Senior Citizen Investment Option: After retirement, senior citizens should be careful about how they invest their money.
Senior Citizen Investment Option: If you are thinking of investing after retirement, then these 5 options can be good for you. Because in these schemes you get more returns with better interest rate. After retirement, senior citizens should be careful about how they invest their money. So that the money they deposit is able to provide them with financial security during your retirement years, as you have specific needs and goals.
Senior Citizen Support Scheme:
The Senior Citizen Assistance Scheme is designed for persons aged 60 years and above. It is a safe investment option, offering attractive interest rates, guaranteed returns, fixed quarterly payments and a five-year term. Every senior citizen can invest up to Rs 30 lakh in this savings scheme.
Fixed Deposit:
FDs are a popular option due to their reliability, stable returns and liquidity. Banks and post offices offer FDs with relatively high interest rates for senior citizens. So that they can get good benefits.
Pradhan Mantri Vaya Vandana Yojana:
Pradhan Mantri Vaya Vandana Yojana is a government-sponsored insurance and pension scheme for senior citizens. It is offered by LIC. The scheme offers guaranteed returns and regular monthly income for up to 10 years to senior citizens, though it is currently closed to new customers.
Mutual Funds:
Senior citizens can also invest in debt-oriented mutual funds or hybrid mutual funds for higher returns. They mainly invest in fixed income instruments and provide regular income with the possibility of capital growth.
Post Office Monthly Savings Scheme:
Post Office Monthly Savings Scheme (MIS) is offered by the Department of Posts to the general public and provides fixed monthly income to investors. The maturity period of the scheme is 5 years and the interest rates are revised every three months.