Which is better between Pradhan Mantri Vaya Vandana Yojana PMVVY and SCSS?

Which is better between Pradhan Mantri Vaya Vandana Yojana PMVVY and SCSS?

The lock-in period of SCSS is five years while it is 10 years in the case of PMVVY. According to the LIC website, which provides PMVVY, the interest rate on the scheme till March 31, 2022, is 7.4 per cent. However, SCSS is better in terms of liquidity owing to a lower maturity period.

Can I invest in both SCSS and PMVVY?

Senior citizens with the age of 60 years or more can invest in PMVVY and SCSS schemes. The overall investment permissible is Rs 15 lakh in both schemes.

Which is the best pension scheme for senior citizens in India?

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Benefits of National Pension Scheme (NPS): The interest rate of this plan is 9\%-12\%, making it the best pension plan in India for individuals who want to collect funds for the long-term, for a better financial security after retirement. The NPS scheme requires to mandatorily invest until the age of 60.

Is PM Vaya Vandana Yojana good?

As the sovereign guarantees back the scheme, it offers an assured rate of return on investment. The scheme pays out regular pension and the frequency can be monthly, quarterly, or yearly. The PMVVY is an excellent alternative to traditional bank deposits.

Is interest rate fixed in PMVVY?

While both PMVVY and the SCSS scheme currently offer 7.4\% interest rate, in PMVVY your returns get locked in for the entire 10-year tenure once you buy it. In SCSS the investment period is five years but in PMVVY, investment period is 10 years, offering assured return for a longer tenure.

What is the interest rate of Pradhan Mantri Vaya Vandana Yojana?

7.4 per cent per annum
One can avail SCSS through certified banks and post offices in India. Interest Rate: In PMVVY, for the first fiscal year, the scheme assures an interest income rate at 7.4 per cent per annum payable monthly.

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Which is the best pension scheme?

The following are considered the top 10 pension plans in India at present:

  • LIC Jeevan Akshay 6 Plan:
  • LIC Jeevan Nidhi Plan:
  • SBI Life Saral Pension plan:
  • HDFC Life – Click2Retire:
  • HDFC Life – Assured Pension Plan:
  • ICICI Pru – Easy Retirement:
  • Reliance – Smart Pension:
  • Bajaj Allianz – Pension Guarantee:

What is the difference between Senior Citizen Savings Scheme (SCSS) and pmvvy?

So let’s move on to the difference between Senior Citizen Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY): Both PMVVY and SCSS are only available for senior citizens of age 60 and above. So that is your answer to who can invest in PMVVY and who can invest in SCSS.

What is Pradhan Mantri Vaya Vandana Yojana?

GOI has announced a pension scheme called “Pradhan Mantri Vaya Vandana Yojana (PMVVY)” for retired people above 60 years of age. PMVVY scheme was made available for sale since 4th-May’2017. It will remain available for sale only till 31st-Mar’2020.

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What is the age limit for Vaya Vandana Yojana scheme?

PMVVY: Only person above 60 years of age are eligible to buy Vaya Vandana Yojana scheme. There is no upper age limit. SCSS: There are two age criteria in SCSS. Any individual at 60 years of age (or above) can buy SCSS.

What is the future of pmvvy and SCSS?

But the government has said that the interest rate of PMVVY will move forward in line with the interest rate of SCSS. So this will become a non-comparable point in coming years. But the interest rate on PMVVY is locked for 10 years at the time of purchase.

By: AdminPosted on