Best Senior Citizen Investment Options

Jan 18, 2023

Rajeev Kumar

Senior citizens today have many options for investment. There are government and private schemes elderly can find useful to generate decent returns. Let's look into top 5 options

SCSS is a government-backed investment scheme in which you can earn 8% interest.

Senior Citizens Saving Scheme

Bank FDs for Senior Citizens

Bank FDs for senior citizens offer up to 9% interest. U/s 80TTB, senior citizens can claim tax deductions up to Rs 50,000 against interest income.

Post Office Monthly Income Scheme

Post office monthly income scheme can give a regular monthly income at 7.1% interest to senior citizens.

Mutual Funds

Senior citizens can invest in Debt Fund with a Monthly Income Plan, Fixed Maturity Plan and Liquid Fund. They are low-risk options. They can also do SIPs into other MF schemes.

Annuity Schemes

For regular income by investing a lump-sum, senior citizens can invest in annuity schemes. They provide an annual return of around 5.5% to 6.5% of corpus.

Points to Ponder

Invest as per your post-retirement plans

Avoid high-risk financial products

Diversify investments for maximum returns