Retirement is a time to sit back, relax or do something for which you never had the time before. A lot of this depends on your financial independence. To help you plan for your retirement there are several investment options for senior citizens that you may invest in today. Which one you opt for will depend on your personal preference. However, to help you make an informed decision here are some reliable saving schemes for you to consider - Fixed Deposit This is a low-risk, low maintenance saving option which helps you save for immediate and future financial needs. Major NBFCs offer lucrative high interest rates on the deposit to help you accumulate wealth and grow corpus overtime. Interest rates start from 8.50% onward with flexible repayment tenure of 12 to 60 months. Senior citizens get additional interest rate of 0.35% on the base rate and they can easily book the deposit online with minimum paperwork. Interestingly, the deposit offers two types of withdrawals - cumulative and non cumulative. In the former you can withdraw amount from the deposit upon maturity while in the latter you can withdraw at quarterly, monthly, half yearly and annual basis. Post Office Monthly Income Scheme Senior citizens can book a post office saving account with cash only. The depositor can choose a nominee for the account. The account can be transferred from one post office to another. Account can be booked for a minor too and it can be converted to their name once they attain majority. The depositor has to put in the money for a minimum period of 5 years during which they cannot withdraw this amount. While, they can partially withdraw after a period of 7 years and fully withdraw it after 15 years. Additional Read: Post Office Monthly Income Scheme Vs Fixed Deposit: Which Is Better for Senior Citizen?
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About Author:Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms. Archives
August 2022
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