#pomis saving scheme

[takapoysanews]

পোস্ট অফিস স্কিম।Indian Post Office। Interest Rates of Post Office 2022 -takapoysanews - TAKAPOYSANEWS

In this particular post you learn details about Indian post office schemes and their lastest interest rates.

There are 9 types of schemes activated by Indian government are popular very much. Among them 1.Post office savings account 2. Post office time deposit / fixed deposit 3.Post office monthly income scheme (MIS) 4.Post office recurring deposit (RD) 5. Post office senior citizen savings scheme (SCSS) 6. Sukanya samriddhi Yojana 7.Kishan Vikas Patra (KVP) 8.Public Provident Fund (PPF) 9. NSC National Savings Scheme .

In this post you learn all the details for this popular schemes in Bengali.

[investmentadvisor01]

Securing Your Tomorrow: The Complete Guide to Investing in LIC and Post Office Schemes

When it comes to securing your financial future, Life Insurance Corporation (LIC) and Post Office Schemes stand out as two of the most reliable options available in India. As an investment advisor in Prayagraj and a seasoned LIC Agent in Prayagraj, I have seen firsthand the benefits these LIC schemes and Post Office schemes offer. With a history of stability and a range of products designed to meet various needs, these schemes offer a blend of security and growth. This guide will walk you through the essentials of investing in LIC and Post Office Schemes, helping you make informed decisions..

Why Choose LIC and Post Office Schemes? :

Trust and reliability are paramount when choosing where to invest your money. As an investment advisor in Prayagraj, I can confidently recommend LIC schemes and Post Office schemes. LIC, being a government-owned entity, has a long-standing reputation for trustworthiness and reliability.

Similarly, Post Office schemes are backed by the government, ensuring a high level of security for your investments. Both LIC and the Post Office offer various products catering to different financial goals and timelines.

Whether you're looking for life insurance, retirement plans, or short-term savings options, there's a scheme that fits your needs. Additionally, these schemes provide attractive returns. 

LIC policies often come with bonuses, while Post Office schemes offer assured returns, often higher than traditional savings accounts. For reliable and comprehensive LIC Agent service in Prayagraj, look no further.

Key LIC Products to Consider :

1. Endowment Plans: These plans combine insurance coverage with savings. They are ideal for those looking to build a corpus over a period while enjoying the benefits of life cover.

2. Term Insurance: For those seeking pure risk cover, term insurance is the best option. It offers high coverage at low premiums, ensuring financial security for your dependents in case of your untimely demise.

3. Pension Plans: LIC’s pension plans help you plan for a financially secure retirement. By investing regularly, you can ensure a steady income post-retirement.

4. ULIPs (Unit Linked Insurance Plans): ULIPs offer the dual benefit of insurance and investment. Part of your premium is invested in the market, potentially yielding higher returns, while the rest provides life cover.

Key Post Office Schemes to Consider :

1. Post Office Monthly Income Scheme (POMIS): Ideal for those seeking a regular income, POMIS provides a fixed monthly return, making it a perfect choice for retirees or those needing consistent income.

2. Public Provident Fund (PPF): PPF is a long-term savings scheme with tax benefits. It offers attractive interest rates and the security of government backing.

3. National Savings Certificate (NSC): NSC is a fixed-income investment offering tax benefits. It’s suitable for risk-averse investors looking for safe and guaranteed returns.

4. Sukanya Samriddhi Yojana (SSY): Aimed at the welfare of the girl child, SSY offers high interest rates and tax benefits, helping parents build a substantial corpus for their daughters’ future education and marriage.

How to Choose the Right Scheme :

1. Assess Your Financial Goals: Determine your short-term and long-term financial objectives. Are you saving for your child's education, a house, or retirement?

2. Risk Tolerance: Understand your risk appetite. LIC policies are generally low-risk, while ULIPs involve market-linked risks. Post Office Schemes are highly secure but may offer slightly lower returns compared to market-linked products.

3. Tax Benefits: Consider the tax implications of each scheme. Many LIC policies and Post Office Schemes offer tax deductions under Section 80C of the Income Tax Act.

4. Liquidity Needs: Evaluate your need for liquidity. While some schemes like POMIS offer regular returns, others like PPF have a lock-in period.

Conclusion :

Investing in LIC and Post Office Schemes can be a prudent choice for securing your financial future. They offer a blend of safety, reliability, and attractive returns, making them suitable for a variety of financial goals. By carefully assessing your needs and understanding the features of each scheme, you can make informed decisions that align with your financial aspirations. Secure your tomorrow by investing wisely today.

[lawyer2ca]

Senior citizens: Government hikes Senior #Citizen #savings Scheme (#scss), National Saving Certificate (#NSC), Post Office Monthly Income Scheme (#POMIS), Post Office Time Deposit (#potd) interest rates for the January–March quarter of FY 2022–23 - Lawyer2CA®️

Senior Citizen Savings Scheme (SCSS) has an interest rate of 8.0% per annum for the fourth quarter of FY 2022–23. Anyone over the age of 60 and who is over 55 but under 60, is eligible for this programme. An SCSS account can be opened with as minimum as Rs 1,000 and a maximum of Rs 15 Lakh. The account has a five-year maturity period that can be extended by an additional three years. A penalty equal to 1.5% of the deposit is imposed for early withdrawals made after one year. Section 80C of the Income Tax Act allows for the deduction of investments up to Rs 1.5 lakh. Additionally, the interest income is wholly taxable.

The Post Office Monthly Income Scheme (POMIS) interest rate has gone up from 6.7% to 7.1%. This account may be opened with a minimum deposit of Rs. 1,000 and a maximum deposit of Rs 4.5 Lakh (single account) and Rs 9 Lakh (joint account).

Post Office Time Deposit Account (POTD) can be opened for one, two, three, and five-years tenure. A minimum investment of Rs 1,000 is needed to open an account and there is no maximum investment amount. POTD now earns an interest rate of 6.6%, 6.8%, and 6.9% for periods of one year, two years, and three years, respectively. Under Section 80 C of the Income Tax Act of 1961, a senior citizen may be qualified for a tax deduction for a 5-year Post Office Time Deposit Account.

For the January-March quarter, the interest rate on National Savings Certificates (NSCs) is now, 7%. A minimum of Rs. 1,000 should be invested, in multiples of Rs. 100. There is no upper limit. The account will have 5 Years of maturity.

Kisan Vikas Patra's (#kvp) interest rate was hiked from 6.8% to 7%.

