PMVVY(Pradhan Mantri Vaya Vandana Yojana) 2020 VS SCSS (Senior Citizens Savings Scheme) VS GOI (Government of India Bond) – Which is the best?

Senior citizen are confused in choosing right saving plan given PMVVY/SCSS/GOI bond giving almost similar return. Let’s decode each of these to help you in choosing right saving plan.

 PMVVYSCSSGOI
Yearly returns7.66%7.4%7.75%
Total term10 years5 years7 years
Rate Fixed or RevisedFixedRevisedFixed
NRI/HUFNot allowed/HUF allowedNot-allowedNot allowed/HUF allowed
Minimum investment1,56.6561000Rs.1000
Maximum investmentRs.15,00,000Rs.15,00,000No limit.
ChannelsLIC onlyPost-office/BankBanks only
Options for receiving InterestMonthly/quarterly/half-yearly/yearly.Quarterly basisHalf-yearly basis.
LoanYesYesNo
TDSNoDeductibleDeductible
FormPhysical formPhysical formDemat only.
Yearly ChargesNoneNoneDemat charges
PMVVY(Pradhan Mantri Vaya Vandana Yojana) 2020 VS SCSS (Senior Citizens Savings Scheme) VS GOI (Government of India Bond)

Advantage of Pradhan Mantri Vaya Vandana Yojana:

GOI is offering bit higher return than PMVVY but one needs to open demat account and pay demat account and yearly maintenance charges. PMVVY offers higher return for 3 extra years in comparison to GOI scheme.

Ask an experienced financial planner chennai for guidance in determining how to manage your funds – and for exploring your options to generate reliable income. They can help you build a rock-solid strategy that lets you enjoy a predictable lifestyle for the long haul.

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assuredgain

Promoter & Certified Personal Financial Advisor(CPFA) at AssuredGain Wealth and Financial Planners (P) Ltd, a financial planning and wealth management company in Chennai. I hold certification from “The Options Institute” (Chicago Board Options Exchange). I have also completed NSE’s Certification in Financial Markets (Options Trading Strategies Module) and CMP(Certified Market Professional) from NSE.

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