If you have money in your hand more than daily need. Then my thought is to invest it in a risk-free place. However, If you are looking for senior citizens Investment options then stick to this article until the end.
If your age is above 60, You should invest your money in a safe place or in a risk-free investment. So, to know the senior citizens investment then read this article.
Senior citizens investment options with no risk.
The investment can help you with your expenses. The interest in investment can be expensive for daily needs. The following are the investment options for Senior citizens.
Senior Citizens Investment
If you are an old man then you are eligible for this scheme, Your age should be above 60 years, and at this age, you should look at safe investment options with high returns in India. Because it will help you to enjoy the time you have.
These schemes provide good returns on investment, i.e around or more than 8% annually. SCSS is available across India in Banks and Post offices. The maximum amount one can invest in these schemes is 15 Lakh.
However, The tenure of these schemes is 5 years and it can be extended from 5 years to 8 years. So, If you are a senior citizen then my recommendation is to invest in this scheme.
First, you should try to invest in this scheme because it is made for you only. But In some cases, It is not available in your nearby location then you go with the second option ” Fixed Deposit”.
A Fixed Deposit is a money Investment Instrument and It is provided by the Banks, Post offices ( In India ), and NBFCs. It pays a higher return on Investment from the normal savings.
Fixed Deposit is Designed for risk-averse investors, It allows you to earn interest on the deposited amount over a short and long period of time. The rate of interest usually from 7% p.a. to 8% p.a. This counted on the period you invest.
It is a safe investment option for senior citizens. Due to its risk-free and safe. This investment is known as the safest investment. These also as Tax benefits on investment.
Last word from mini invest
You should try to invest in “Senior Citizens Investment” and If it is not available in your nearby location then only go for the second option “Fixed deposit”. Because The first option has higher interest rate on investment then Fixed deposit ( FD ).
I hope you have understood about the “Senior Citizens Investment”. If you have any recommendation or feedback related to this topic then write it down in the comment box below.