#Lawyer2CA #interestrates

https://economictimes.indiatimes.com/wealth/invest/senior-citizens-govt-hikes-senior-citizen-savings-scheme-nsc-post-office-time-deposit-interest-rates/post-office-time-deposit-account-potd/slideshow/96737707.cms

[slnkhabar]

बैंक को छोड़ इस सरकारी स्कीम में जमा करें 4.50 लाख, हर महीने होगी 2500 रुपये की कमाई और 5 साल बाद पूरे पैसे वापस

बैंक को छोड़ इस सरकारी स्कीम में जमा करें 4.50 लाख, हर महीने होगी 2500 रुपये की कमाई और 5 साल बाद पूरे पैसे वापस

Post Office Monthly Income Scheme: देश में हर वर्ग के लिए कोई न कोई स्कीम जरूर है। वहीं, अगर आप भी सुरक्षित और निश्चित लाभ कमाना चाहते हैं तो पोस्ट ऑफिस की स्कीम आपके लिए बेस्ट है। हम जिस स्कीम की बात कर रहे हैं वह Post office MIS (POMIS) है। इसमें आप एक बार निवेश कर हर महीने ब्याज के रूप में अच्छी कमाई कर सकेंगे। इस खाते (Post Office Saving Scheme) के कई फायदे हैं। आपको बता दें कि इसे 10 साल से…

[paybimainsurance]

Post Office Saving Schemes, Saving Plans for Boy Child in India 2022

Below are the 6 best Post Office Schemes for Boy Child in India-

National Savings Certificate (NSC)

Ponmagan Podhuvaippu Nidhi Scheme

Post Office Monthly Income Scheme (POMIS)

Kisan Vikas Patra (KVP)

Post Office Recurring Deposit

Public Provident Fund (PPF)

[paybimainsurance1]

Here are top 6 post office investment plans :

National Savings Certificate (NSC)**This is a low-risk with fixed income scheme offered by the government and is available with the post-offices across India. This post office saving scheme for boy child is loaded with best features and benefits to aptly suit your child’s needs. It facilitates a fixed income and definite returns to generate best revenues. This plan is currently available at 6.8% rate of interest per annum.

Features:

Minimum investment – Rs.1000

Maximum investment – no max. limit

Interest Rate – 6.8%

Lock in tenure – 5 years

Tax Benefits – Up to Rs.1.5 lakh (as per Section 80C of Income Tax)

Benefits

The plan offers fixed return on investment higher as compared to FDs.

Offer Tax benefits under section 80C.

Available at an initial investment of Rs 1,000, which is very less.

The Plan is available with a maturity period of 5 years.

No TDS allowed so the insured can obtain full value at maturity.

Ponmagan Podhuvaippu Nidhi Scheme

The department of post, Tamil Nadu introduced the Ponmagan Podhuvaippu Nidhi Scheme in the year 2015,especially meant for the male child. The account for this post office saving scheme for boy child can be opened through a parent/guardian for a minor boy below 10 years of age, while minor boys above 10 years can open the account on their own name. This special plan is limited to the residents of Tamil Nadu only, and can be availed by parents before their son attains 10 years of age.

Features:

Minimum investment – Rs.500

Maximum investment – 1.5 lakhs

Interest Rate – 9.70%

Maturity period – 15 years

Tax Benefits – available under Section 80C of Income Tax

Benefits

The plan offers ways to increase your income.

Offer Tax benefits under section 80C.

Nomination facility available.

Payments can be made in lump sum or in 12 small installments.

Parents can avail loan facility from fourth year of the account.

Post Office Monthly Income Scheme (POMIS)

Post office monthly income scheme or POMIS is a saving scheme for boy child where you can earn a fixed monthly interest by investing a certain amount. This scheme is easy to open in any post office across the country and is packed with features and benefits. For this scheme, the one key requirement is to have a post office savings account.

Features:

Minimum investment – Rs. 1000

Maximum investment – 4.5 lakhs

Interest Rate – 6.6%

Maturity period – 5 years

Tax Benefits – TDS is not applicable but sum invested is not covered under Section 80C

Benefits

The plan offers capital protection until the plan matures

This is a low risk plan and safe.

It offers affordable deposit amount facility.

The scheme offers guaranteed returns.

Multiple ownership is also available under this scheme.

Kisan Vikas Patra (KVP)

Kisan Vikas Patra or KVP is an apt plan that suits perfectly to the low income as well as the middle-class income families in India. This is a short-term post office saving scheme for boy child in India that permit parents to invest on a particular lump-sum money per year.

Features

Interest Rate – 6.9%

Minimum amount – Rs.1,00

Maximum amount – No Upper Limit

Maturity period – 10 years and 4 months

Lock-in period – 30 months

Benefits

The plan offers guaranteed returns with zero risks.

It helps accumulate savings for future your child.

Allow parents to get loans with low interest rates.

Nomination facility is available.

Post Office Recurring Deposit (RD)

This another good saving post office schemes for boy child in India. This is a recurring deposit plan that offer high rate of interest as compared to regular saving account in a bank. Under this scheme, parents can save a particular amount in the account every month for 5 years.

Features

Interest Rate – 5.8%

Minimum amount – Rs.100

Maximum amount – No Upper Limit

Maturity period – 5 years

Benefits

The plan offers limited restrictions.

Nomination facility is available.

Transfer of funds is available from RD to savings account.

Allow parents to save enough for their male child’s future.

Public Provident Fund (PPF)

Public Provident Fund or PPF is a post office scheme for male child in India that help parents to save on taxes as well. PPF is a long term plan of investment available at an attractive rate of interest and offers god returns on investment.

Features

Interest Rate – 7.1%

Minimum Amount – Rs.500

Maximum Amount – Rs 1.5 lakh

Tenure/Lock-in period – 15 years

Tax Benefit – available up to Rs.1.5 lakh under Section 80C

Benefits

The plan offers low risk.

Nomination facility is available.

Allow parents to take loans against the invested amount from 3rd of scheme.

Transfer of funds is available under this savings scheme.

Long term savings with attractive interest rate.

[findtnjobs]

POMIS SCHEME - Post Office Monthly Income Scheme 2022

#pomisscheme #pomis_scheme #pomis #postofficesavings #savingscheme #bestsavingscheme #post_office_savings #saving_scheme #best_saving_scheme postoffice #pomisscheme #monthlyincomescheme #pomis #postofficescheme #சேமிப்புதிட்டம் #சேமிப்பு_திட்டம்

pomis scheme, pomis saving scheme, pomis scheme full details, pomis scheme latest update, pomis scheme interest, pomis scheme eligibility, pomis online account opening, best post office pomis scheme,pomis scheme 2022, pomis saving scheme 2022, pomis scheme full details 2022, pomis scheme 2022 latest update, pomis scheme 2022 interest, pomis scheme 2022 eligibility, 2022 pomis online account…

[evergreenclub991]

Promising Investments for Your Retirement Money

One of the stepping stones to a peaceful post-retirement life is investing your retirement money in stable and efficient options. This allows you to sustain the lifestyle you had while working. Before choosing your plan, it is vital to keep in mind factors like your initial capital and monthly living expenses. There are many options available in the market and picking one that suits you best can be tiresome. To learn more about safe ways to build your ideal investment portfolio, keep reading!

