Retirement is a new phase in your life, where you need to consider factors such as monthly expenses and inflation. A well-funded retirement requires strategic investments that bear fruit over time.
When you retire, it is important to opt for investments with higher interest rates and stability. Your nearest post office or nationalised bank can help you accumulate your savings in Senior Citizens Savings Scheme or SCSS, where you earn higher interest rates with a 5-year maturity period.
Offered by insurance companies, pension plans by insurance companies or mutual fund managers help you enjoy higher returns so you can gain a lump sum amount. However, pension funds come with risks as they’re affected by market forces, so you must plan smartly.
This six-year investment scheme is a very safe and secure investment option and is offered at designated post offices. At the end of the six-year term, you gain a bonus. You can keep the investment in the Post Office account for another two years on completion of the term and earn interest like savings account. However, you cannot invest more than that for an individual account and Rs. 9,00,000 for a joint account.
Bajaj Finance Fixed Deposit for Senior Citizens are secure investment options too, where you can earn a higher rate of return compared to savings accounts. You can look for greater flexibility in terms of tenor, avail the option of non-cumulative FD for flexible interest payouts and gain from higher interest rates for senior citizens.
Also Read: Tips to Protect Your Retirement Funds from Tax Erosion
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