Senior citizen and want to invest somewhere where you get the benefit of tax exemption with good returns, then you can invest in post office senior citizen saving scheme and Pradhan Mantri Vaya Vandana Yojana. In these schemes you also get income tax benefit under Section 80C of Income Tax Act with higher interest. We are telling you about these two schemes so that you can invest in them according to your need.
Under this scheme money can be invested for 5 years. After maturity this scheme can be extended for 3 years. Under this scheme you can invest up to a maximum of Rs 15 lakhs. The capital invested in Senior Citizen Savings Scheme yields an interest of 7.4 per cent annually. However, this interest has to be taxed.