SBI Amrit Vrishti, SCSS, LIC Saral Pension, KVP: 4 schemes that can help senior citizens attain financial freedom on Independence Day
Everyone needs to be financially independent at a certain age, especially senior citizens. As there is no income from anywhere for them, we have some investment ideas for senior citizens to attain financial freedom on Independence Day.
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SBI Amrit Vrishti, SCSS, LIC Saral Pension, KVP
Some of the best investment plans for senior citizens include SBI Amrit Vrishti, Senior Citizen Savings Scheme (SCSS), LIC Saral Pension, and Kisan Vikas Patra (KVP).
Senior citizen savings scheme
In this article, we will understand these investment schemes and know the minimum investments and other benefits.
1- SBI Amrit Vrishti
This is a special FD scheme for a limited period until FY25 ends. The interest rate on this scheme is 7.75 per cent annually for senior citizens.
SBI Amrit Vrishti - Lock-in period
The lock-in period for the scheme is 444 days.
SBI Amrit Vrishti term deposit
Available on domestic retail term deposits, including NRI rupee term deposits, up to Rs 3 crore, the SBI Amrit Vrishti scheme applies to new as well as renewed deposits.
2- Senior Citizens Savings Scheme Account (SCSS) scheme
This scheme provides a return on one-time investment to senior citizens. The minimum investment is Rs 1,000 and the maximum is Rs 30 lakh.
Age limit for SCSS scheme
An individual who is above the age of 60, a retired civilian employee above 55 years of age and below 60 years of age; and a retired defence employee above 50 years of age and below 60 years of age are eligible to apply in the small savings scheme.
SCSS scheme interest rate
The interest rate is 8.2 per cent per annum.
3- LIC Saral Pension
The plan was launched on March 1, 2023. LIC Saral Pension is a single-life annuity and joint-life annuity. You will have to invest Rs 10 lakh as a single premium for one time to get a Rs 58,950 yearly pension till your death.
LIC Saral Pension: Joint annuitant
The minimum annuity will be Rs 1,000 monthly, Rs 3,000 quarterly, Rs 6,000 semi-annually, and Rs 12,000 yearly. The minimum age to invest in this plan is 60 years and the maximum is 80 years.
4- Post Office Kisan Vikas Patra (KVP)
The current interest rate in this scheme is 7.5 per cent.
KVP- Double your income
Your investment gets doubled in 115 months under this post office scheme.