Interest rate: 8.3% Tenure: 5 years
Another bestseller from the Post Office, this scheme gives out regular income to retirees. The tenure of the scheme is five years, which is extendable by another three years. However, there is a `15 lakh overall investment limit per individual. Also, the scheme open only to investors above 60. In some cases, where the investor has opted for voluntary retirement and has not taken up another job, the minimum age is relaxed to 58 years. There is also no age bar for defence personnel. They can invest in the scheme even before 60 as long as they satisfy the other requirements.
Experts say the Senior Citizens' Savings Scheme should be the first option for retirees looking to park their life savings. "It offers assured returns and regular income. These are critical requirements of most retirees. This is what made Faridabad-based retired PSU manager park `15 lakh of his retirement proceeds in the scheme. The remaining is invested in bank deposits and the Post Office Monthly Income Scheme to earn a monthly income.
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