Prerequisites for investing after retirement:

Review your profile and identify the associated risks. Try to keep your profile as balanced as possible and be well-informed about the consequences.

Calculate how much you will need to pay for your bills and other monthly expenses. Plan your investments so that these expenses do not deplete your initial amount.

Better safe than sorry, have a clear understanding of the investments you are making. Analyse the risk and returns of each investment before committing to it.

Divide your investments, don’t pour all your funds into one type of investment, and avoid losing more than you can afford.

Have a reasonable amount of emergency funds that can act as a safety net in the case of a medical emergency or a bad investment.

So, you’ve gone through all the prerequisites, checked all the right boxes, and are now looking at a vast ocean of investment opportunities. Here are some of the most recommended investment plans for retirees that allow you to avoid tax liability and have a steady source of monthly income.

1. Senior Citizens’ Saving Scheme (SCSS):

As the name suggests, this scheme is only for citizens above the age of 60. It is one of the most popular choices among retirees as it provides an assured way to protect your initial capital. It offers the highest post taxable returns compared to other fixed-income taxable products, allows premature withdrawal, and is eligible for tax benefits.

With an upper investment limit of 15 lakhs, the freedom to open multiple accounts, a five-year tenure with an extension of three years, and a current interest rate of 8.6% per annum, SCSS is a post-retirement investment opportunity you don’t want to miss out on.

2. Fixed Deposits (FD) For Seniors:

One of the safest forms of investments as it is free from market variables and provides a fixed monthly or quarterly return based on your preference. Banks generally offer higher interest rates on FDs for senior citizens, that range anywhere between 5 to 9%.

The tenure period ranges from 12 months to 60 months; FD also offers higher liquidity and enables you to withdraw money whenever you require. Everything considered, an FD is a stable option and you should include it in your investment portfolio.

3. Post Office Monthly Income Scheme:

This unique investment opportunity for seniors offers considerable returns at an interest rate of 7.6% as per rates announced in Q2 2019. The maximum deposit allowed is 4.5 lakhs for single ownership and not more than nine lakhs for joint accounts.

Like Fixed Deposits, POMIS offers monthly returns that are not affected by market fluctuations and are taxable. Unlike a Fixed Deposit, POMIS has a fixed maturity period of 5 years. The best part? The monthly interest is directly credited to your savings account, so you can add it to your arsenal of investments.

4. Mutual funds:

“Mutual funds Sahi hai.” we’ve heard this statement one too many times. To retirees who are economically stable enough to invest in higher-risk alternatives, mutual funds are an exciting option. Investing in mutual funds can provide high returns but they are also highly volatile and are subject to market risks.

Identify the right risk profile for your current situation and allocate your funds accordingly. Retirees are urged to steer clear of thematic and funds including mid or small caps.

5. Debt funds:

A debt fund is a type of mutual fund but doesn’t have as much risk involved because they focus on fixed-income investments. They can provide returns as high as 15% of your investment per annum, are flexible, and provide liquidity, but charges may apply, and money cannot be withdrawn immediately. Nevertheless, long-term debt funds offer high returns based on market performance.

After retirement, the money you have worked tirelessly to save should work on its own to provide for your monthly expenses. Retirees are advised to construct an efficient investment portfolio that distributes their funds to several options by weighing the risk involved and meets their monthly financial requirements.

Make your savings work for you while you sit back and get a kick out of your retirement.

To avail more important information and attend the helpful sessions for seniors you can install Evergreen Club which is one of the best social networking apps for older adults.

Respond

[biatconsultant]

Best Investment Possibilities

Special Situations Funds are a new subcategory of AIFs introduced by SEBI.

When it refers to the finest investing possibilities in India, many people have a lot of doubts. Each investor needs to put their money into the finest investment alternatives in India so that they could get the greatest return in the shortest amount of time with the least amount of risk. A few people invest for financial stability, while others invest to meet their investment objectives. Your investing alternatives should be determined by your risk tolerance, investment objective, financial plans, and liquidity requirements.

This is why astute investors are already on the hunt for the perfect investment opportunities in India, where they may quadruple their money over a set period with little or no danger. Therefore, it is harder to identify an investment strategy that offers both large returns and little risk.

Read More :  Special Situations Funds are a new subcategory of AIFs introduced by SEBI.

In actuality, returns and risks are precisely proportionate, meaning that the greater the risk, the greater the likelihood of a positive return. Financial and non-financial assets are the 2 main types of investment possibilities available in India.-We could further split financial assets into business securities including mutual funds, live investments, and other business securities, as well as fixed-income securities including Bank FDs, Public Provident Fund (PPF), Bank RDs, and other fixed-income products. Gold investments, property investments, treasury notes, and other non-financial assets are examples of non-financial assets.

While investing, it is necessary to align the investor's risk tolerance with the product's associated risk. There are a few investment plans on the marketplace that carry a high level of risk and also have the capacity to generate beneficial long-term returns when compared to other types of investments. On either side, while certain investment options have lesser risk, they also have lower returns.

You may not only attain your investment targets and also build a financial cushion for the upcoming to live a successful future by investing in the finest investment alternatives in India. This is why traders will always be on the lookout for the best investment programs that will allow them to double their money while remaining within their risk tolerance. We've also gone through in-depth the best investment possibilities in India that could allow investors to accomplish their financial objectives.

India's Best Investment Options

Any of the leading investment ideas in India 2022 that promise significant profits are mentioned below. When preparing for the future, you may want to explore integrating such investment options into your portfolio of investments.

