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Senior Citizen: If you are a citizen above 60 years then this news is for you. After this age, most people look for regular income to meet their needs. Some savings and deposit schemes of banks and government can help you with this. By investing in this scheme you get a good amount in the form of regular interest. Apart from this you also get tax exemption. Let’s know about 3 such schemes which guarantee you good income.
Senior Citizen Savings Scheme
Customers above 60 years of age can invest in Senior Citizen Savings Scheme (SCSS). Let us tell you that the interest in this scheme is paid quarterly. While you get full money only after the lock-in period of 5 years is over. Customers can start investing with a minimum of Rs 1,000 in this scheme. Apart from this, you also get tax exemption under section 80c in this scheme.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme (POMIS) is a small savings scheme in which customers can invest for 5 years. Here you can invest a maximum of Rs 9 lakh in a single account while in a joint account you can invest up to Rs 15 lakh. In this scheme you get interest on monthly basis.
Fixed Deposit
If senior citizen customers want to invest their savings and get guaranteed returns after a fixed period, then Fixed Deposit (FD) can be a good option. On doing FD, most banks usually give 0.50% additional interest to senior citizens in addition to the normal interest rates offered on FD. You get interest amount monthly, quarterly, half yearly and annually.
Disclaimer: Information provided here is only about stock performance, not investment advice. Investment in stock market is subject to risk and please consult your advisor before investing.