After retirement, senior citizens need to plan their finances carefully so that the fund created by them is able to provide financial security in their retirement years.
Keeping in mind the needs and goals in old age, they should invest money at the right place. Check out some investment options for senior citizens-
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme (SCSS) is available to individuals of 60 years of age and above. It is a safe option that offers attractive interest rates, guaranteed returns, fixed quarterly payouts and an investment tenure of five years. Each senior citizen can invest up to Rs 30 lakh in the scheme.
Fixed Deposit Scheme
Fixed deposit can be a better investment option for senior citizens. FD is a popular investment option because of its simplicity, reliability, guaranteed returns. Banks and post offices offer FDs for senior citizens with relatively higher interest rates.
Senior citizens can also invest in debt oriented mutual funds or hybrid mutual funds. These Mutual Funds 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 by the Department of Posts and provides a fixed monthly income to the investors. Its maturity period is five years and the interest rates are revised quarterly.