You can get partial disability cover of ₹1 lakh.
• Coverage for accidental death and full or partial disability due to accidents.

Conclusion 

These are some of the most popular schemes only. Apart from this, the Union Government runs many other free saving schemes to benefit the socially and economically backward classes of India. It’ll be worthwhile to say that every area and sector has some scheme which benefits the people financially.

These schemes also play a pivotal role in the Indian economy. The sole thing required is awareness among the people regarding these schemes and their successful implementation.