Best Investment Options To Earn Consistent Income
Saving is an important factor in everybody’s life. It helps you stay covered and build a financially independent portfolio. The market is abuzz with lucrative schemes offering low-risk and appreciable returns.
Fixed deposit
FD (Fixed Deposit) is a low-risk, assured return option provided by leading NBFCs. It offers higher interest rate starting from 8.40% onwards. You can earn top-up rate of 0.25% on renewing the deposit. While on the senior citizen scheme you can earn top-up rate of 0.35%.
Interest income up to Rs. 10,000 is tax-free and you can save tax on income of more than this amount by submitting Form 15G and 15H.
Mutual fund
This is a more popular scheme to invest even with smaller funds. It helps to purchase funds with immediate benefit of instant diversification and asset allocation without large amount of cash needed to create individual portfolio. It lets you sell funds easily more or less on the market price. It gives the advantage of getting in and out of the fund with relative ease so investors can enjoy quick liquidity.
Senior Citizen Saving Scheme (SCSS)
This scheme is designed specifically for senior citizens who wish to generate regular income without taking any risks. Here the investor cannot choose their investment period. Interest is paid off at the end of the quarter. Investment period and option to extend account for a further three years is available. While the investment period is flexible starting with an initial 5-years lock-in period.
Fixed deposit
FD (Fixed Deposit) is a low-risk, assured return option provided by leading NBFCs. It offers higher interest rate starting from 8.40% onwards. You can earn top-up rate of 0.25% on renewing the deposit. While on the senior citizen scheme you can earn top-up rate of 0.35%.
Interest income up to Rs. 10,000 is tax-free and you can save tax on income of more than this amount by submitting Form 15G and 15H.
Mutual fund
This is a more popular scheme to invest even with smaller funds. It helps to purchase funds with immediate benefit of instant diversification and asset allocation without large amount of cash needed to create individual portfolio. It lets you sell funds easily more or less on the market price. It gives the advantage of getting in and out of the fund with relative ease so investors can enjoy quick liquidity.
Senior Citizen Saving Scheme (SCSS)
This scheme is designed specifically for senior citizens who wish to generate regular income without taking any risks. Here the investor cannot choose their investment period. Interest is paid off at the end of the quarter. Investment period and option to extend account for a further three years is available. While the investment period is flexible starting with an initial 5-years lock-in period.
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