Many investment options are available for senior citizens in modern times, by investing in which good money can be accumulated and this amount can be useful in their old age.
Here is a look at five investment plans for senior citizens that can meet your goals and needs. This includes everything from bank schemes to small savings schemes and other schemes.
Senior Citizen Saving Scheme is for people of 60 years and above. The investment limit in this is 30 years and the maturity period is five years. In this, the benefit of attractive interest rate, guaranteed return and tax saving is given.
Fixed deposit scheme is also good for senior citizens. It is a scheme with simplicity, stable returns and liquidity. This FD scheme is provided by both the bank and the post office. FD rates are higher for senior citizens.
Pradhan Mantri Vaya Vandana Yojana is a pension scheme introduced by the government, which is for senior citizens and it is operated by LIC. It gives guaranteed returns and regular monthly income for 10 years. However, it is currently closed for subscription.
Senior citizens can also invest in mutual funds. It can be invested in debt oriented mutual funds or hybrid mutual funds. However, there can be a risk in such investment, due to which investment should be done after thinking.
Guaranteed and amount is given every month in the Post Office Monthly Income Scheme. In this, fixed income is given to the investors. In this the maturity is five years and the interest rate changes quarterly.