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Retired couples can earn Rs 8,00,000 from select govt investment schemes

Equities, debt MFs and annuities should also be part of portfolio

Sarbajeet K Sen

Premium

Photo: iSTOCK

4 min read Last Updated : Feb 16 2023 | 10:01 PM IST

The doubling of the investment limit for Senior Citizens Savings Scheme (SCSS) to Rs 30 lakh and Post Office Monthly Income Scheme (POMIS) to Rs 9 lakh per investor in the Budget may seem like a bonanza for risk-averse investors. While the former is reserved exclusively for senior citizens and pays interest quarterly, the latter is open to anyone seeking monthly income payout and attracts many senior citizens.

In addition, senior citizens can also invest up to Rs 15 lakh in Pradhan Mantri Vaya Vandana Yojana (PMVVY). Altogether, a male senior citizen can invest Rs 54 lakh. The limit rises further to Rs 56 lakh for a woman if she invests in the newly-launched Mahila Samman Saving Certificate (MSCC). Thus, a senior citizen couple can invest around Rs 1.1 crore and earn over Rs 8 lakh per year pre-tax at current interest rates on these instruments.

While investment limits in these products have gone up, experts say se