Savings Scheme: Know 3 Best Alternatives For Senior Citizens To Get Financial Support

The government runs several savings schemes for senior citizens. They can get better returns by investing in them and remain financially self-reliant. Let us tell you about three such great schemes.

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Savings Scheme: The government runs many savings schemes to make senior citizens financially independent. There are many schemes in which senior citizens can get better returns. They can earn from interest by investing a certain amount and become financially self-reliant. Here are three such great options to consider: 
  
Senior Citizen Saving Scheme 
The duration of the senior citizen saving scheme is five years. Here, one thousand to 15 lakh rupees can be invested at one time and people can open more than one account. The return is at the rate of 7.4 percent. Its maturity period is five years. This scheme is for all people above 60 years of age.

Fixed Deposits
Fixed Deposits (FDs) are considered to be one of the best investment options. In this senior citizens get half a percent higher interest. Different banks have different interest rates on FDs. You can compare them and invest in FDs according to your convenience. In this, interest of up to Rs 50,000 in a year is also tax-free for senior citizens. Various banks launch FDs for senior citizens for a period of five years or more.

Pradhan Mantri Vaya Vandana Yojana
The scheme is for 10 years and can be availed by people over the age of 60. In this, the interest rate is fixed every year, in which a maximum of Rs 15 lakh can be invested.  The money invested in the scheme is returned along with the final installment of pension if the investor is alive till the policy term. The pensioner's nominee gets the money invested in case of death within the policy term.