Business Desk – Investments for Senior Citizens: After retirement, the main concern of a senior citizen is often to ensure regular income and safety of their money. At such times, it becomes very important for senior citizens to invest their money in the right place.
A place that not only keeps their capital safe, but also gives them a fixed monthly income. If you are also looking for safe and reliable investment options, then today we will tell you about five such methods. Come, let us know about them in detail.
Systematic Withdrawal Plan (SWP)
Systematic Withdrawal Plan (SWP) is a way by which you can withdraw a fixed amount from your mutual fund investments every month or every three months. This provides you with a constant source of regular income. You do not need to withdraw your entire deposit at once. Therefore, investing in a systematic withdrawal plan can be a very good option for senior citizens.
Senior Citizen Savings Scheme (SCSS)
Senior Citizen Savings Scheme (SCSS) is a scheme launched by the government, in which investors can invest their money safely for a period of five years and also get good returns on it. SCSS is currently offering returns at an interest rate of 8.2%. Apart from this, this scheme also offers tax exemption of up to ₹ 1.5 lakh under Section 80C of the Income Tax Act.
Bank Fixed Deposits (FDs)
Bank fixed deposits (FDs) are also a very good option for senior citizens, because they offer higher interest rates than common people. You can invest in FD for a period ranging from 7 days to 10 years.
Post Office Recurring Deposit (RD)
You can invest small amounts regularly every month through Post Office Recurring Deposit (RD). This scheme gives returns at the interest rate of 6.7% and its duration is five years.
Monthly Income Scheme (MIS)
If you want to invest a large amount at once and get income every month in return, then you can invest in Post Office Monthly Income Scheme (MIS). Currently, this scheme is giving returns at the interest rate of 7.4%. The investment period in this is 5 years, after which you get back your invested amount.
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