Great Retirement Plan! Senior citizens will get monthly income on retirement, these options will be useful
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Investment: Senior citizens can benefit a lot if they continue to get monthly income even after retirement. In such a situation, we are going to tell you about some such schemes in which senior citizens can benefit by investing. Apart from this, such a scheme is also included in it, in which a fund worth lakhs can also be prepared. Let us know about it…
Senior Citizens Savings Scheme (SCSS)
Senior citizens above 60 years of age can invest in small savings scheme, Senior Citizens Savings Scheme (SCSS) and earn regular interest income. Interest will be payable on quarterly basis and will be applicable from the date of deposit till 31st March/30th June/30th September/31st December.
Under this, there is a lock-in time of five years for the principal amount. Senior Citizens Savings Scheme (SCSS) – The minimum deposit amount in all SCSS accounts opened by an individual will be Rs 1,000 and multiples of Rs 1,000, with a maximum limit of Rs 30 lakh. SCSS account can be opened singly or jointly with your spouse. Deposits above Rs 1 lakh will be accepted by check only. This scheme is eligible for tax exemption under section 80C.
Post Office Monthly Income Scheme (POMIS) Account
POMIS is another small savings scheme and has an investment tenure of five years. The upper limit of investment in single account is Rs 9 lakh and in joint account is Rs 15 lakh. Interest will be payable on completion of one month from the date of account opening and so on till maturity. Investments in POMIS are not eligible for any tax benefits and the interest is fully taxable.
Fixed Deposit (FD)
Most banks usually offer an additional interest of 0.50 percent to senior citizens over and above the normal interest rates offered on FDs of different tenures. FD interest is paid to investors at regular intervals – monthly, quarterly, half-yearly or annually. Banks offer flexibility in terms of deposit tenure. So instead of locking the fund for a particular period, an investor can spread the amount across different maturities through ‘laddering’. It not only provides liquidity to funds but also manages ‘re-investment risk’.
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