In recent years, Indian government for the welfare of poor people has launched various low cost schemes (i.e. requiring minimum investment or small amount of money).
Here is the list of schemes for poor people in India:
Sukanya Samriddi Yojana (SSY): Considered to be the most preferred deposit scheme, it was launched in January 2015. Meant only for the welfare of the girl child, investor needs to deposit sum greater than Rs. 500 every year for the tenure of 14 years. Once the girl child reaches the age of 18 years, 50% money can be withdrawn which can be used for the marriage or education. It is a 100% secured investment scheme and returns are fully exempt from section 80C of Indian income tax act. After the girl child reaches 21 years of age, she has complete right to withdraw money in addition to the return. Although this scheme is not specifically for poor since anyone can open account for the girl child.
Check out a table showing return after investing Rs. 30, 000 in samriddhi yojana.
Pradhan Mantri Jan Dhan Yojana (PMJDY): The objective of this scheme launched in January 2015 is to provide atleast one bank account in every household in India especially poor people. It is a zero balance account. Such was the response to PMJDY that it got entered into Guinness World Record for opening 11.5 crore bank accounts in just 5 months of launch. As on October 2017, 30.17 crore bank accounts have been opened with a total deposit of 66742.47 crore.
Pradhan Mantri Suraksha Bima Yojana: This is the world’s cheapest personal accident insurance scheme with an annual premium of Rs. 12 only. The product covers insured person for accidental death and disability at a lowest premium of Rs. 12. In case of any unfortunate event leading to accidental death and permanent total disability, insured person will get Rs. 2, 00,000 cover. And in case of permanent partial disability, insured will get Rs. 1, 00,000 cover.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Another cheapest life insurance in India (in fact in the whole world), PMJJBY requires insured person to pay annual premium of just Rs. 330 and a coverage of Rs. 2 lakhs. And claim amount is paid only to the nominee.
Pradhan Mantri MUDRA Yojana: The objective of Micro Units Development & Refinance Agency Limited (MUDRA) bank loan is to provide low interest loan to enterprises who are currently not in the ambit of financial system and are not able to grow due to lack of financing. Minimum loan offered is Rs. 50, 000 and maximum loan offered under MUDRA scheme is Rs. 10 lakh.
Atal Pension Yojana (APY): This social security scheme’s objective is to provide pension to workers from unorganised sector during their retirement. The pension amount ranges from Rs. 1000 – Rs. 5000. Individuals need to contribute money when they are working and depending on the amount contributed and tenure, pension amount will be defined.
Pradhan Mantri Awas Yojana (PMAY): With an objective of providing a house to economically weaker section and lower income group, PMAY was launched. The target set by the government is 5 crore affordable homes to these people by the year 2022. Interested individuals who want to buy home under the scheme will be provided financial support, interest subsidy and direct subsidy.
Pradhan Mantri Jan Aushadhi Yojana (PMJAY): The objective of the scheme is to provide drugs and medicines at low cost through Jan Aushadhi stores. Government would also be providing financial assistance of Rs. 2, 50,000 for opening the store. However these stores can be opened only by private hospitals, NGOs, and other social groups.
There are many other schemes launched by Indian government but the above listed ones have generated great interest.