It is wise to park your life’s savings in secure investment options at the time of retirement to help you cover unpredictable expenses later in life. Here are few options for you to consider. Post Office Monthly Income Scheme (POMIS) This is a five-year investment scheme offering a maximum cap of Rs. 9 lakhs for accounts with joint ownership and Rs. 4.5 lakhs for single ownership. Its currently offering an interest rate of 7.8% per annum which is payable annually. Its interest is set at each quarter. Senior Citizen Saving Scheme (SCSS) It is an effective and long-term saving scheme for senior citizens above 60 years of age. An investor can save a maximum of Rs. 15 lakhs singly or jointly in multiples of Rs. 1,000. The amount that is invested cannot exceed the amount that is received on retirement. Thus, the investor can invest either Rs. 15 lakhs or the amount received upon retirement whichever is lower. The lock-in period of this scheme is 5 years with the option to extend it for further 3 years with interest at 8.3%. Fixed Deposit These are a secure investment option for senior citizens as they are free from market fluctuations. Deposit offered by leading NBFCs provide higher interest rates starting from 8.40% onwards. While as a senior citizen FD you can avail 0.35% extra on this base rate. Upon renewal too, you can avail 0.25% extra on the base rate provided. This means you get - (8.40%+0.35% (add-on as per senior citizen benefit) +0.25% (add-on on renewal)) to help you maximize your savings. Know More Which are the Safest Investment Options for Retirement?
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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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