Friday, March 24, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Personal Finance

PMVVY or SCSS: Which is better for senior citizens

MtR by MtR
June 9, 2021
in Personal Finance
0
PMVVY or SCSS: Which is better for senior citizens


PMVVY or SCSS: Which is better for senior citizens


PMVVY or SCSS: Which is better for senior citizens&nbsp | &nbspPhoto Credit:&nbspPTI

Amid falling interest rates, senior citizens rely on fixed deposit products owing to the protection offered by on the lookout for better risk-free investment options. Investment experts say Senior Citizen Saving Scheme (SCSS) are good at providing assured investment return but if the aim is to seek regular income then Pradhan Mantri Vaya Vandana Yojana (PMVVY) can be contemplated.

Related articles

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

August 10, 2022
Should your child do chores to earn an allowance?

Should your child do chores to earn an allowance?

August 9, 2022

PMVVY is a retirement-cum-pension plan operated and managed by the Life Insurance Corporation (LIC) launched by the government in 2017. The scheme assures a guaranteed return on the investment amount. The only eligibility criteria for the scheme is that the investor should be a senior citizen aged 60 or above and an Indian citizen. The minimum investment amount is 1.5 lakh which offers a monthly pension of Rs 1,000.   

SCSS is open for senior citizens aged above 60 years and above and provides the safety net of government. An account under SCSS can be opened in the post office. Senior citizens can invest a lump sum amount under the scheme and get a regular income.   

Both the scheme give an annual return of 7.4% but in the case of SCSS, the interest rate may vary on a quarterly basis. The interest rate will remain for the entire investment period in the case of PMVVY. At this juncture, PMVVY looks more attractive given that the government is expected to further cut internet rates of small savings scheme. At the beginning of the first quarter of the financial year 2021, Finance Minister Nirmala Sitharaman announced lowering interest rates of small savings scheme. However, the decision was rolled back within 12 hours of being announced after a huge controversy broke out.

The annual return of PMVVY is locked at the interest rate which is given at the time of investment making it imminent to quarterly changes in the interest rates on the rest of the schemes.

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. Also, money can be withdrawn prematurely from SCSS account by paying a penalty.



Source link

Related Posts

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

by MtR
August 10, 2022
0

New Jersey, United States – Verified Market Research recently released a new report titled Personal Finance Software Market Insights, Size, Forecast to...

Should your child do chores to earn an allowance?

Should your child do chores to earn an allowance?

by MtR
August 9, 2022
0

Few topics in personal finance evoke such strong emotions as the question of whether or not a kid’s allowance should...

On rare days, markets rise 10%. How to make sure you’re there for it

On rare days, markets rise 10%. How to make sure you’re there for it

by MtR
August 9, 2022
0

Gzorgz | Istock | Getty Images"It was the best of times, it was the worst of times." With those classic...

Kora, the Personal Finance App Just for College Students, Reaches 100,000 Active Users on Budgeting Tool

Kora, the Personal Finance App Just for College Students, Reaches 100,000 Active Users on Budgeting Tool

by MtR
August 9, 2022
0

CHICAGO--(BUSINESS WIRE)--Kora, a financial technology company exclusively serving college students, announced they’ve reached 100,000 active users on their Kora Insights...

Finance Services Sector Stock Recommends Bonus Issue, Rises 770% In 3-Years

Finance Services Sector Stock Recommends Bonus Issue, Rises 770% In 3-Years

by MtR
August 9, 2022
0

1. Choice International Limited Recommends Bonus Share In 1:1 Ratio The board of directors of the company in their regulatory...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Investment in overseas real estate surges : The DONG-A ILBO

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022
U.S. inflation CPI report, Wall Street, currencies

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022
Alberta oil production set new record in first half of 2022

Alberta oil production set new record in first half of 2022

August 10, 2022
Industrial Lubricants Market to Reach $71 Billion by 2027.

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022
U.S. inflation CPI report, Wall Street, currencies

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022
Alberta oil production set new record in first half of 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter