Introduction to Senior Citizens Schemes
Government of India has introduced a few schemes for the senior citizens that give out additional returns on deposits. The rate of interest on these schemes are much higher than any other regular bank deposit, post office or fixed deposit. Sukanya samriddhi scheme can also be taken for the benefit of girl child.
Pradhan Mantri Vyay Vandana Yojna is one such scheme that has recently been revised and reintrodiced. The scheme is now valid tll Mar 2023. The rate of interest on this scheme is currently at 7.66%. Since the senior citizen’s scheme is revised every year in March month, so it is expected the rates for the scheme will go down further after March 2021.
Please download the form from the below link. Documents required to be submitted along with the application form are
- Bank statement showing the invested amount
Refer the table below for the calculations under the scheme. The maximum investment allowed in the scheme is 15 lakhs which gives out a monthly pension of 9250 and the minimum one can invest is 1,56,658 which will give 12,000 per year.
Senior citizens saving scheme also provides similar returns but the maximum term allowed in the scheme is 5 years. It is a well known fact hat interest rates are going down every year and are expected t go down further. So with SCSS you are fine for the nest 5 years only whereas PMVVY assures the same interest rates for 10 years.
Yes. A person can take both.
You can take it online, through a agent or by visiting any nearest LIC branch
Maximum term on the policy is 19 years
SCSS is for 5 years only wheas PMVVY is fr 10 years. So PMVVY is much better investment decision.
The scheme is valid till March 31, 2023 but the interest rates can change after 31 Mar, 2021.
No. There is no deduction from the pension.
No. here is no GST on the invested amount under this scheme.