Best Retirement Plan: Do you want to invest your savings in a good place? Want to secure your tomorrow with today? So in such a situation you can adopt the best retirement plan. In such a situation, life after job can be comfortable for you.
If you want to get salary every month even after retirement, then for this you can adopt some schemes which can benefit senior citizens by investing. Today we are going to tell you about such schemes which can keep you financially strong in old age. Let us know how senior citizens can get the benefit of monthly income on retirement.
Senior Citizens Savings Scheme (SCSS)
One of the best retirement plans is Senior Citizens Savings Scheme. This is a small savings scheme for senior citizens above 60 years of age. Under this, there is a lock-in time of 5 years for the principal amount.
In this, interest is given on quarterly basis. Will be applicable from the date of deposit till 31st March/30th June/30th September/31st December. The minimum deposit amount in all SCSS accounts will be Rs 1,000 and multiples of Rs 1,000. Whereas, the maximum limit is Rs 30 lakh. This account can be opened single or jointly with your spouse. This scheme is eligible for tax exemption under section 80C.
Fixed Deposit
You can also adopt fixed deposits as the best retirement plan. Many such schemes are offered by banks including post office which can give higher interest rate benefits in less investment. There are different tenures and interest rates for fixed deposits. FD interest is paid to investors at regular intervals – monthly, quarterly, semi-annually and annually.
Post Office Monthly Income Scheme (POMIS)
Monthly Income Scheme account is opened by the post office. Post Office Monthly Income Scheme is a small savings scheme. Its investment period is 5 years. It can be opened as a single or joint account. The maximum limit for investment in a single account is Rs 9 lakh. Whereas, there is Rs 15 lakh in a joint account. Investments in it are not eligible for any tax benefits.
