In today’s time, the falling interest rate has raised the concern of all investors. Banks are currently offering 5.5 percent returns. Even though the recent saving scheme’s deduction of interest rates has been withdrawn, this decision of the government also raised the concerns of all.
On April 7, the Reserve Bank of India did not make any change in its repo rate, indicating that there may be changes in the future. In such a situation, the question arises that where the people who have taken retirement should invest so that they get better interest.
Let’s look at a scheme that will be best for senior citizens.
1- Senior Citizen Saving Scheme
Rate of Interest – 7.4%
Installment – Quarterly
The Senior Citizen Saving Scheme is a better option. One or more accounts can be opened for five years. But the limit is only up to 1.5 million. Interest received on this will come under the tax net because the government believes that it is another income source.
2- Pradhan Mantri Vaya Vandan Yojana
Rate of interest – 7.4 percent
time limit – 10 years
The deadline of the Pradhan Mantri Vyavandan Yojana has been extended till 31 March 2023. This increase will be beneficial for those who are nearing their retirement. The scheme is offering a monthly interest rate of 7.40 percent.
3- Post Office Monthly Income Scheme
Rate of interest – 6.6 percent
time limit – 5 years
The post office monthly income scheme has a time limit of five years. There is no change in the interest rates till the maturity of this scheme. A person alone can invest up to Rs 4.5 lakh. While its maximum time limit will be Rs 9 lakh on joint investment.
4- Fixed deposits of the bank
Rate of interest – 6 percent
time limit – 7 to 10
Bank fixed deposits are still very popular today. Senior citizens mostly have choice bank FDs. The fixed deposit schemes of the bank offer monthly, quarterly, half-yearly and yearly interest rates. Whereas senior citizens get maximum interest of 0.5 percent on FDs of banks.
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