Investment Options

Period of Investment (Minimum)

Who Can Invest

Risks

Returns Offered

Direct Equity

NA

An investor who knows to balance risk and return

High

NA

Senior Citizen Savings Scheme (SCSS)

5 years

Senior Citizens

Nil

8.7 per cent

Real Estate

5 years

Anyone

Medium

19-15 per cent

Gold ETF

NA

Anyone

Low - Medium

Market-linked

RBI Bond

7 years

Indian Citizen

Nil

7.75 per cent

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

10 years

Senior Citizens

Nil

7.4 per cent

Unit Linked Insurance Plan (ULIP)

Less or equal to 45 years

An investor keen on wealth creation and life cover

High

Depending on the investor’s profile

Post Office Monthly Income Scheme (POMIS)

5 years

Indian Citizen

Nil - Low risk

7.7 per cent

Initial Public Offerings (IPO)

NA

An investor should have a Demat cum trading account

Moderate-High

NA

Mutual Funds

Within a scheme like ELSS a lock-in period of 3 years

An investor who has an appetite for medium to high risk

Low-High

Market-Linked

National Pension Scheme

60 years

An investor looking forward to retirement plans

Low-High

Market-linked ( 8 to 10 per cent)

Public Provident Fund (PPF)

15 years

Long-term investment goals

Nil

7.9 per cent

Bank Fixed Deposits

7 days

One who doesn’t wish to take the risk or be exposed to an equity

Nil

Fixed Returns, different from bank to bank

Unit-Linked Insurance Plan (ULIP) is a type of unit-linked insurance plan (ULIP)

In India, unit-linked insurance plans are thought to be among the greatest financial possibilities. ULIP plans provide both insurance and investment benefits. Furthermore, ULIP plans offer the benefit of tax deductions. The lock-in duration for ULIP plans ranges from three to five years. A portion of the payment is being used for insurance coverage, while the rest is invested in market-linked instruments including stocks, bonds, and other investments.

ULIP's functions include:

Investing in a ULIP is adaptable since it allows people to invest according to their appetite for risk.

ULIPs are a long-term investment that helps you get the most out of your money.

You can get tax-free maturity with a ULIP.

It allows you to pay a charge at a pre-determined time and receive advantages for the duration of the policy.

2. The Public Provident Fund (PPF) is a government-run pension fund (PPF)

Among all investing alternatives in India, this is among the safe long-term investment options. It is a tax-free product. You could open a PPF account in the bank or a post office. The investment made is secured for a period of 15 years. Furthermore, you could receive compound interest on your investment if you choose this investment choice. You could also prolong the period for another five years. The sole disadvantage of a PPF account is that you can withdraw your money before the end of the sixth year. You could obtain a loan against the amount of your PPF account if you require money.

Interest Rates on PPFs from 2012 through 2022

Consider the following interest rates for a PPF account from 2012 to 2022:

Financial Year

Interest Rate

2012-2013

8.80

2013-2014

8.70

2014-2015

8.70

2015-2016

8.70

2016-2017

8.10

2017-2018

7.60

2018-2022

7.60

Characteristics of the Public Provident Fund:

The capital and income in a PPF account are secure and insured because it is a government-backed scheme.

It has a 15-year lock-in period after the investment. After the lock-in term has been completed, the lock-in period can be prolonged for up to 5 years.

The lowest premium amount to be invested on an annual basis is Rs 500 and can go up to Rs 1.5 lakh.

PPF also gives you the option of taking out a loan against your investment.

3. Investment Funds

Mutual funds, one of India's most popular alternative investments, are an excellent long-term investment plan that provides significant returns. It is a market-linked investment option that invests in a variety of financial products, including equity, debt, stocks, money market funds, and more. Returns are calculated based on the fund's market efficiency. Even while mutual fund investments have a greater risk profile, they provide enough higher returns when compared to other leading investing alternatives. Mutual funds provide two primary investment choices:

Equity Mutual Fund: are investments that are tied to the stock market. Equity mutual funds, which are among India's most popular mutual funds, provide a high return on investment by investing in stocks of firms with various market capitalizations. Equity mutual funds give significantly higher returns than other investment opportunities in India, such as debt or fixed deposits. Therefore, the danger is greater. The equity mutual fund scheme invests 65 per cent of its assets in equities and equity-related assets and 35 per cent in debt and money market securities.

Debt Mutual Fund: Debt mutual funds are one of the greatest investment opportunities for investors seeking a consistent return. Fixed-interest instruments such as corporate bonds, government securities, treasury bills, commercial paper, and other money market instruments are invested in debt funds. The primary goal of debt fund investment is to create capital growth and interest income.

Mutual Funds have the following characteristics:

Mutual funds allow you to diversify your investment portfolio while also assisting you in achieving your investing goals.

Each mutual fund program has an assigned financial adviser who assists you in selecting a profitable investment for the fund.

Mutual fund investments are particularly advantageous because you are excluded from the wealth tax.

Mutual fund investment is accessible, allowing investors to make well-informed decisions.

4. Fixed Deposits in a Bank

Fixed deposits are one of the most well-known fixed-pay investment options. FDs, as their name suggests, provide fixed returns for the course of the investment. Earnings are paid on a monthly, quarterly, or annual basis, depending on the bank's policies.

FDs come in both cumulative and non-cumulative forms, based on the bank. Whenever it relates to the non-cumulative choice, income would be given according to insurance, however, in the cumulative alternative, interest would be reinvested and paid at maturity.

As a result, it is one of India's best investment alternatives.

Fixed deposit investments could be done online or in-person at any branch of the bank of your preference. The rates of interest on FDs are attractive, with rates ranging from 6.50 (for standard account holders) to above 7 (for senior citizens) for a one-year term.

FDs come in a variety of terms (minimum 7 days, maximum 10 years), and investors could pick the one that best suits their needs.

Bank Fixed Deposits have the following characteristics:

Investing in bank fixed deposits provides financial security and a secure method for earning great returns on surplus capital.

Bank fixed deposits are simple to renew, and some banks offer overdrafts upon fixed deposits.

The fixed deposit is unaffected by market fluctuations, and the returns are also guaranteed.

5. National Pension Scheme (NPS)

Being among the greatest government-backed investment options that provide pension alternatives. According to the investor's preferences, the fund invests in bonds, government bonds, stocks, as well as other investment options.

It has two modes: automatic and active. The money is reinvested automatically in various assets under the automatic alternative, whilst the active option allows the investor to invest in assets of their option.

The length of the lock-in period is determined by the investor's age, as the scheme does not mature until the investor reaches the age of 60.

The collected interest is tax-free under this system. Whenever one opts for a lump-sum payout at maturity, 40 per cent of the profits are tax-free. The sum is taxable as regular income if the pension is received after the maturity date.

Elements of the National Pension Scheme:

While investing in an NPS, you have the option of choosing between an automatic and an active pension.

Partially withdrawing monies from the NPS is also possible.

Even when you retire, the NPS allows you to maintain your independence.

6. The Senior Citizen Savings Scheme (SCS) is a program that allows senior citizens to save

For elderly citizens over the age of 60, the Senior Citizens' Saving Scheme (SCSS) is one of the risk-free tax-saving investing choices available in India. It is among the greatest investment ideas for seniors so it provides them with a steady income. The scheme offers a competitive interest rate of 8.6% per year, making it an extremely profitable investment option.

