Senior citizens should lock-in their returns at 8% for 10 years

For those concerned with the certainty of return, the Pradhan Mantri Vaya Vandana Yojana is a better option than Senior Citizens Savings Scheme; but the latter is more liquid

In a move that is sure to be welcomed by senior citizens, the Union Cabinet has approved doubling of the investment limit in the Pradhan Mantri Vaya Vandana Yojana (PMVVY) from Rs 750,000 to Rs 1.5 million. It has also extended the last date for subscribing to the scheme till March 31, 2020. The scheme was earlier scheduled to close on May 4. Here's a look at the pros and cons of this scheme vis-a-vis some of the other fixed-income options that can offer a regular income to retirees: Senior Citizens Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS)