In youth, everyone earns money to feed themselves and their families in some way or the other. But the biggest problem occurs in old age. If you are doing a government job, then there is no problem. You will get pension on the last date of the month, which will cover your household expenses. But those who are not working, how will they spend their old age? But now such people also do not need to worry. There are different pension schemes running in the market, by investing in which you will be able to avail the benefits of pension in old age like a retired employee, which will become a support for you. So let us know about these schemes.
Senior Citizen Saving Scheme: This scheme has been started for people above 60 years of age. This is a kind of savings plan. If you invest in this scheme, you will get good returns with interest. The biggest advantage of Senior Citizen Saving Scheme is that it is available after retirement. If you want, you can invest lump sum money to get good returns. As is done in FD. You can deposit a minimum of Rs 1,000 under this scheme. After this you can increase the amount in multiples of Rs 1,000. If you want, you can deposit up to Rs 30 lakh in a financial year.
Post Office Monthly Income Scheme: Post Office Monthly Income Scheme is also known as POMIS. This is a small savings scheme. Its specialty is that you can invest in it only for five years. The maximum investment limit in single account is Rs 9 lakh and in joint account is Rs 15 lakh.
Bank Fixed Deposit: Bank Fixed Deposit is also called FD. It would also be good for the elderly to invest in the bank in the form of FD. Because many banks also give a separate interest of 0.50 percent to senior citizens in addition to the simple interest rate given on FD. The special thing is that interest on FD deposits is paid to investors at regular intervals. Such as monthly, quarterly, half-yearly and annually.
Mutual Fund: We also know mutual fund by the name of MF. If senior citizens invest in mutual funds, they will get good returns after a period of time. It is generally seen that senior citizens are afraid to invest in risk-related investment schemes because they do not want to take market risks. In such a situation, senior citizens can put a part of their savings in mutual funds to get inflation-beating returns on their investments.
RBI Floating Rate Savings Bonds: The interest rate on RBI Savings Bonds is linked to the National Savings Certificate, which is a small savings scheme. The interest rate on RBI Floating Rate Savings Bonds is 0.35% higher than the interest rate on NSC. Any change in the NSC interest rate will be reflected in the RBI bond interest rate. Unlike the NSC, which is reviewed every quarter, the interest rate on RBI savings bonds is reviewed half-yearly. The minimum investment in these bonds starts from Rs 1,000, with no limit on the maximum amount. The fixed tenure of the bond is seven years. In such a situation, it would be beneficial for people above 60 years of age to invest in it.
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