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Tax Expert - Answered on Apr 25, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more
C Question by C on Feb 01, 2023Hindi
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What about limit of Sr Citizen Saving scheme,does 30 lacs include LIC PMVVY scheme

Ans: No, the limit of Rs. 30 lakhs for Senior Citizen Savings Scheme (SCSS) does not include LIC PMVVY scheme. SCSS is a government-backed savings scheme that is exclusively designed for senior citizens. The scheme allows senior citizens to invest a maximum of Rs. 15 lakhs individually or jointly. On the other hand, PMVVY (Pradhan Mantri Vaya Vandana Yojana) is a pension scheme that is also exclusively designed for senior citizens. The scheme allows investment of up to Rs. 15 lakhs individually for a fixed period of 10 years. Therefore, if you invest in both SCSS and PMVVY, the total investment limit would be Rs. 30 lakhs (Rs. 15 lakhs in SCSS and Rs. 15 lakhs in PMVVY).
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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