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World Senior Citizen Day 2023: August 21 is celebrated as National Senior Citizen Day to recognize the achievements of the aging population of the society. A senior citizen in India means a person aged 60 years or above. On this special day, let’s explore smart investment options designed for senior citizens who prioritize safety and steady returns.
Mutual Funds for Senior Citizens: Mutual funds are versatile investment vehicles that offer a diversified portfolio. While equity funds carry more risk, debt funds can offer stable income. This makes it suitable for older investors seeking steady returns. “However, it is important to choose a fund with low volatility and consistent performance history,” said Amit Gupta, MD, SAG Infotech.
Also read: These four banks have increased the interest rates of FDs for senior citizens
Bank Fixed Deposit i.e. FD for Senior Citizens:FDs are known for their safety, which makes them an attractive option for senior citizens. Gupta said FDs guarantee a fixed interest rate over a pre-determined period, but their returns can be relatively low compared to other investment instruments.
PPF for Senior Citizens: PPF and Post Office Savings Schemes are supported by Govt. They emphasize security and long-term growth. PPF, in particular, offers tax benefits
Deposit into Post Office Savings Schemes or look at something else: Post office schemes like the Senior Citizen Savings Yojana (SCSS) provide regular income at a higher rate by directly catering to the needs of older persons. Amit Gupta said, “While considering these investment options, it is prudent to consult a financial advisor. Their expertise can help formulate a well-balanced investment strategy that suits one’s financial situation, goals and risk tolerance. ,
How to Invest in Gold for Senior Citizens: For seniors looking for investment options, gold can prove to be an attractive option, especially when you consider its long record of stability and protection. Amit Khare, Associate Vice President, GCL Broking, said that senior citizens can benefit from choosing gold as an investment, as it has a long track record as a safe investment.
(Disclaimer: The views and recommendations given above are those of individual analysts and not of Hindustan. We advise investors to check with certified experts before taking any investment decision.)