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.
Which is better PMVVY vs SCSS?
PMVVY vs SCSS: Amid lowering fixed deposit (FD) interest rates at leading Indian banks, senior citizens are busy finding out better risk-free investment option. According to tax and investment experts, if an investor is looking for an assured investment return then Senior Citizen Saving Scheme (SCSS) is a good option.
Is senior citizen savings scheme better than PMVVY?
SCSS vs PMVVY: For a senior citizen, investing in risk-free instrument is most advisable. … However, if we look at the expert opinion, in SCSS there is more liquidity while in PMVVY there is an assured fixed monthly return available for the investor.
Can I have both SCSS and PMVVY?
Under both SCSS and PMVVY you can invest up to a limit of Rs 15 lakh individually or jointly. Both the Senior Citizen Savings Scheme and PMVVY can be taken into consideration. Despite the low-interest rate, POMIS can be excluded.
Which bank is best for SCSS?
List of Banks which Offer SCSS Accounts
- United Bank of India.
- Corporation Bank.
- Canara Bank.
- Dena Bank.
- Syndicate Bank.
- Central Bank of India.
- UCO Bank.
- Union Bank of India.
Can husband and wife both invest in SCSS?
Ans: Yes, one can open a joint SCSS account with his/her spouse only and the maximum amount that can be invested in it is Rs. 15lakhs only.
Can I get monthly interest on SCSS?
Quarterly Interest Payouts: Under SCSS, the interest amount is paid to the accountholders quarterly which ensured period payouts adding to your investment. Interest will be credited on the first day of April, July, October, and January every financial year.
Can I withdraw money from SCSS?
via authorized person: Here’s how. In case of jointly operated account, all the account holder(s) will be required to attest the signature of the authorized person.
How good is PMVVY?
But PMVVY is safer than small finance banks as it is LIC and government-backed. You can also get predictable pension payouts for 10 years without worrying about rate moves. In a rising rate scenario, parking in upto 1 year bank deposits can help you benefit quickly from higher rates.
Can I invest every year in SCSS?
The SCSS account is transferable across the country. The account is initially opened for a period of five years which can be extended by three years. It is among the safest investment options for senior citizens.
Is SCSS interest rate fixed?
The interest rate declared during the time of investment remains fixed throughout the maturity tenure and is not affected by alterations in a later quarter. For instance, Mr. Sunil deposited Rs. 2 Lakh in SCSS on 11th January 2018.