Which scheme is better for senior citizens, know how much profit in which

Senior Citizen Saving Scheme: There are some government schemes for senior citizens, under which, by depositing a lump sum amount, along with savings, income can also be increased. There are two such schemes Senior Citizens Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY). Both these schemes are popular among the elderly persons.

If you are also thinking of investing in these schemes, then know about their benefits. Let us know the complete details about both these schemes and what benefits you can get.

Senior Citizen Saving Scheme

This scheme is operated under the Small Savings Scheme of the Post Office. To make it more attractive, the government has increased the investment limit from Rs 15 lakh to Rs 30 lakh. At the same time, its interest rate has also been increased, under which 8 percent interest is given. In case of joint account, you can avail the benefit of Rs 60 lakh under this scheme. Under this, the maturity period is given for 5 years.

Pradhan Mantri Vaya Vandana Yojana

This scheme, run by the Central Government, is a pension plan, which gives income every month. It is operated under LIC. The maximum investment limit under Pradhan Mantri Vaya Vandana Yojana is Rs 15 lakh. Under joint account, up to Rs 30 lakh can be invested in it. Any citizen can take advantage of this at the age of 60 years. Under this scheme, an interest of 7.40 percent is given. This scheme is operational only till 31 March 2023.

Who will get how much tax

If you are going to invest in Senior Citizen Saving Scheme, then you can avail tax exemption under Section 80C of Income Tax. In this, tax exemption of up to Rs 1.5 lakh is available. There is no provision of tax exemption under PM Vaya Vandana Yojana.

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