Investment Tips: Investing in Fixed Deposits (FDs) of banks has been an all-time option. However, in the current era, its rates are very low, due to which investors are looking for other options for regular income. Returns on investment in FDs are not attractive at this time, such as SBI, the country’s largest bank, is getting 5.8 percent interest on three-year FDs of senior citizens, which is not said to be attractive considering the current inflation. May go.
FD returns are fully taxable as per the income tax slab of the investor, hence the actual rate of return becomes even lower. In such a situation, investors can look at options other than FDs for regular income where the rate of return is getting higher than FD.
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Senior citizens saving scheme (SCSS)
- Senior Citizens Savings Schemes for Senior Citizens are a great investment option where the interest rate is 7.4 per cent per annum.
- You can avail deduction under section 80C of the Income Tax Act on the money invested under this scheme.
- Under this scheme, a maximum of Rs 15 lakh can be deposited for five years.
- Under SCSS, an account can be opened by a person who is 60 years of age and above.
- If someone is 55 years or more but less than 60 years old and has taken VRS, then he can also open an account under this scheme. But the condition is that he has to open this account within one month of receiving the retirement benefits and the amount deposited in it should not exceed the amount of retirement benefits.
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Pradhan Mantri Vay Vandana Yojana (PMVVY)
- Up to Rs 15 lakh can be deposited under the Senior Citizen Savings Scheme. After completing this limit, you can deposit your money in Pradhan Mantri Vaya Vandana Yojana.
- LIC is running this scheme started by the central government, under which you can invest till 31 March 2022.
- The money invested in this earns interest every month at the rate of 7.4 percent per annum.
- The maximum one can invest under this scheme is Rs 15 lakh.
- If a person invests Rs 15 lakh in it. So he will get a total interest of Rs 1,11,000 lakh as per interest at the rate of 7.4 per cent per annum.
- Under the scheme, senior citizens get guaranteed pension at a fixed rate for 10 years. That is, an annual return of up to Rs 1,11,000 can be taken for 10 years.
- The pensioner will have the right to take the interest amount either in the form of pension or in lump sum.
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post office monthly income plan
- Such schemes are also running in post offices in which banks can get more returns than FD. Under the Post Office Monthly Income Scheme of post offices, you can get an interest of 6.6 percent annually on the money deposited.
- Under this scheme, a maximum of Rs 4.5 lakh can be deposited in a single account and Rs 9 lakh in a joint account.
- In this scheme, people below 60 years of age can also get a fixed income every month by depositing money.