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Investment Tips for Senior Citizens: These schemes are best for senior citizens, these benefits will come with better returns, know details

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Senior Citizens Savings Scheme: 7 Rules of this scheme have changed, know the advantages and disadvantages

If you are also around 60 years of age and you are looking for better investment options, then know here the investment options that can be of great use to you.


The strength of every person in old age is his money. On the basis of money, he can fulfill or get all his needs done. This is the reason that after getting lump sum money on retirement, senior citizens look for such schemes where their money is safe and gives better returns on it or keeps their regular income. If you are also around 60 years of age, then here we are going to tell you about some such schemes which can give better return on your investment.

  1. Senior Citizens Savings Scheme
    For those who are in the age group of 55 to 60 years, Senior Citizen Savings Scheme is considered to be a better investment option. This scheme is very good both in terms of safety and returns. Retired civilian employees above 55 years and below 60 years of age can invest within 1 month of receipt of retirement benefits. An investment of Rs 1000 to Rs 15 lakh can be made in this. This is a five year plan but if you want, you can extend it for three more years. At present, 7.6% interest is being available on Senior Citizen Saving Scheme.
  2. Pradhan Mantri Vaya Vandana Yojana (PMVVY Scheme)
    This scheme was started by the Narendra Modi government in the year 2017. Under this scheme, any person above 60 years of age can invest in it. The maximum investment limit is Rs 15 lakh. Pension is provided to senior citizens and retirees investing in it on monthly, quarterly, half yearly and yearly basis. The amount of pension can range from Rs 1 thousand to Rs 9,250 depending on the amount invested.
  3. Bank FD (Fixed Deposit)
    Fixed deposits in the bank are considered by all sections of people as the most reliable and safe way of investment. It has very low risk and guaranteed returns. Most of the banks offer 50% higher interest rate to senior citizens.
  4. Special Term Deposit
    Many banks offer special term deposit accounts to senior citizens for a tenure of five years or more. SBI Wecare FD and ICICI Bank Golden Years FD are some examples. If a senior citizen invests in SBI Wecare FD for a tenure of 5 years or more, then he gets 30 bps points more interest.
  5. Post Office Time Deposit Account
    Time deposit is counted among the most popular schemes of the post office. Under this scheme, investment can be made in the post office for 1, 2, 3 or 5 years. It can be started from as low as Rs 1000. There is no maximum investment limit. In this, you get the benefit of tax exemption under 80C along with guaranteed return.

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