4 investment options for senior citizens in India 2024

The SCSS is available to individuals aged 60 and above. It is a safe option that offers attractive interest rates, guaranteed returns, fixed quarterly payouts, and a five-year tenure. Each senior citizen can invest up to Rs 30 lakh in the scheme.

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FDs are a popular choice due to their simplicity, reliability, steady returns, and liquidity. Banks and post offices offer FDs with relatively higher interest rates for senior citizens.

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Senior citizens may also invest in debt-oriented mutual funds or hybrid mutual funds. These primarily invest in fixed-income instruments and provide regular income along with the potential for capital appreciation. However, investing in such funds may be prone to risk and one should select the funds in alignment with their risk tolerance and investment objectives.

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Post Office MIS is offered by the Department of Posts and provides a fixed monthly income to investors. It has a maturity period of five years and the interest rates are revised quarterly.

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1) While choosing an option, senior citizens should factor in tax implications, current liquidity, risk appetite, and inflation.
2) The investment plan needs to be reviewed periodically for any corrective measures needed.

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