A few investment ideas for retired individuals

Senior Citizen Savings Scheme (SCSS) is one of the well known plans among retired people in India.

Many banks also offer higher interest rates to senior citizen when compared to others. However, tax will be deducted at source.

A few investment ideas for retired individuals

It's a safe and sure way to get monthly income. It's specially tailor made for retired employees/senior citizens, who look at monthly income that is secure.

Interest rates are currently pegged at 8.5% (latest) and the maturity period is for five years.

A few investment ideas for retired individuals

Fixed Deposits are one of the favorite instrument for investment due to its liquidity nature and is considered safe when compared with others.
The plus point is senior citizen will avail 0.5% higher on interest rates

A few investment ideas for retired individuals

Here any individual (a single adult or two adults jointly) can open an account. The duration for the deposits are 1 year, 2 years, 3 years 4 and 5 years. The prevailing rate of interests are 7.7%, 7.8%, 8.4%, 8.5%, compounded quarterly.accounts respectively. The investment in the case of five years TD qualifies for benefit under section 80C of the Income Tax Act, 1961.

A few investment ideas for retired individuals

As the name indicates, these are the corporate/company deposits that earn a fixed rate of return over a period of time Financial institutions and Non-Banking Finance Companies (NBFCs) also accept such deposits.
However, these deposits are unsecured deposits and if the credit worthiness is not checked, may leave the depositor with loss of principal and interest.

A few investment ideas for retired individuals

Government schemes like National Savings Certificate and Kisan Vikas Patra are other, which are safe instruments.
Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act.
There is no Tax deduction at source. Interest rates provided on NSC is 8.60%.