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Wise investment options for retired people

  • Highlights

  • Earn income after retirement with prudent investments

  • Attractive benefits with FDs, NSCs & SCSS

  • Low-risk investments for maximising savings

Most individuals associate retirement with financial dependencies and sacrifices. However, this need not be the case, if you invest smartly. You can also work towards making retirement years happier for your parents with some simple steps.

Bajaj Finserv Fixed Deposit

Prior planning can ensure a financially secure life, post-retirement. Given below, are some suitable investment options for retired persons in India.

1. POMIS: The Post Office Monthly Income Scheme works on a monthly income basis. You can invest any given sum and gain up to 8.5% in the form of periodical returns. The tenor is a fixed period of 6 years. The maximum that an investor can invest is Rs.4.5 lakh. The returns from this option are taxed based on the income bracket of the investor.

2. Mutual funds: This option is ideal for investors who know how to deal in equity and have a healthy appetite for risks. As a retiree you can invest a

Additional Read: 5 Ways to Make Money after Retirement

lump sum or adopt a SIP approach to invest in mutual funds and gain high returns. It is important to check the ratings of the asset manager of your mutual fund and do some research before you invest since these are affected by market ups and down.

3. Company FDs: Retirees can invest in company FDs to enjoy some of the following benefits:
i. High attractive FD interest rates for senior citizens
ii. Smooth growth of savings
iii. Optimal safety
iv. Quick returns with greater flexibility

Some financiers let you invest with amounts as low as Rs.25000, and provide doorstep services too. FDs with longer tenors offer increased maturity for your savings while those with shorter tenors offer more flexibility and quick returns.

Additional Read: 5 Best Recommended Investment Schemes For Senior Citizens

Fixed Deposit for Senior Citizens

4. SCSS: The Senior citizen saving scheme is designed exclusively for senior citizens and retired investors. If you invest in this scheme, you can benefit from earning an interest return up to 7.35%. In this scheme, investors can invest an amount of up to a maximum of Rs.15 lakh.

5. National savings certificate: You caninvesta recurring amount on a monthly basis and make it grow over a period, which is exactly what the NSC does. It involves investing a minor sum of at least Rs.100 on a monthly basis and gaining interest. After 5-6 years the amount matures and can be withdrawn. These options are ideal for retiring or retired investors as they are mostly low risk and can protect your earnings.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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