Seniors: Excellent news! The top four senior citizen programs, with 8.2% interest and other tax incentives, are detailed below

 Seniors: Excellent news! The top four senior citizen programs, with 8.2% interest and other tax incentives, are detailed below

older folks: The government runs a number of programs to provide older folks financial advantages. Certain programs are classified as modest savings plans. These programs provide participants a steady income after retirement.

Details on four senior citizen savings plans are provided here. Tell us the benefits and how much are available under which plan.

Senior Citizen Savings Scheme, which falls under modest savings scheme, is the first name that appears. You may deposit a maximum of Rs 30 lakh under this plan. Up to Rs 1.5 lakh in tax relief is also provided by this plan. This has a five-year maturity duration and an 8.2 percent interest rate.

Senior persons who participate in the Pradhan Mantri Vaya Vandana Yojana (PMVVY) get an annual interest rate of 7.4%. A minimum of Rs 1.5 lakh and a maximum of Rs 15 lakh may be invested under this plan. Although you cannot take out a loan under the plan, there is no tax exemption. Pensions are paid out under the system on a monthly, quarterly, half-yearly, and annual basis.

Under the Post Office Monthly Income Scheme, you may invest Rs 9 lakh. The maturity is five years, and the interest rate is 7.4%. After five years of investment, it yields the advantage of consistent income.

The Senior Citizen Edfi Scheme is open to all citizens who are 60 years of age or older. Senior folks get varying interest rates from banks for varying lengths of time.

All of these plans are available for investment based on your needs. Because the government administers these programs, income is completely guaranteed.