Many schemes are run by the government to provide financial benefits to senior citizens. Some schemes come under small savings scheme. These schemes provide regular income to people after retirement.
Information about four savings schemes for senior citizens is being given here. Let us know how much and which benefits can be availed under which scheme.
The first name that comes is Senior Citizen Saving Scheme, which comes under small savings scheme. Under this scheme you can invest maximum up to Rs 30 lakh. This scheme also gives tax exemption up to Rs 1.5 lakh. Under this, the interest rate is 8.2 percent and the maturity period is five years.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) gives an annual interest of 7.4 percent to senior citizens. Under this scheme, a minimum of Rs 1.5 lakh and a maximum of Rs 15 lakh can be invested. There is no tax exemption in the scheme, but you can take a loan under it. The scheme gives pension on monthly, quarterly, half yearly and annual basis.
You can invest Rs 9 lakh under Post Office Monthly Income Scheme. The interest is 7.4 percent and the maturity is 5 years. It gives the benefit of regular income after five years of investment.
Any citizen above 60 years of age can invest in the Senior Citizen Edfi Scheme. All banks provide different interest rates to senior citizens on different tenures.
You can invest in all these schemes as per your requirement. These schemes are run by the government, due to which there is complete guarantee of income.
