Senior Citizen Schemes: In today’s modern era, there are numerous investment options available for senior citizens that can help accumulate a good amount of money, providing financial security during their old age.
Let’s take a closer look at five investment plans specifically designed for senior citizens, tailored to meet their goals and needs. These include various bank schemes, small savings schemes, and other investment avenues.
The Senior Citizen Saving Scheme is specifically designed for individuals aged 60 and above. With an investment period of five years and a maturity period of 30 years, it offers attractive interest rates, guaranteed returns, and tax-saving benefits.
Fixed Deposit schemes also serve as an excellent investment option for senior citizens. They provide simplicity, stability in returns, and liquidity. Both banks and post offices offer Fixed Deposit schemes, with higher interest rates for senior citizens.
The Pradhan Mantri Vaya Vandana Yojana, a government pension scheme operated by LIC, is exclusively designed for senior citizens. Although it is currently closed for subscription, it offers guaranteed returns and regular monthly income for a period of 10 years.
Senior citizens can also consider investing in mutual funds, specifically debt-oriented or hybrid mutual funds. However, it’s important to carefully assess the associated risks before making any investment decisions.
For a steady monthly income, the Post Office Monthly Income Scheme provides guaranteed returns. Investors receive a fixed income through this scheme, which has a maturity period of five years and quarterly changes in interest rates.