which is better pmvvy or scss


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

  1. Aadhaar
  2. PAN
  3. 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.



The maximum investment allowed in the scheme is 15 lakhs only. Other disadvantage is that it is available only for 10 years. Loans and surrender is not allowed in this scheme


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.

Can a person take both PMVVY and SCSS?

Yes. A person can take both.

How do I take PMVVY?

You can take it online, through a agent or by visiting any nearest LIC branch

What is the rate of intrest on PMVVY


What is the term of deposit for PMVVY?

Maximum term on the policy is 19 years

Is PMVVY better or SCSS

SCSS is for 5 years only wheas PMVVY is fr 10 years. So PMVVY is much better investment decision.

Last date for PMVVY

The scheme is valid till March 31, 2023 but the interest rates can change after 31 Mar, 2021.

Is TDS deducted on the scheme?

No. There is no deduction from the pension.

Is there any GST on the PMVVY?

No. here is no GST on the invested amount under this scheme.

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