For senior citizens, investment in schemes operated by LIC and Post Office can benefit. In this, the family also gets financial benefit in the future with better returns.
Senior Citizen Saving Scheme
Investment is very important for a secure future, but it is more important for senior citizens. Because they have a good bank balance after retirement to meet their daily needs including treatment expenses. These days, there are many schemes for senior citizens in the market, but the most popular are two schemes. They are the Senior Citizen Savings Scheme (SCSS) and the Pradhan Mantri Vay Vandana Yojana (PMVVY).
Through investing in these schemes, you can get a fixed fixed monthly return. PMVVY is a LIC scheme. At the same time, SCSS is the popular scheme of the post office. After retirement in both, you will not have to face financial problems. So, in terms of investment, which schemes are better and what are the benefits of them, let us know.
What is Vyay Vandana Scheme
The Pradhan Mantri Vaya Vandana Yojana (LIC Pradhan Mantri Vaya Vandana Yojana) scheme is operated by LIC. By investing in this scheme, you can get a pension of up to 10 thousand rupees every month. Not only this, if the policy holder survives for 10 years, then he gets the pension as well as the purchase price. According to the LIC website, the PMVVY interest rate as on 31 March 2022 is 7.4 percent.
What is Senior Citizen Saving Scheme
Senior Citizen Savings Scheme-SCSS of Post Office is a better option for senior citizens. This scheme is for 5 years. You can invest up to 15 lakh rupees in it. After maturity, this scheme can be extended for 3 years. The minimum deposit amount to open an account should be Rs 1,000.
Advantages and disadvantages of both schemes
In PMVVY, an investor cannot withdraw money before the maturity period of 10 years whereas in SCSS, investors can take the payment before time. In both these schemes, in the event of financial emergency arising in the future, the investor also gets an avenue with a good monthly return. One can start investing in SCSS after attaining the age of 55 years. Whereas to become eligible to invest in PMVVY one has to be 60 years of age.
Also read: Better chance to buy AC! This e-commerce website is offering up to 49 percent off
PNB Offer: With the investment of only 250 rupees, the daughter’s future can be met, millions will be available on maturity