Till now, Pradhan Mantri Vaya Vandana Yojana was considered the best monthly income scheme for senior citizens in India, but this scheme will also close on 31st March 2023.
This article will teach you how to choose the best monthly income plan for senior citizens from 1st April 2023.
First of all, you should know there is no hope from the government to extend the last date of PMVVY because if the government had to extend its date, it would have announced it in the 2023 budget.
Apart from this, the government has increased the maximum limit of the pradhan mantri senior citizen saving scheme to 30 lakhs.
With this, the investments you used to make in Pradhan Mantri Vay Vandan Yojana till now, you will now be able to invest in Senior Citizens Savings Scheme.
If your age is 55 years or more, then let us now know in which scheme you should invest.
best monthly income scheme for senior citizens
Senior citizens have many investment options, such as mutual funds, government schemes, pension schemes, etc. If you want to make a safe investment at the age of 55 years or more, then choose a government scheme or pension scheme.
If you want to make a regular monthly income from your investment, you can choose Senior Citizen Saving Scheme or Post Office Monthly Income Scheme as a government scheme.
Out of these, if we talk about the Post Office Monthly Income Scheme, the maximum investment limit has been increased from Rs 4 lakh to Rs 9 lakh. But if you open a joint account, you can invest up to a maximum of Rs 15 lakh.
It also has a lower interest rate than Senior Citizen Savings Scheme; the Post Office Monthly Income Scheme interest rate was 7.1 per cent in February 2023.
pradhan mantri senior citizen saving scheme
The best monthly income scheme for senior citizens would be the pradhan mantri senior citizen saving scheme. There are two big reasons behind this.
1 – This would be the best income option for senior citizens as it has the highest interest rate.
Earlier, this scheme used to get an interest rate of 7.6%, which the Government of India has increased to 8%.
Getting such an interest rate nowadays is only possible by taking a risk.
2 – Another reason to choose the pradhan mantri senior citizen saving scheme as the best monthly income scheme for senior citizens is that you can deposit a huge amount of 30 lakhs from 1st April 2023.
The advantage of this would be generating a good monthly income.
Apart from this, the government is also promoting the Senior Citizen Saving Scheme, as it has been given a prominent place in the 2023 financial budget, and its benefits have also been increased.
Senior Citizen Savings Scheme Features
Simply put, the money deposited by you in this scheme will be given as interest at the rate of 8 per cent every 3 months. And after the completion of the term of this scheme, your real money deposited at the beginning of the scheme will be returned.
By the way, in the pradhan mantri senior citizen saving scheme, income tax exemption is available under 80C. But if you get more than 50 thousand interest in a financial year, then TDS will be deducted.
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Anyone who is 60 years old can join this scheme. And you can open this scheme in the post office or authorized bank.
One important thing you should know is that SCSS is a best monthly income scheme for senior citizens, but you can avail of it only for 5 years. It can be extended only once for 3 years. So if you want long-term monthly income, you can also opt for a pension scheme.