Senior citizens always look for high return investment schemes which offer complete security for their families and themselves. The best investment is the one that provides adequate returns and at the same time, guarantee safety. If you are looking for risk-free investment schemes, you need to maintain a diversified investment portfolio.
Investment Portfolio Options
Fixed deposits for senior citizens
If you have noticed the fixed deposit interest rates of senior citizens, it will always be high than the usual. Moreover, these deposits will have a flexible period varying from 1 year to 5 years. It is best to choose a period that is suitable for your requirement.
It is the best option as it offers incredible development to your savings. Moreover, it ranks better in liquidity as it is a fixed deposit. It can be withdrawn even at the time of tenor.
It is a safe option that is free from market changes. It guarantees fixed returns as promised at the time of investment.
By investing your money in a fixed deposit, you can also select non-cumulative or cumulative payouts that cater to your requirements.
Saving scheme for senior citizens
It is the best option which you can invest from INR 500 to INR 15 lakhs according to your savings. It comes with a fixed tenor feature which you can invest for 5 years and even extend for another 3 years.
The rate of interest is high, which you can get high returns by investing in a savings scheme. The interest rate will go to 9.10%. There are no risks involved in this scheme. It is a safe investment plan.
The allocation procedure is simple. You do not have to do the lengthy paper works to perform this investment. You just need to fill and submit the form and also attach necessary documents.
Monthly income scheme from Post Office
It is one of the most preferred savings schemes since it helps you in depositing about INR 4.5 lakhs as single ownership and INR 9 lakhs as joint owners.
It is the best monthly investment plans in India which have an interest rate of about 7.8%. It is popular safe and reliable returns, and also the income is taxable.
It offers steady returns without getting affected by market forces. It also has a transfer facility which you can directly transfer the savings into your account for easy usage.
Other attractive investment options best for senior citizens are debt funds and tax-free bonds. It is recommended to read complete terms and conditions and investment policies before investing in any of the above policies.