SCSS is provided at post offices and banks all around India. A maximum of Rs 15 lakh could be invested in this program.

The program's initial term is 5 years; however, it can be renewed for another 3 years.

The Senior Citizen Savings Scheme has the following elements:

The nomination capability is available at the time of opening an SCSS account.

The program comes with a high-interest rate of 7.4 per cent.

In the event of a financial emergency, you have the option of withdrawing the funds early.

This investment strategy has a customizable duration.

7. Investing in Direct Equity

Direct equity is thought to be among the greatest long-term investment possibilities. Even though most investors perceive direct equity to be a high-risk investment opportunity, direct equity funds give larger returns than every investment opportunity in the industry.

Whenever it refers to direct equity investment strategies, it's important to think about things like buying the correct stock and knowing when to enter and exit the marketplace. While investing in direct equity, ensure that you understand how to examine a share stock. The one-year, three-year, and five-year investment returns are presently at 8, 13, and 12.5 per cent, accordingly.

Kindly note that to invest in a direct equity fund, investors must first register a Demat account.

Direct equity has the following characteristics:

The investor delves into the legalities of purchasing a company's ownership.

Direct equity investment yields a higher return.

8. Investing in Real Estate

Real estate is among India's extremely fast industries, with promising potential in retail, housing, manufacturing, commercial, hotel, and other areas. Among the investment choices available in India, purchasing a flat or plot is the greatest choice. Because the property's rate rises every six months, the threat is quite minimal. Real estate investment functions as a property and is regarded as among the best long-term investment projects with significant returns.

Characteristics of Real Estate Investing:

Real estate investment has a high tangible asset value.

Real estate investing also allows you to build a portfolio, which reduces volatility and gives significant profits.

Wait till the opportune time comes to sell the property and liquidate the investments.

9. RBI Bonds

The RBI Taxable Bonds have a 7-year maturity and a 7.75 per cent annual interest rate.

These bonds are only available in Demat format and are credited to the investor's Bond Ledger Account (BLA).

The bonds are issued for Rs. 1000, and investors obtain a Notification of Holding as verification of their investment.

The interest could be obtained as monthly earnings with the non-cumulative alternative; however, the cumulative opportunity offers re-invested interest. As a result, these bonds are one of India's best investment possibilities.

Taxable Bonds issued by the RBI have the following elements:

Any person could invest in this bond, and there is no maximum amount that could be invested.

Premature withdrawal for senior citizens is possible if specific conditions are met.

Interest could be paid in either a cumulative or non-cumulative form to an investment.

ETF that invests in gold

Gold Exchanged Traded Funds are financial instruments that combine gold investment and stock trading. The Gold ETF could be purchased and traded just like any other firm stock. Gold ETFs are inactive products that are based on the value of gold, making them accessible in terms of cost.

When market-linked instruments' risks are high, bigger returns are frequently provided. As a result, while you lock down a financial asset, you should perform research and obtain accurate information on the instrument and its market presence.

Gold ETFs have the following characteristics:

Gold ETFs have a high level of liquidity and are easily traded on the stock exchange.

The advantage of being able to choose the quantity you want to sell and acquire.

It can be used as collateral for secured loans and the transaction can be completed quickly.

11. Pradhan Mantri Vaya Vandana Yojana (PMVVY)

The Pradhan Mantri Vaya Vandana Yojana is available to elderly adults aged 60 and up and provides them with an annual guaranteed return of 7.4%. The system pays pension income on a monthly, quarterly, semi-annually, or annual basis, depending on the option selected. Each month, the lowest pension payment is Rs 1,000 and the maximum amount is Rs 9,250. A maximum of Rs 15 lakh could be invested in the program, which has a ten-year time frame and would be offered till March 31, 2023. The amount invested would be paid to the relevant senior citizen upon maturity; however, in the event of the senior citizen's death, the payment will be paid to the nominee.

PMVVY has the following benefits:

At a certain point in time, an elderly citizen receives a regular pension.

If you keep the scheme for three years, you can get a loan for 75% of the purchase price.

A free look period is also available, as well as a secured pension.

12. Monthly Income Scheme of the Post Office

The Post Office Monthly Income Scheme, as its name suggests, is a monthly savings plan governed by India's Post Offices. A government-backed program that allows users to save money each month. Any Indian person could register a Post-office MIS account with a minimum deposit of Rs 1500. The maturity time of the scheme, which is 5 years, begins the day the account is created. Investors could also open a POMIS account, either individually or collectively. If an investor is seeking a tax-saving option, this instrument is not for them because it does not provide a tax rebate on either the maturity amount or the investments.

POMIS has the following features:

You could simply create a joint account with two or three persons.

It is feasible to make money in the form of interest each month.

You could easily register multiple accounts in your name and invest the funds in the same scheme when they mature.

13. Initial Public Offerings (IPOs)

An Initial Public Offering (IPO) is a type of offering in which a new business invites the public to buy shares in the firm before it is listed on a stock exchange. Firstly, the rates are low, and traders are likely to maintain an eye on potential businesses that aim to see the price of their stock rise overtime after the offering.

Whenever a firm is listed on the stock exchange, the price of its stocks fluctuates based on market situations, which has an impact on the firm's earnings, prospects, management, and a variety of other factors. This alternative can be regarded as a long-term and low-risk investment choice if the businesses are right. Though, IPOs come with their own set of dangers that must be considered when investing.

The IPO's features include:

Because it gives stock options, the company attracts top talent.

It is not necessary to repay the capital, and it does not charge interest.

It is advantageous for small business owners and venture capitalists to cash out their early investments.

Investment Options Types

It is critical to have a thorough understanding of various investment plans when beginning to invest. Let's look at the many types of investment possibilities in depth because most investors invest depending on the risk level (low, medium, and high threat).

1. Investing with low risk

These are investment choices that provide a consistent income independent of economic or company conditions. This category includes debentures, bonds, and fixed deposits. Other investing alternatives include EPF, PPF, Sukanya Samriddhi Yojana, Senior Citizen Savings Plans, and National Savings Certificates, all of which are government-sponsored schemes with low-risk guaranteed returns.

These investment programs provide predictable and predictable returns. Low-risk investment choices should be considered by investors who want no volatility in their investment portfolio and have a low-risk tolerance. Low-risk investment choices provide investors with secure and assured profits.

2. Investments with a moderate level of risk

These investment plans carry a certain level of risk, but they also offer a better rate of interest to investors. Medium-risk investment alternatives are better suited for investors with a moderate risk appetite who wish to earn larger returns and a more consistent stream of income than fixed-income assets.

