SCSS is available to individuals aged 60 years and above. It is a safe option that offers attractive interest rates, guaranteed returns, fixed quarterly payouts and a tenure of five years. Each senior citizen can invest up to Rs 30 lakh in the scheme.
Investment Tips: Senior citizens need to plan their money carefully after retirement so that the corpus created by them is able to provide them financial security in their retirement years as they have specific needs and goals. In such a situation, here we are going to tell you about some important schemes from which senior citizens can benefit. Let’s know about it…
Senior Citizen Savings Scheme
SCSS is available to individuals aged 60 years and above. It is a safe option that offers attractive interest rates, guaranteed returns, fixed quarterly payouts and a tenure of five years. Each senior citizen can invest up to Rs 30 lakh in the scheme. In such a situation, senior citizens can also choose this scheme.
FD
FD is a popular option because of its simplicity, reliability, stable returns and liquidity. Banks and post offices offer FDs for senior citizens with relatively higher interest rates. In such a situation, investment can also be made in FD.
Mutual funds
Senior citizens can also invest in debt-oriented mutual funds or hybrid mutual funds. They primarily invest in fixed income instruments and provide regular income with potential for capital appreciation. However, investment in such funds may also involve risk and one should choose the fund based on his/her risk tolerance and investment objectives.
Post Office Monthly Income Scheme
Post Office MIS is offered through Department of Posts and provides a fixed monthly income to the investors. It has a maturity period of five years and the interest rates are revised quarterly.
