Seniors can gain a lot if they continue to receive pensions after retirement. In this case, we’ll inform you about some pensions opportunities that are good for senior citizens. Additionally, this includes a strategy where a fund in the thousands of rupees can be prepared.
SCSS, or Senior Citizens Savings Scheme
Senior Citizens Savings Scheme (SCSS) allows seniors over 60 to invest in small savings plans and earn consistent interest income. Interest will be due every three months and will be based on the date of deposit up until the following dates: March 31, June 30, September 30, and December 31. The main amount is subject to a five-year lock-in period under this. SCSS: Senior Citizens Savings Scheme The minimum deposit amount in each SCSS account that a person opens is Rs 1,000, and deposits must be made in multiples of Rs 1,000, with a cap of Rs 30 lakh. You can open a SCSS account on your own or with your spouse. Cheque payments only will be allowed for deposits over Rs 1 lakh. This program qualifies.
Post Office Monthly Income Scheme (POMIS)
Another small savings program is POMIS, and it has a five-year investment horizon. The maximum investment per account is Rs. 9 lakh, and the maximum investment per joint account is Rs. 15 lakh. From the time the account was opened until the end of the first month, interest will be paid. There are no tax advantages for investments in POMIS, and the interest is completely taxable.
Fixed Deposit (FD)
In addition to the standard interest rates paid on FDs of various tenures, the majority of banks typically offer elderly people an additional 0.50 percent interest. Investors receive FD interest at predetermined intervals, such as monthly, quarterly, half-yearly, or annually. Banks offer a range of deposit tenure options. So an investor can spread the cash across many maturities through “laddering” rather than locking the money in for a specific time period. In addition to giving funds liquidity, it also controls “re-investment risk.”
Read More: Before December 14th, get this work done of Aadhaar Card for free!
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