Senior citizens are not always in a situation where they can invest time in their investment projects. So, here are some ideas about investments for the elderly.
Senior Citizen Savings Scheme (SCSS)
This program is open to anyone over the age of 60. Retired people above the age of 55 but below the age of 60 can also join this scheme if they invest within one month of receiving their retirement benefits.
Post Office Monthly Income Scheme (POMIS)
A POMIS account can be opened singly or collectively, and a minor above the age of ten, or a caregiver acting on their behalf, can open an MIS profile in their own name. Bear in mind that organizations cannot hold MIS accounts.
Post Office Time Deposit Account (POTD)
The Post Office Time Deposit Account is one of Post’s very well savings plans (POTD). Post Office Time Deposit contributions are offered in terms of one, two, three, or five years. The minimum investment necessary to open a bank account is 1,000, with no max investment amount.
Bank fixed deposits
Investors can pick among fixed deposits that pay interest monthly, quarterly, semi-annually, or annually. Seniors who establish fixed deposit accounts will be able to choose the duration of the paying interest period.