If you are a retired individual or an investor looking at regular income, here are four plans that offer you monthly income at attractive interest rates. Interest on monthly income plans is always lower than quarterly, semi-annual or annual interest plans. We recommend HDFC Monthly Income Plans very strongly.
Attractive interest rate
HDFC is offering for 15 months, a monthly interest of 7.85 per cent, while for 22 months it is 7.90 per cent and for 30 months it is again 7.85 per cent. A 44-months deposits fetches you an interest of 7.85 per cent.
Marginally lower interest rate than HDFC
This has to be among the best fixed deposits, if you are looking at monthly interest from fixed deposits
The 12-17 months fixed deposits offer you a monthly interest rate of 8.23 per cent, while 18-60 month deposit offers you an interest rate of 8.32 per cent.
These are AAA rated deposits, which are relatively secure, making it good Fd fr monthly income.
Good track record
This scheme from Canara Robeco has offered a return of 8 per cent over a 5 year period. The portfolio of the scheme is extremely strong to maintain monthly income and dividends in the near future.
It's important to remember unlike bank and company fixed deposits, this mutual fund scheme cannot guarantee returns. In fact, past track record is no indication of future performance.
Another mutual fund scheme
The scheme has given a return of 8.25 per cent over the last one year. It's a debt oriented Monthly Income Plan from SBI Mutual Fund. It's important to remember once again that unlike bank and company fixed deposits, this mutual fund scheme cannot guarantee returns. In fact, past track record is no indication of future performance.
From HDFC Mutual Fund
This is not from HDFC Fixed Deposit, but is an HDFC Mutual Fund product.
The last 1 year returns has been close to 9.25 per cent.