This includes balanced mutual funds, debt funds, and index funds. Despite the fact that medium-risk investment opportunities offer some consistency and debt, their market-linked volatility could wreak havoc on the principal. Medium-risk investing alternatives offer some consistency and debt, but the returns' unpredictability might result in a loss of money. It is impossible to obtain a continuous fixed income depending on the market volatility connected with these products.

3. Investing in high-risk situations

Returns and hazards are exactly proportionate to each other in high-risk investment options. These investment plans provide a high return on investment, but the risk associated with them is equally significant. This includes equity mutual funds, company stocks, derivatives, and even individual equities. These investment alternatives are suitable for market aware investors with a high-risk tolerance appetite and a good understanding of the market. Even if there is no limit to the amount of money you can make with these investing alternatives, the danger is very great.

However, these investment opportunities could yield great profits, it is critical to know when to participate in a turbulent market and when to quit and remove money with high profits.

The Best One-Year Investment Strategy

If you intend to invest for a short period, say a year, you must stay away from stock options because they are volatile. Thus, when making a short-term investment, it is critical to ensure that the money you invest is secure, as you will not be able to retrieve your losses if market volatility occurs. These were some of the top one-year investing plans available for significant returns.

1. Fixed Maturity Strategies

These are closed-ended mutual funds that invest primarily in fixed-income assets with appropriate maturities. Instruments that could mature at the same time are chosen by the fund manager. Fixed maturity plans have a maturity time ranging from one month to five years. Fixed maturity plans keep the investment until maturity and are unaffected by interest rate fluctuations, even if they are high. The primary goal of a fixed maturity program is to produce a consistent return throughout the period.

2. Mutual Funds that Invest in Debt

Debt mutual funds are the finest short-term investment opportunity, with the top investment strategy for a year being debt mutual funds. These are open-ended funds that are better suited to investors with a low tolerance for risk. Debt mutual funds are among the safe and most effective investment projects with good returns, as the investment is mostly invested in high-rated debt securities including corporate bonds, government securities, and treasury bills. Debt mutual funds provide better returns when compared to any of the traditional savings bank accounts. This fund invests mostly in securities with maturities ranging from six months to one year.

3. Term Deposits at the Post Office

This is among the easiest and safe one-year investment plans available. Term deposits at the post office are available for 1 year, 2 years, 3 years, and 5 years. Deposits establish the interest rate, which is set by the government each quarter and guarantees the investment, in post-office terms. The entire investment made towards POTD interest accrues at the current rate. As a result, if an investor builds a new investment after the fresh interest rate is announced, the new investment would get earnings depending on the new rate of interest.

4. Mutual Funds that Arbitrage

This mutual fund's investors put money into subsidiaries and money segments to take advantage of the price market's and subordinate fragment's arbitrage opportunities. This open-ended fund is appropriate for those who wish to take advantage of a tax benefit and would like to invest for at least a year. The investment in an arbitrage mutual fund was low-risk. Furthermore, when compared to alternative investment options, the returns produced by these funds are also lower.

5. Deposits made regularly

The recurring deposit, as among the finest investment plans for a year, is better suited for investors seeking a safe investment choice and who wish to invest a small fixed sum with the bank on a routine basis. The person gets the lump-sum payment plus interest at the end of the insurance term with a recurring deposit. This is a profitable short-term investment opportunity since it encourages individuals to develop long-term saving habits.

6. Fixed-Income Investments

Fixed deposits are among the simplest and most luxurious investing opportunities, and one of the greatest one-year investment projects. If a person has a lump sum of money in their savings account, they could put it into a fixed deposit. Bank FDs offer a competitive interest rate, which is significantly higher than that of a conventional savings account. Furthermore, bank fixed deposits are regarded as very stable investments because they are fixed for the duration selected and there is no risk of theft.

Best Investment Strategies for the Next 5 Years

Short-term and low-risk investment options spanning from 1 to 5 years could assist a person to protect their collected wealth. An individual could invest without locking it away for a longer period with the finest investment strategy for 5 years. Investors must think about liquidity, risk, and tenor whenever deciding on the optimal investment program for the next five years. Let's have a look at some of the top investment plans for the next five years that you might want to explore.

1. Liquid Funds 

These are a sort of mutual fund scheme that invests in short-term government bonds and certifications, sometimes referred to as money market funds. Traders in this fund have the opportunity of withdrawing money when they want. This fund is better suited for investors looking to invest for a period of three to five years. Because the money invested in liquid funds is primarily invested in financial instruments, they pay a higher rate of interest of 7%.

2. Savings Account 

Savings accounts are a popular option for many individuals because they are one of the greatest investment plans for the next five years. This investment strategy provides maximum liquidity to investors, allowing them to withdraw cash at any time and from any location. Savings accounts with a 4% interest rate are appropriate for people who want access to all of their money regularly.

3. Time Deposits at the Post Office

These plans are regarded as among the greatest short-term investment projects as well as the best investment choice because they provide investors with guaranteed returns. The India Postal Service offers this plan, which is very famous in India's remote and rural areas. Post-office time deposits have a term of one to five years and provide high liquidity to investors. Every year, interest is calculated on the amount deposited. Let's take a view of the current interest rates for Post-Office Time Deposits.

Tenure of Account

Applicable Rate of Interest

1 Year

7.0%

2 Years

7.0%

3 Years

7.0%

5 Years

7.0%

4. Mutual Funds with a Large Cap

Huge-cap mutual funds, another opportunity for the top investment program for 5 years, invest mostly in stocks of large corporations to make a large profit in a short amount of time. With a duration of 3-5 years, this attractive short-term investment strategy could provide investors with fast and sensible profits. In addition to the high returns of 8% to 12% on investment, this fund also provides investors with a high level of liquidity. This is a low-risk short-term investment fund that is better suited for investors with a low-risk appetite.

5. Derivatives and the stock market

Commodities, stocks, and derivatives can be rewarding for investors with a thorough understanding of the market and a high-risk tolerance. Sharemarket investments could be undertaken for the short or long term, based on the investors' financial goals.

What should you do?

Some of the investment possibilities listed above are fixed-income investments, while others are market-linked investments. It is critical to comprehend the position of both forms of investment possibilities when attempting to build wealth for the future.

While market-linked investment options are subject to market volatility, their returns are large, fixed-income investment opportunities that allow you to accumulate money and achieve your financial goals. It is critical to create the greatest use of both investing possibilities to attain your financial targets, whether they are short-term or long-term. Have a judicious mix of investments, bearing in mind crucial factors including taxation, risk, and investment horizon.

Conclusion

The golden rule of sensible investing is to have a thorough awareness of the many sorts of investment opportunities available in the market. The goal of most investors' investments varies based on their financial objectives, time horizon, and risk tolerance, among other factors. To make money grow, an individual must invest in wise investment selections that will provide attractive long-term returns.

