Kerala Lottery From Bhagyathara To Samrudhi: Top Bumper Saving Schemes To Multiply Rs 1 Crore Prize Money

There are seven most popular lotteries that are legally offered by Kerala government. These are Sthree Sakthi, Dhanalekshmi, Samrudhi, Suvarna Keralam, Bhagyathara, Karunya Plus, and Karunya. These lotteries are part of the government's welfare scheme, and they offer Rs 1 crore as first prize money. Although lottery wins are subject to taxes, there is still a huge lumpsum amount that you take home. It is always wise to use your winning amount wisely. In current times, there is a pool of investment options that safeguard your wealth, increase it, and offer tax benefits.

What To Do With Lottery Money?

According to Bajaj Finserv's blog, investing a portion of the prize in stocks, mutual funds, or fixed deposits can help grow wealth over time. Diversifying investments reduces risks and provides financial security.

Here are some of the top tax-saving investment schemes that could help in growing your prize money and also offer attractive tax benefits.

1. Fixed Deposits (FDs)

FDs do not need any introduction. These are traditional fixed schemes offered by banks since decades now. What makes FD attractive is that they offer guaranteed returns, are risk-free and backed by banks. There is a tax benefit of Rs 1.5 lakh under section 80C available on FDs. However, FD interest rates are linked with RBI's repo rate.

So if repo rate is revised downward, majority of banks would likely trim their FD rates. But if policy repo rate is hiked, the same change will be seen in FDs. So before investing, track the economy, inflation rate and compare best FD rates of various banks.

2. Public Provident Fund (PPF):

PPFs are part of government's small saving schemes. However, PPF offers competitive 7.1% rate as of now. The maximum amount in PPF can go up to Rs 1.5 lakh. Notably, deposits in PPF account is eligible for section 80C benefit. Also, interest earned in this account are tax free under section 10 of IT Act.

3. ULIPs:

Unit Linked Insurance Plan or ULIPs, is a unique investment plan offering best of two worlds, life coverage and market-linked gains. This means a portion of ULIPs is a insurance coverage, where you pay premium and the other portion is invested in market-related instruments like equities, debt, or a mix of both.

5. National Pension Scheme (NPS):

NPS is market-linked and is available for all central, state and private sector employees. Apart from boosting retirement savings, NPS also offers huge tax benefits.

As per NSDL, any individual who is Subscriber of NPS can claim tax benefit under Sec 80 CCD (1) within the overall ceiling of Rs. 1.5 lac under Sec 80 CCE. An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs. 1.5 lakh available under section 80C of Income Tax Act. 1961.

6. National Savings Certificate (NSC):

NSC is yet another secured scheme offered by India Post, offering at least 7.7% rate of return per annum. Investment can begin with as low as Rs 1,000. There is lock-in period of 5 years under the scheme. Under the old regime, tax benefit of Rs 1.5 lakh can be claimed by NSC investors under section 80C.

7. Senior Citizens' Saving Scheme:

SCSS is meant for the elderly, offering retirement benefits. Senior citizens above the age group of 60 years can choose the SCSS scheme with a minimum investment of Rs 1,000 to Rs 15 lakh. The scheme is backed by the government and offers guaranteed returns of 8.2%.

The scheme is eligible for section 80C benefit as well. The risk is low in this scheme, and has overall maturity period of 5 years which can be later extended for another 3 years after maturity.

Kerala Lottery: List of Daily Lotteries

- Sunday Samrudhi Lottery Results
- Monday Bhagyathara Lottery Results
- Tuesday Sthree Sakthi Lottery Results
- Wednesday Dhanalekshmi Lottery Results
- Thursday Karunya Plus Lottery Results
- Friday Suvarna Keralam Lottery Results
- Saturday Karunya Lottery Results

In total these lotteries offer ten prizes, with first prize being Rs 1 crore. The weekly lotteries are announced every day at 3:00 PM at Gorky Bhavan, Near Bakery Junction, Thiruvananthapuram. The individuals with winning tickets will have to surrender their lottery ticket within 30 days of the draw date to claim their prize money. It needs to be noted that the prize money will be after deduction of tax rate, agent commissions, and other charges.

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