Which scheme is better PMVVY or SCSS?
From a taxation and liquidity point of view, the SCSS scheme is better than PMVVY. However, the PMVVY scheme offers the same return of 7.4\% throughout the policy duration. In contrast, the return from the SCSS scheme may vary according to the quarterly return rates set by the government.
Can I take both SCSS and PMVVY?
Both PMVVY and SCSS are applicable only to senior citizens with a minimum age limit of 60 years and over. So this is your guide to who can invest in SCSS and who can invest in PMVVY. Only, SCSS can also be acquired from those who have received VRS. PMVVY’s maturity period is 10 years.
Is Pmvvy a good scheme for senior citizens?
However, if a senior citizen is looking for an option that will give regular monthly income, then Pradhan Mantri Vaya Vandana Yojana (PMVVY) can be a good investment option for them.
What is the current interest rate for Pmvvy?
Pradhan Mantri Vaya Vandana Yojana (PMVVY) provides a government return of 7.4\% p.a. payable monthly. In case you subscribe for monthly pension scheme, the 7.4\% annual interest is equivalent to 7.66\% p.a. Since the scheme essentially operates as a pension plan, it does not attract any GST or service charge.
What is LIC Pmvvy scheme?
PMVVY scheme details: Senior citizens aged 60 or above can subscribe to Pradhan Mantri Vaya Vandana Yojana (PMVVY) through the LIC website online. This is an immediate pension plan which can be purchased online by paying a lump sum amount. It provides a stated amount as pension for the policy term of 10 years.
Is Pmvvy available now?
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which was available from 4th May, 2017 to 31st March, 2020.
Is it worth investing in Pmvvy?
Is PMVVY a good scheme for senior citizens?
Is PMVVY safe?
But PMVVY is safer than small finance banks as it is LIC and government-backed. You can also get predictable pension payouts for 10 years without worrying about rate moves. In a rising rate scenario, parking in upto 1 year bank deposits can help you benefit quickly from higher rates.