Furthermore, as an investor, you must distinguish between savings and investment. Even though saving is regarded as a distant approach to accumulating riches, creative investment tactics might help you in accumulating additional wealth.

[poonamranius]

Post Office all Savings Schemes : हर महीने 10 हजार का निवेश करें और पाएं 16 लाख

Post Office all Savings Scheme : भारतीय डाक (India Post) विभिन्न प्रकार के निवेशकों के लिए ढेर सारी निवेश योजनाएं प्रदान करता है, जिनमें व्यक्ति, बालिकाएं भी शामिल हैं ! सभी डाकघर (Post Office) निवेश योजनाएं रिटर्न की गारंटी देती हैं क्योंकि भारत सरकार इसका समर्थन करती है ! इसके अलावा, कुछ डाकघर निवेश योजनाएं (Post Office Investment Schemes) निवेश पर 1.5 लाख रुपये तक कर लाभ प्रदान करती हैं ! इस लेख में विभिन्न डाकघर बचत योजनाओं (Post Office Savings Schemes) और डाकघर योजनाओं के लाभों के बारे में विस्तार से बताया गया है ! Post Office all Savings Scheme Post Office all Savings Scheme डाकघर बचत खाता (Post Office Saving Account) डाकघर बचत खाता (Post Office Savings Account) उन योजनाओं में से एक है जो डाकघर (Post Office) प्रदान करता है ! कोई भी व्यक्ति डाकघर में कम से कम 20 रुपये से बचत खाता खोल सकता है ! डाकघर बचत खाते की ब्याज दर (Post Office Savings Account Interest Rate) लगभग 4% है, और ब्याज की गणना हर महीने की जाती है ! साथ ही, आयकर नियमों के अनुसार, प्रति वर्ष 50,000 रुपये से कम की ब्याज राशि जमाकर्ता के हाथों में कर-मुक्त है ! डाकघर आवर्ती जमा खाता (Post Office all Savings Scheme) 5 वर्षीय डाकघर आवर्ती जमा (Post Office Recurring Deposit) खाता निवेशकों को मासिक आधार पर बचत करने की अनुमति देता है ! ब्याज तिमाही आधार पर चक्रवृद्धि होता है ! इस पोस्ट ऑफिस स्मॉल सेविंग्स स्कीम (Post Office Small Savings Scheme) में कुल 60 मासिक किश्तें हैं ! डाकघर आरडी (Post Office RD) उन व्यक्तियों के लिए उपयुक्त है जो नियमित मासिक जमा के माध्यम से बचत करना चाहते हैं ! इस योजना के लिए डाकघर बचत ब्याज दर 5.8% प्रति वर्ष है ! निवेशक RD कैलकुलेटर का उपयोग करके RD निवेश से अपने रिटर्न का अनुमान लगा सकते हैं ! डाकघर सावधि जमा खाता (Post Office Fixed Deposit Account) डाकघर के सावधि जमा खाते (Post Office Fixed Deposit Accounts) में निवेश के लिए न्यूनतम 1,000 रुपये की आवश्यकता होती है !  कोई भी व्यक्ति निम्नलिखित में से किसी भी अवधि के लिए टीडी खाता खोल सकता है; एक साल, दो साल, तीन साल और पांच साल !  इसके अलावा, जमाकर्ता ब्याज के पुनर्निवेश का विकल्प चुन सकते हैं ! निवेशक सालाना 1.5 लाख रुपये तक के टैक्स बेनिफिट का दावा कर सकते हैं ! जब वे आयकर रिटर्न दाखिल करते हैं तो वे कर लाभ का दावा कर सकते हैं ! डाकघर मासिक आय योजना खाता (Post Office Monthly Income Scheme) भारत सरकार POMIS का समर्थन करती है ! हर तिमाही में ब्याज दरों की घोषणा की जाती है ! मौजूदा ब्याज दर 6.60% (जनवरी-मार्च 2021 तिमाही के लिए) है डाकघर मासिक आय योजना (Post Office Fixed Deposit Accounts) के लिए न्यूनतम राशि INR 1,500 है, और अधिकतम सीमा INR 4,50,000 प्रति व्यक्ति है ! हालांकि, संयुक्त होल्डिंग के लिए, अधिकतम सीमा INR 9,00,000 है ! साथ ही, कोई भी व्यक्ति अपने POMIS खाते को एक डाकघर से दूसरे डाकघर में स्थानांतरित कर सकता है वरिष्ठ नागरिक बचत योजना (Senior Citizen Saving Scheme) डाकघर बचत योजना (Post Office Savings Scheme) जमाकर्ताओं के लिए नियमित आय के साथ-साथ सुरक्षा भी प्रदान करती है !  नियमित आय ब्याज भुगतान के रूप में होती है !  ब्याज की गणना हर तिमाही में की जाती है और निवेशक के खाते में जमा की जाती है ! ब्याज दरों को हर तिमाही संशोधित किया जाता है !  चालू तिमाही के लिए SCSS ब्याज दर 7.40% है न्यूनतम निवेश राशि INR 1,000 और अधिकतम INR 15,00,000 है !  इस डाकघर बचत योजना (Post Office Savings Yojana) में पांच साल की लॉक-इन अवधि हैहालांकि, ब्याज आय कर योग्य है ! साथ ही, टीडीएस 50,000 रुपये से ज्यादा का ब्याज होने पर भी काटा जाता है ! भविष्य निधि खाता  (Public Provident Fund) पब्लिक प्रोविडेंट फंड (Public Provident Fund) द्वारा शुरू की गई एक डाकघर बचत योजना है ! यह योजना भारत सरकार के समर्थन के रूप में रिटर्न की गारंटी देती है मौजूदा तिमाही (जनवरी 2021-मार्च 2021) के लिए पीपीएफ की ब्याज दर 7.1% है पीपीएफ निवेश की 15 साल की निश्चित अवधि होती है ! एक बार निवेश करने के बाद, निवेश 15 साल के कार्यकाल के लिए लॉक-इन होता है ! निवेशक 5 साल के अंत में निकासी कर सकते हैं ! वे पिछले वर्ष या 4 के अंत के संतुलन के केवल 50% वापस ले सकते हैं वें साल ! निवेशक 1% के जुर्माने के साथ अपने पीपीएफ खाते (PPF Accounts) को समय से पहले बंद करने का विकल्प चुन सकते हैं ! किसान विकास पत्र (Kisan Vikas Patra) किसान विकास पत्र (Kisan Vikas Patra ) किसानों के लिए शुरू की गई एक छोटी बचत योजना है ! निवेशक इस योजना में कम से कम 1,000 रुपये की राशि के साथ निवेश कर सकते हैं ! 18 वर्ष और उससे अधिक आयु के भारतीय नागरिक किसी भी स्थानीय डाकघर में केवीपी (KVP) योजनाओं में निवेश कर सकते हैं ! INR 50,000 से अधिक के निवेश के लिए प्रमाण के रूप में पैन कार्ड की आवश्यकता होती है ! और INR 10 लाख से अधिक के निवेश के लिए, निवेशकों को आय प्रमाण प्रस्तुत करने होंगे ! Read the full article

[fridgepack15]

What are the Investment options for pensioners and senior citizens?

