Senior Citizens Guaranteed Return Scheme: A look at SCSS, KVP, and 2 other schemes that can provide guaranteed income to senior citizens; details inside

A look at these schemes provided by post offices, banks and other financial institutions.

Any individual above 60 years of age can invest in this scheme. The interest rate is 8.2 per cent per annum.

A person can invest a minimum of Rs 1,000 and then in the multiples thereof with maximum deposit of Rs 30 lakh. A depositor may open an account individually or jointly with spouse.

A person can opt for the premature closure that is subject to certain conditions.

Investment in Kisan Vikas Patra certificates doubles in 115 months (nine years and seven months). The initiative is open for investment with a minimum deposit of Rs 1,000 and no maximum restriction. The Kisan Vikas Patra Yojana allows any adult to create an account, either individually or jointly (up to three adults). 

The amount invested in this scheme doubles on maturity.  - No maximum limit on deposit amount in this scheme.    - Any Indian resident or minor can benefit from it. - A minimum of Rs 1,000 deposit is required. - The government reviews the interest rates every three months.  

The interest rate in Post Office MIS is 7.4% per year, payable monthly. One can establish an account with a minimum of Rs 1,000. The maximum amount limit for a person is Rs 9 lakh, while the maximum amount restriction for a joint account is Rs 15 lakh. Interest is paid at the end of each month beginning with the date of opening and continuing until maturity.

It is a fixed-income investment scheme that you can open easily with any post office. 

- It is a government-backed tax-saving scheme. - You can invest as small as Rs 100 with no maximum limit. - You can get it from any post office. - Interest earned gets compounded annually and reinvested by default but will be payable only at maturity.