What are the business investment plans for senior citizens after retirement?
People who are 60 years or older can invest in SCSS. SCSS pays an interest rate of 7.4% per annum. People age 55 or more but less than 60 who are retired on superannuation or under VRS can open an account. SCSS permits only one deposit, not more than ₹15 lakh. With five years of maturity, depositors can open an individual account or a joint account with a spouse. After this period, the account can be three years old. Within one year of maturity, submit the application in the prescribed format for three years. After the expiry of one year, you can close the account without deduction. You can get quarterly interest on the 1st working day of April, July, October, and January if you have SCSS accounts. Bank fixed deposits (FDs) Bank fixed deposits in an investment tool for seniors. The bank offers interest rates higher by eight 80 bps. A five-year particular SBI FD ‘We care’ gives an interest rate of 6.20%. Post Office National Savings Monthly Income Account (POMIS) POMIS is a five-year investment with a cap of ₹4.5 lakh under single ownership and ₹9 lakh joint ownership. It offers a 6.6% interest rate payable monthly.