Senior Citizen Schemes, Here's an overview of some key senior citizen schemes in India

Senior Citizen Schemes

In India, various schemes and benefits are available for senior citizens, aimed at providing financial security, healthcare support, and other assistance.

Here's an overview of some key senior citizen schemes in India:
Pradhan Mantri Vaya Vandana Yojana (PMVVY):

1. PMVVY is a pension scheme for senior citizens (aged 60 years and above), administered by the Life Insurance Corporation of India (LIC).

2. It offers guaranteed pension payouts at a specified rate for a period of ten years.

3. The scheme provides regular pension payments, with options for monthly, quarterly, half-yearly, or yearly payouts.

4. PMVVY offers tax benefits on the pension income.

Senior Citizens Savings Scheme (SCSS):

1. SCSS is a government-sponsored savings scheme for senior citizens, offering higher interest rates than regular savings accounts.

2. Those aged 60 years and older qualify for investment in SCSS.

3. The scheme has a tenure of five years, which can be extended for an additional three years.
4. Interest rates are fixed quarterly and paid out to investors.