Investment Option for Senior Citizen: After retirement, most senior citizens are worried about money. After retirement, there is no regular income to meet household expenses. One has to invest one’s own saved money in such investment options which can provide regular income.
Investment Option for Senior Citizen : After retirement, most senior citizens are worried about money. After retirement, there is no regular income to meet household expenses. One’s own saved money has to be invested in such investment options which can provide regular income. To be able to meet their own and household expenses. There are many such investment options in the year 2024 by investing in which you can save money and also earn money. These will also help in achieving your financial targets.
Senior Citizen Saving Scheme (SCSS)
Senior Citizens Saving Scheme is available to people aged 60 years and above. It is a safe option that offers guaranteed returns with attractive interest. This scheme gives you interest every three months and is available for five years. This scheme is being run by the government for senior citizens. The government is giving 8.2 percent interest on this. Senior citizens can invest up to Rs 30 lakh in this scheme.
Senior Citizen FD Scheme
All post offices, government and private sector banks of the country offer FD to senior citizens. Senior citizens also get extra interest of 0.50 percent on FD. This gives 0.50 percent more interest to common people than the interest they get on FD.
Mutual Funds
Senior citizens can also invest in mutual funds or hybrid mutual funds. They mainly invest in fixed income options only. In this, along with increasing the capital, there is also regular income. However, investing in mutual funds can be fraught with risk. You should choose this only considering your risk.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme guarantees you a regular income every month. Its maturity period is five years. Its interest rates are revised every three months. While investing, senior citizens should invest every month keeping in mind their income target, cash requirement, risk appetite and inflation. You should also review your investments from time to time.
