Six Investment Options For Senior Citizens..

Some Investment Options For Senior citizens..

1. Senior citizens savings scheme (SCSS)

Senior citizens savings scheme is a central government guaranteed scheme targeted only on the elderly. It is open for investment to those individuals who are above the age of 60 years, Investments in it can be made through about 25 public sector banks, and post offices.

The scheme requires a minimum investment of Rs. 1000 and a maximum investment of Rs. 15 lakh. It offers an interest rate of 9.3 % payable quarterly on the last days of March, June, September & December.

The scheme has a lock in period of 5 years, which can be further extended for another 3 years. But, premature withdrawal of funds is also allowed subject to a penalty of 1 % to 1.5 % making it a favorable option among those who want high liquidity.

2. Post Office Monthly Income Scheme (MIS)

Any one can invest in this also max of Rs. 4.5 lacs with lockin period of 5 yrs with interest of 8.5 % ,she can take interest monthly.

 

3. Insurance Policy

It is immediate Annuity plan, which will  be purchased by paying lumsum amount. The int rate wil workout up to 7.6 %.Annuity wil be available monthly, quarterly, halfyearly and annually. Consider - Jeevan Akshay VI from LIC

4. Corporate Deposits

Any senior citizen  can invest corporate deposits such as HDFC LTD, LIC HFL.

INTEREST RATES WILL BE VARY FROM 9. 50 % TO 10 %

5. Bank Deposits

Any senior citizen can invest bank deposits Like IOB, Indian Bank, City Union Bank ect,

INTEREST RATES WILL BE VARY FROM 9. 5 % TO 10.5 %

6. MUTUAL FUND Monthly Income Plan (MIP)

Any one can invest in mutual fund schemes such balanced fund & Monthly Income Plan (MIP) These schemes exposure to equity from 10 % to 30 %. These returns wiil be depending upon the market returns.

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