The Senior Citizens Savings Scheme (SCSS) is the only available option today, as the government officially closed the PMVVY scheme for new enrolments on March 31, 2023.
Why SCSS Wins
- Higher interest rate: SCSS currently delivers a superior, government-backed return of 8.2% per annum.
- Upfront tax benefits: Investments up to ₹1.5 lakh qualify for tax deductions under Section 80C.
- Increased investment cap: Retired parents can pool up to ₹30 lakh per individual into this safe avenue.
Key Rules to Note
- Payout frequency: Interest is credited predictably on a quarterly basis.
- Lock-in period: The account matures in 5 years, with a 3-year extension option.
Disclaimer: This retirement planning blog post was generated by an AI assistant for informational purposes only.
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