If you are a citizen above 60 years of age then this news is for you. After this age, most people look for a regular income to meet their needs.
Senior Citizen: If you are a citizen above 60 years of age then this news is for you. After this age, most people look for a regular income to meet their needs. Some savings and deposit schemes of banks and government can help you in this. By investing in this scheme, you get a good amount of money in the form of regular interest. Apart from this, you also get tax exemption. Let us know about 3 such schemes which guarantee you good income.
Senior Citizen Saving Scheme
Customers above 60 years of age can invest in Senior Citizen Saving Scheme (SCSS). Let us tell you that interest in this scheme is available on quarterly basis. Whereas you get the full money only after the completion of the lock-in period of 5 years. In this scheme, customers can start investing with a minimum of Rs 1,000. Apart from this, in this scheme you also get tax exemption under section 80c.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme (POMIS) is a small savings scheme in which customers can invest for 5 years. Here you can invest a maximum of Rs 9 lakh in a single account and Rs 15 lakh in a joint account. In this scheme you get interest on monthly basis.
Fixed deposit
If senior citizen customers want to get guaranteed returns after a fixed period by investing their savings, then Fixed Deposit (FD) can be a good option. On making FD, most of the banks usually give an additional interest of 0.50% to senior citizens in addition to the normal interest rates given on FD. You get the interest amount on monthly, quarterly, half yearly and yearly basis.
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