Senior citizens need a steady flow of income to enjoy a luxurious retired life. Hence, it becomes important for them to invest in a risk-free and diverse investment portfolio that not only provides them with better security but also delivers income and growth.
Here, we take a look at the 4 top recommended investment schemes for senior citizens.
1. Fixed Deposit
- Senior citizens get a 0.50% extra interest on Fixed Deposit at AU Bank
- Interest payout option is available on a monthly & quarterly basis, as well as at maturity
- At AU Bank, senior citizens can start with an FD as small as Rs. 1,000
- Flexible tenure ranging from 7 days to 10 years depending on the bank
- Safe and free from market variables
- Premature withdrawal, nomination, loan, and sweep-in facility
2. Savings Account
- A savings bank account ensures the safety of your money
- Saving account offers good interest rates with personalized services
- AU Bank allows you to open Senior Citizen Savings Account, with a min balance of Rs. 5,000/-
3. Recurring Deposit
- Allows you to deposit a fixed amount of money every month for a predefined period of time of your choice
- Interest is paid only on maturity
- Best and safe option to invest
- Allows you to build your wealth, bit by bit
- At AU Bank, senior citizens can start with an RD
– as small as Rs. 100
- This may have a minimum tenure of 3 months and a maximum tenure of 10 years.
4. Debt Funds
- Long-term debt funds can offer a higher value depending on the performance