After retirement, every wage earner of India becomes dependent on interest income to meet his needs. This is a time in which the interest income of senior citizens must be getting affected. After the RBI cut the repo rate by 0.75 percent in March, banks have reduced the interest rates on fixed deposits. People investing inequities must be satisfied with low returns due to the Coronavirus outbreak. Today we are going to tell you about some such schemes, where senior citizens can get good returns by investing.
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Senior Citizens Savings Scheme: Despite large cuts in the interest rates of small savings schemes, Senior Citizen Savings Scheme is still offering a 7.45 percent interest rate to its customers. This interest rate in the plan is for the April to June quarter. This interest rate is much better than the fixed return schemes available to senior citizens in the market. Any senior citizen can invest a maximum of Rs.15 lakhs in multiples of 1,000 in this scheme. In this scheme, interest is paid every quarter. Therefore it can be used as regular income. This account matures in five years.
Post Office Monthly Income Scheme: Apart from this, this scheme is much better for those who want regular income. This scheme is currently offering 6.60 percent interest rate. Under this scheme, a minimum of Rs 1,000 and maximum of Rs 4.5 lakh can be invested in a single account. A maximum of 9 lakh rupees can be invested in a joint account. The term of maturity in this scheme is five years, but the option of pre-matured withdrawal is available after one year.