The authorities run many financial savings schemes for senior citizens. They can get higher returns through investing in them and stay financially self-sufficient. Let us inform you about three such nice schemes.
The authorities run many financial savings schemes to make senior residents financially strong. There are many such schemes in which senior residents can get higher returns. Interest can be earned through investing a positive quantity in these and they can turn out to be financially self-sufficient. Let us inform you about three such quality schemes.
Senior Citizen Saving Scheme
The tenure of the Senior Citizen Saving Scheme is 5 years. In this one thousand to 15 lakh rupees can be invested in one go and extra than one account can be opened. It is getting returns at a fee of 7.4 percent. Its maturity length is 5 years. This scheme is for all humans above 60 years of age.
FD is additionally an excellent option
Fixed Deposit (FD) is regarded to be one of the fine funding options. In this, senior residents get half of a percentage extra interest. So it is a proper option. Different banks have distinctive pastime fees on FDs. In such a situation, by way of comparing them, you can open FD in accordance with your convenience. In this, pastime up to 50 thousand rupees in 12 months is additionally tax-free for senior citizens. Various banks preserve on launching FDs for senior residents for a tenure of 5 years or more.
Pradhan Mantri Vaya Vandana Yojana
This scheme is for 10 years and humans above 60 years of age can take benefit of it. In this, the activity fee is constant each year, in which most of Rs 15 lakh can be invested. On survival of the investor until the coverage term, the cash invested in the scheme is given returned alongside the closing installment of pension. In case of loss of life inside the time period of the policy, the cash invested in it is obtained with the aid of the nominee of the pensioner.
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