new Delhi. There are many schemes for senior citizens, by investing in which they can secure their future and retirement as well as get a fixed pension. But the problem comes when they have to choose one of the many investment options. If you are also a senior citizen and want to make safe investment, then we will tell you about some better investment options.
The government has launched many such schemes through which senior citizens can get guaranteed returns keeping inflation in view. These include the Senior Citizen Savings Scheme (SCSS), the Pradhan Mantri Vaya Vandana Yojana (PMVVY) and the Post Office Monthly Income Scheme (POMIS).
1. Senior Citizen Savings Scheme (SCSS):
Senior citizens can avail the savings scheme through this government scheme
The deposit matures only after 5 years from the day of opening the account.
If someone wishes, after the maturity of the account can extend the period of the account further for only three years.
Deposits are allowed in multiples of Rs 1000.
Any person can deposit up to Rs 15 lakh only.
The interest rate ranges from 7% to 9%, the rates are fixed on a quarterly basis.
At present, interest rate is fixed at 7.45% in April-June quarter.
Receives higher interest than fixed deposits of any other bank
Under Section 80C of Income Tax, investment in this scheme also provides tax exemption.
If you assume 8.60 per cent interest, then assume if someone has deposited Rs 15 lakh and after 5 years maturity you will get Rs 22.65 lakh.
2. Post Office Monthly Income Scheme (POMIS):
Any senior citizen who needs a regular income can invest in the monthly income scheme of the post office.
Currently up to 6.60% interest is available on investment in this scheme.
An investment of at least Rs 1000 and investment up to a maximum of 4.5 lakhs can be deposited for a single account.
Up to Rs 9 lakhs can be invested in a joint account
To take advantage of this scheme of post office, the senior citizen has to open a savings account in the same post office so that the interest amount comes directly into the account every month.
After 5 years, the account matures and money can be withdrawn from the pre-matured facility if one wishes. But this facility is available only after one year
Withdrawal of money before maturity can attract a penalty of up to 2%
Keep in mind that whatever interest returns are earned on investing in POMIS account is taxed.
3. Pradhan Mantri Vay Vandana Yojana (PMVVY):
Recently, the government has increased the date of investment in Pradhan Mantri Vay Vandana Yojana by three years to 31 March 2023.
The fixed rate of return on investment in this scheme has been kept at 7.4 percent.
Any person can invest up to a maximum of Rs.15 lakhs through this scheme.
Senior citizens get the option of monthly pension through investment in this scheme.
The biggest thing is that senior citizens get guaranteed pension at a fixed rate for 10 years by investing in this scheme
An investment of at least 1.50 and maximum investment of 1.5 lakhs can be done.
The pensioner has the option of taking the interest amount together or taking it as a pension.
This scheme can be availed through LIC
Any citizen of the age of 60 years or above can invest
Keep in mind that there is an option in the scheme, on what basis you want to get the pension amount monthly, quarterly, half yearly or yearly.
· Premature withdrawal is also available, especially when the person or their spouse invested in the scheme needs money for any serious illness.
The special feature of this scheme is that after three years, the loan is also available and the loan amount does not exceed 75% of the purchase price.
Carefully read all investment options and invest according to your needs. Be sure to check the lock-in time of the scheme before investing. According to experts, the options of SCSS and PMVVY are right for senior citizens. With the help of your investment advisor, consider your needs and invest in any of these options to protect your future.
This post was published on June 13, 2020 12:19 am
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