Retirement is a crucial stage of life that everyone goes through. And when it comes to planning for your retirement, it looks like a continuous and lifelong process that evolves over time. Whether you are salaried or an entrepreneur, everyone expects to secure their lives after retirement. And, while it is important to plan at every stage of life to secure your life post-retirement, it is also normal to look out for investment options post-retirement. After retirement, income stops but expenses don’t. Considering the inflation rate and high standard of living of the decade, a regular monthly pension is no longer sufficient. We have got a few investment options for senior citizens and pensioners that may help you reduce your stress. Take a look.

Senior Citizen Savings Scheme (SCSS)

A Senior Citizens’ Saving Scheme (SCSS) is a government-backed retirement initiative Indian Senior citizens can invest a lump sum amount in the scheme, individually or jointly, and draw regular income along with tax benefits. If the bank allows, one can open the SCSS online account through internet banking or mobile banking app.

Senior Citizen Fixed Deposits Senior Citizen Fixed Deposits (FDs) offer special interest rates to individuals who are over the age of 60. These FDs have a wide range of benefits attached to them. It creates a safe space for the money to grow at a steady pace. It can also help in saving tax if it is a 5-year tax saver FD.

Pradhan Mantri Vaya Vandana Yojana It is a scheme operated by Life Insurance Corporation (LIC). It is a low-risk investment pension plan for people only over 60 years of age. With a tenure of 10 years, it offers an interest rate of 7.4% for the ongoing financial year. Post Office Monthly Income Scheme (POMIS) POMIS is a government of India-backed small savings scheme that allows the investor (s) to set aside (save) a specific amount every month. This scheme has a tenure of 5 years and once invested the interest rates continue to remain constant till maturity.

[myministove]

Plan Your Finance Before Your Retirement

The word “Retirement” sounds very peaceful, you might think that retirement means to relax, seven-day weekends, unlimited vacation, sleeping till late afternoon and the list goes on, but if your finances are not well planned then your retirement might get a little chaotic. We have a few golden ways to make your golden years beautiful.

Senior Citizens’ Saving Scheme(SCSS)

There is a Scheme called Senior Citizens’ Saving Scheme(SCSS) which is a must for senior citizens to have in their investment portfolios.  This scheme is only available for senior citizens or early retirees. This scheme can be availed from a post office or a bank by anyone who is above 60. Any early retirees can invest in this scheme but they have to do it before three months of receiving their retirement funds. It has a five-year tenure which can also be extended by three years once the scheme matures.

Post Office Monthly Income Scheme(POMIS)

This scheme is a five-year investment. The investment in this scheme doesn’t qualify for any tax benefit and the interest is completely taxable. The interest can be directly credited to the saving account instead of going to the post office each month.

Bank Fixed Deposits (FDs)

FDs are the popular choice that the retirees choose. The safety and fixed returns go well with the retirees. However, the interest rate has been falling over the years. For people who are looking to save their tax then FD can be a better option. The investment made in this account qualifies for Section 80C tax benefit. Even though the interest income is taxable, there is an amount of tax which are saved at least in the year of investment. There are many banks that offer a rate that is slightly lower than the non-tax saver deposit rates.

Mutual Funds (MFs)

When a person retires and there are times when the non-earning period extends for another two decades or more, investing a portion of the retirement funds is important. Retirement income through interest, dividends, etc. can cause inflation in retired days. Retirees are always advised to stay away from sectoral funds, mid and small caps. It’s a basic idea to generate stable returns.

One must plan well about their finances before retirement to have a happy life. Retirement is the time of life when the retiree feels like enjoying their days and spending them lavishly. If one has planned it well with all the schemes and advantages then the retirement life will be fun and carefree.

[moneycafe]

Why POMIS is a safe monthly income option

Why POMIS is a safe monthly income option

If you are looking for low-risk investment options that offer regular monthly income, consider post office monthly income scheme (POMIS). This product offers higher interest rate compared to similar fixed deposit (FD) options from banks and is a government-backed savings scheme with a tenure of five years. The minimum investment amount is ₹1,000. The maximum limit is ₹4.5 lakh in a single account…

[gryphondigitalstudio00]

Plan Your Finance Before Your Retirement

The word “Retirement” sounds very peaceful, you might think that retirement means to relax, seven-day weekends, unlimited vacation, sleeping till late afternoon and the list goes on, but if your finances are not well planned then your retirement might get a little chaotic. We have a few golden ways to make your golden years beautiful.

Senior Citizens’ Saving Scheme(SCSS)

There is a Scheme called Senior Citizens’ Saving Scheme(SCSS) which is a must for senior citizens to have in their investment portfolios.  This scheme is only available for senior citizens or early retirees. This scheme can be availed from a post office or a bank by anyone who is above 60. Any early retirees can invest in this scheme but they have to do it before three months of receiving their retirement funds. It has a five-year tenure which can also be extended by three years once the scheme matures.

Post Office Monthly Income Scheme(POMIS)

This scheme is a five-year investment. The investment in this scheme doesn’t qualify for any tax benefit and the interest is completely taxable. The interest can be directly credited to the saving account instead of going to the post office each month.

Bank Fixed Deposits (FDs)

FDs are the popular choice that the retirees choose. The safety and fixed returns go well with the retirees. However, the interest rate has been falling over the years. For people who are looking to save their tax then FD can be a better option. The investment made in this account qualifies for Section 80C tax benefit. Even though the interest income is taxable, there is an amount of tax which are saved at least in the year of investment. There are many banks that offer a rate that is slightly lower than the non-tax saver deposit rates.

Mutual Funds (MFs)

When a person retires and there are times when the non-earning period extends for another two decades or more, investing a portion of the retirement funds is important. Retirement income through interest, dividends, etc. can cause inflation in retired days. Retirees are always advised to stay away from sectoral funds, mid and small caps. It’s a basic idea to generate stable returns.

One must plan well about their finances before retirement to have a happy life. Retirement is the time of life when the retiree feels like enjoying their days and spending them lavishly. If one has planned it well with all the schemes and advantages then the retirement life will be fun and carefree.