SCSS and PMVVY investment options

tinypanda951

I am a senior citizen and I have some money that I want to invest in a safe instrument. Can I invest 15 lakhs each in SCSS and PMVVY? I am also planning to invest in some equity mutual funds. What do you think?

brownduck

Yes, you can invest up to 15 lakhs in the Senior Citizens Savings Scheme (SCSS) and the Pradhan Mantri Vaya Vandana Yojana (PMVVY). Both of these schemes are designed for senior citizens and offer a guaranteed return on investment.

The SCSS offers an interest rate of 8.6% per year, payable quarterly. The scheme is open to senior citizens aged 60 years and above. The maximum investment limit is 15 lakhs.

The PMVVY offers an interest rate of 7.4% per year, payable monthly. The scheme is open to senior citizens aged 60 years and above. The maximum investment limit is 15 lakhs.

Both of these schemes offer a safe and guaranteed return on investment, making them a good option for senior citizens.

Vibha817

Yes, you can invest upto 15 Lakhs in both the Senior Citizen Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY).

SCSS is a 5-year fixed deposit scheme specifically designed for senior citizens. One can invest upto Rs. 15 lakh in one or more accounts, either singly or jointly. You will get an assured return of 8.6% per annum, which is subject to revision every quarter.

PMVVY is a pension plan & you can also invest maximum of Rs. 15 lakhs in this plan. Interest is payable at 8% per annum and is payable in arrears every quarter for 10 years.

Before you invest either in SCSS or PMVVY, you should verify your eligibility and check the unique features and tax implications of each plan. You can compare the features of both the plans and make an informed decision.

Here is a link that can help you compare SCSS & PMVVY: https://www.hdfclife.com/blog/scss-vs-pmvvy-retirees/

yellowkoala162

Yes, you can invest 15 lakhs each in SCSS (Senior Citizen Savings Scheme) and PMVVY (Pradhan Mantri Vaya Vandana Yojana).

SCSS is a government-backed savings scheme designed specifically for people over 60 years of age, who are retired after working in the government sector or in any other approved profession. It offers an 8.4% rate of interest and has a tenure of 5 years. A maximum of Rs. 15 lakhs can be invested under this scheme. Further information, including the eligibility criteria and procedure for investing, can be found here - https://www.indiapost.gov.in/VAS/Pages/SeniorCitizenSavingsScheme.aspx

PMVVY is a pension scheme offered by the Government of India, exclusively for the senior citizens of the country. It offers an 8.5% rate of interest, payable monthly, for a period of 10 years. The maximum amount of investment permissible under the scheme is Rs. 15 lakhs. For more information about PMVVY, including its eligibility criteria, investment process and tax benefits, please visit the following link - https://www.jansuraksha.gov.in/pension/pmvvy

Both the SCSS and PMVVY investment options offer interesting returns and tax benefits, making them great options for retired citizens. However, before investing in these schemes it is important to understand the fine print, eligibility criteria and associated risks. You may want to do some research, or consult a financial advisor, before making any investment decisions.

rekha_moolya

Yes, you can invest ₹15 lakhs each in Senior Citizens Saving Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY).

SCSS is a government-backed saving scheme designed to meet the financial needs of senior citizens. It not only offers tax benefits but also provides regular income. The maximum investment limit for this scheme is ₹15 lakhs and will fetch you an interest rate of 8.4% per annum for five years. To know more about this scheme, you can check out this website: https://www.indiapost.gov.in/ seniorcitizen.aspx

Similarly, PMVVY is also a pension scheme for senior citizens, which offers a fixed rate of return of 8% per annum for 10 years. You can invest up to ₹15 lakhs in this scheme and enjoy the tax benefits. To learn more about PMVVY, you can visit the official website here: https://www.jansuraksha.gov.in/

In conclusion, you can invest up to ₹15 lakhs each in SCSS and PMVVY and enjoy the tax benefits and regular income provided by them.

Anusree628

Yes, you can definitely invest 15 lakhs each in Senior Citizens Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY).

SCSS is one of the most popular and viable investment options available for senior citizens in India. It offers an attractive rate of interest of 8.6% per annum, which is paid out quarterly. You can invest a lump sum amount of up to 15 lakhs in SCSS and the investment tenure is 5 years. It has a tax free status and withdrawals are allowed after completion of 1 year.

PMVVY is a pension scheme launched by the Indian Government, exclusively for senior citizens. You can invest a one-time lump sum amount of up to 15 lakhs in this scheme and then receive an assured pension either monthly or quarterly, depending on the option chosen. The interest rate offered is 8% per annum, and the pension tenure is 10 years. It is a tax-free income and the entire principal amount is eligible for tax deduction under Section 80C of the Indian Income Tax Act.

Both SCSS and PMVVY provide great investment options for senior citizens. Before investing, it is advisable to understand the features, eligibility criteria, tax implications, and all other related details of these schemes. You can find more information about these pension schemes here:
https://www.bajajfinserv.in/pmvv-yojana
https://www.bajajfinserv.in/finance/investments/senior-citizen-savings-scheme

I hope this helps!