Busy > Senior Citizen’s Guide to Financial Independence
19th May 2020
financial services

Senior Citizen’s Guide to Financial Independence

There are many on-going financial services for the elderly to ensure they live an independent life post-retirement as well. Financial management makes them independent, confident about self and allows them to live life the way they want.

If you too have elders in the family or in the neighbourhood, you must read the following article. It talks about various financial services provided by the government to elders and encourages them to do financial management.

Senior citizen saving scheme: This senior citizen scheme is valid for all elders above the age of 60. Under this scheme, elders can deposit money in their bank with a minimum amount of Rs. 1000/- which may go up to Rs. 15Lakhs. The interest for the first 3 months is 8.6% and is reviewed by the government in every quarter. The elders will not have to pay any taxes for this scheme. It can be availed from a private or government bank.

Pradhan Mantri Vaya Vandana Yojana: This senior citizen scheme for elders is managed by the Life Insurance Corporation of India (LIC). One can only subscribe to this scheme by March 2020. As per the scheme, one can earn interest of 8% on the deposit of a minimum amount of Rs. 1000/- up to 15Lakhs. The duration of the return is 10 years. Also, one has to pay taxes for the same.

Varishta Pension Bima Yojana: Similar to the previous senior citizen scheme, this scheme is also launched by LIC and offers similar benefits of 8% interest on the deposited amount for 10 years. The additional benefits are that one isn’t required to go through a medical check-up, no need to pay tax, you can opt to pay out monthly, quarterly, half-yearly and annually. However, the scheme has a lock of 15 years.


Rashtriya Vayoshri Yojana (RVY): This senior citizen scheme was launched in 2017 by the Ministry of Social Justice and Empowerment of Government of India. Senior citizens who are below the poverty line and are cardholders will get benefit of this scheme. If the beneficiary is suffering from low vision, loss of teeth, impaired hearing, and are disabled will be provided with devices to ensure assisted-living.

To know more about these and other such financial services for senior citizens, contact Emoha, your one-stop solution for all the needs of an elder.

Such financial services and senior citizen schemes mentioned above are a great way to achieve financial management.

At Emoha, we have a team of dedicated people working for the welfare of elders in society in various aspects such as healthcare at home, emergency care, safety, social engagement, etc. Another domain that we have included at Emoha is informing elders about various senior citizen schemes and guiding elders with regard to financial services and financial management.

For the same, our team will get in touch with you to understand your requirements, the help that you need with your financial management and will shortlist the senior citizen scheme for you and make sure you get to benefit from that scheme. To know more, call 1800-123-445555 today.