Senior Citizen Scheme: There are many types of investment options in the market for senior citizens. But, investing in right place can give you good returns. There are many special investment options in which you can get more returns by investing money and can also take advantage of tax exemption. Please tell that planning is also necessary to make old age safe, so that regular income (income) is kept. According to experts, income tax free is up to Rs 3 lakh from the age of 60 to 80 years. At the same time, income up to Rs 5 lakh above 80 is tax free.
Where can you invest?
Pradhan Mantri Vayandan Yojana
Prime Minister Vay Vandana (PMVVY 2020) is an ambitious scheme of the government. You can get a monthly pension of up to 10 thousand rupees per month by paying lump sum money in this scheme. Explain that the Central Government has extended the deadline of this scheme till 31 March 2023. Any person can invest in this scheme. The best thing is that the investment in the scheme yields an interest of 7.4 percent. Both husband and wife can invest Rs 15 lakh each. There is an option to pay every month, 3 and 6 months or 1 year.
POMIS: Post Office Monthly Income Scheme
Under the Post Office Monthly Income Scheme, accounts can be opened with a minimum of Rs 1000. The maturity period of the scheme is 5 years. In this scheme you can be guaranteed income. Two or three persons can open a joint account. In which all account holders will have equal share. Single accounts can also be converted into joint accounts. For joint account holders, the limit is Rs 9 lakh. The scheme is getting 6.6 percent interest annually. On completion of the scheme you get your entire deposit capital, which you can reinvest.