Most Beneficial Investment Options for Senior Citizens

Post-retirement everyone looks for financial stability and a secure future. And for this, various financial instruments are there to help. Various banks and NBFCs have specific schemes designed especially for senior citizens.

Let’s discuss this in detail.

• Right after retirement, most senior citizens go for the Senior Citizen Saving Scheme. Undoubtedly, it is the most suitable and widely preferred investment option for senior citizens. This scheme is only available to retirees and can be availed from either a bank or post office. Many NBFCs also has its own scheme for senior citizen investment plans.
• One of the best and highly safe options is senior citizen Fixed Deposit plan. Here one will get fixed income and the rate of interest remains untouched by any market changes. You can choose the tenure as per your requirement that ranges from 1 to 10 years. These days reputed NBFCs such as Bajaj Finserv also have their own FD scheme for senior citizens.
• Post office MIS is another helpful investment option that one can choose. The interest here is set at 7.8% currently. It is a five-year investment. If you are a single owner you can invest a maximum of 4.5 lakh. For joint ownership, it is 9 lakh.
  

Other than these mentioned financial instruments, you can invest in mutual funds, preferably the equity, and debt funds. Another instrument is tax bonds. But make sure you learn about all the different kinds of investment options you have. You may ask from an expert or talk to your preferred bank or NBFC today.

Also, Read This: How Senior Citizens Can Multiply Tax-Free Gratuity Amount