Nowadays, declining interest rates have raised the concerns of all investors. Banks are currently offering a 5.5 per cent return. While the latest savings plan cuts interest rates, the government’s decision has raised concerns. On April 7, the Reserve Bank of India made no changes to its repo rate, indicating that it may change in the future. In such a situation, the question arises as to where the people who are retiring should get the best investment.
Let’s take a look at the best plan for senior citizens.
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1- Senior Citizens Savings Plan
Interest Rate – 7.4%
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Senior Citizens Savings Plan is a good option. One or more accounts can be opened for up to five years. But the limit is only up to 1.5 million. This interest tax falls under the net as the government believes it is another source of income.
2- Pradhan Mantra Vaya Vandan Project
Interest Rate – 7.4%
Deadline – 10 years
Pradhan Mantri Vyavandan’s project deadline has been extended to 31 March 2023. This increase is beneficial for those close to retirement. The scheme is offering a monthly interest rate of 7.40%.
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3- Post Office Monthly Income Plan
Interest rate – 6.6%
Deadline – 5 years
The Post Office’s monthly income plan has a five-year term. There will be no change in interest rates until the completion of the scheme. 4.5 Lakhs per person Its maximum time limit on joint investment is Rs 9 lakh.
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4- Bank Fixed Deposit
Interest rate – 6 percent
Deadline – 7 to 10
Bank fixed deposits are still very popular today. Senior citizens often have Choice Bank FDs. The bank’s fixed deposit plans offer monthly, quarterly, semi-annual and annual interest rates. Senior citizens receive a maximum of 0.5 percent interest on banks’ FDs.
