5 Best Senior Citizen Saving Scheme and Investment Plans for Senior Citizens 2023 in India

Because retirement is the period of your life when you have finished working hard and want to start enjoying its benefits, it is appropriately referred to as the “golden age.” The decision is entirely up to you whether to go on vacation, conduct business, or simply enjoy the savings from all of your years of work. In addition, earning a consistent income after retirement through investment strategies is advantageous. The Indian government has introduced a number of investment options for senior citizens, which are offered by several insurance providers in the nation.

The five best retirement savings plans and investment plans for seniors for 2023 are covered in this blog. These plans can guarantee seniors a steady income even after retirement.

1. Pradhan Mantri Vaya Vandana Yojana

The Life Insurance Corporation (LIC) of India introduced this as one of the best investment options for seniors in India in 2017. After older people choose to invest a lump sum of money in the program, it also acts as a pension plan, guaranteeing them a fixed amount of income.


There is no upper age limit for participation in the program; it is only open to seniors 60 years of age and older. Additionally, NRIs are not eligible; only Indian citizens are.


This plan, which was initially available for 3 years, has now been extended for an additional 3 years, making it valid until March 31, 2023.

2. Senior Citizen Fixed Deposits:

For many people in India, fixed deposits have always been the most popular type of investment option. Given that the interest payout can be set to be monthly, quarterly, half-yearly, or annual, it is also a safe bet for the nation’s elderly. The program is designed for seniors 60 years of age and older.


Both Indian citizens and NRIs over 60 are eligible for the Fixed Deposit Scheme for Senior Citizens. Additionally, if a person is over 55 and has chosen early voluntary retirement, some banks and financial institutions will allow them to apply for this program.


With a minimum investment of Rs. 10,000 (if opening an FD at a physical bank branch) or Rs. 5,000 (if opening an FD online), senior citizens can open a Fixed Deposit at the bank of their choice. The top investment limit under this scheme varies from bank to bank but never exceeds Rs. 2 crore.

3. Senior Citizen Savings Scheme:

This program, which the Indian government has been providing since 2004, is yet another of the best investment choices available in India for the elderly population. Due to the support provided by the national government, it is also frequently regarded as one of the safest investment options in India. As a result, there is no risk associated with this investment plan, and the investor is guaranteed a 100% return on investment for the duration of the plan.


The SCSS is open to all seniors 60 and older, but NRIs are not eligible. In addition, individuals between the ages of 55 and 60 may only apply if they have selected VRS or have retired from the Indian Defense Forces.


Rs. 1,000 as the minimum and Rs. 15 lakh as the maximum investment

4. Post Office Monthly Income Scheme:

Another risk-free investment choice with significantly less risk for seniors. This program, which is supported by the Finance Ministry, ensures that senior citizens will receive a set amount of interest each month. Because of this, seniors who are still working after retirement strongly favor this program.


Because it is not just for senior citizens, this program differs slightly from the others mentioned in this post. Anyone 10 years of age or older is eligible to choose this plan. Additionally straightforward is the application procedure, which can be finished at a post office close to you.


It is very popular among the rural population as well because only Rs 1,500 is needed to open an account at the Post Office. The capped investment amount is Rs. 4.5 lakh.

5. National Pension Plan:

All employees in the public and private sectors are eligible for this program, and they may choose to invest in a pension account to take advantage of its benefits after retirement. After retirement, the plan permits the withdrawal of a certain amount. The balance is distributed each month as a pension.


The program was initially only available to central government employees, but it is now open to all Indian citizens.

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