Investment Options Every Retiree Should Know About
Many people fear retirement as the end of earning. However, if carefully invested, then even after retirement you can continue to earn good returns on your investments by investing in instruments which provide great returns. These are the core investment instruments and provide assured returns even after retirement.
Some of the best investment options are as follows -
Fixed Deposits
Fixed Deposits are considered to be one of the safest and the most stable Term Deposit investment option. It is provided by both conventional lenders and financial institutions such as (NBFCs) Non-Banking Financial Companies and offers guaranteed returns. Some of the top benefits of investing in fixed deposits include high-interest rates, flexible tenors, and periodic payment options.
Interest rates vary from one lender to the other and thus the best idea is to check and compare the interest rates of the various lenders before choosing with whom to invest with. If you want to know the amount, including interest, which you stand to receive at the end of the investment tenor, you can make use of the FD Calculator using which you can check your returns before investing.
Senior Citizens’ Saving Scheme (SCSS)
This is a savings scheme which is offered by both conventional lenders and post offices and whose current interest rate has been set at 8.7% which has made it one of the best investment schemes for retirees. The tenor of investment is 5 years and the maximum amount which can be invested is Rs. 15 lakhs. The scheme is backed by the Government of India and like the fixed deposits offers guaranteed returns. Additionally, you can also avail tax benefits under Section 80C of this scheme.
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