When you near your retirement age, you might look forward to tips to live your retirement years efficiently. All salaried, as well as self-employed individuals, wish for a peaceful life after retirement. Many investment options available in India help in saving a sizeable corpus for the retirement years. But, there are many other investment options to grow the retirement corpus like FD for senior citizen, Senior Citizen Savings Scheme (SCSS), etc. Such investment options can be taken by individuals who have crossed 60 years of age. The Government of India offers attractive benefits and discounts for investment options for the retired citizens. You can choose the type of investment plan depending on your financial health as well as your financial goals.
What are the Principles to Consider?
After retirement, it is important to choose the investment plans wisely. Investment plans that are volatile in nature can swallow all your savings or can earn you high interest rates. Best investment Plan, on the other hand, offers higher returns as compared to a standard savings account but offers lower returns as compared to market-linked volatile investment options. Whatever the investment option be, you can earn high returns with minimal risks if you follow certain principles after retirement. Below mentioned are such principles to keep in mind after retirement:
1.Determine your Financial Requirements
You need to analyze your financial requirements for the retirement years. This can be done by looking into the debts as well as the assets you have during the retirement years. Also, in case you wish to take any debts during the retirement years, you need to set aside the monthly sum to be paid.
2.Analyze the Time for which you wish to invest
If you are investing in any senior citizen investment schemes, you need to analyze and determine the time for which you need the plan. The tenor of the investment plans determines the interest rates applied for the same.
3.Diversify your Investments
As mentioned above, there are many investment plans available for senior citizens in India. Some of the market-linked investment plans include debt mutual fund, direct equity, Equity Linked Savings Scheme (ELSS), etc. Some of the secure investment plans include post office deposit, Public Provident Fund (PPF), Fixed Deposit (FD), and much more. You can either choose to invest in market-linked investment options, or you can invest in secure investment options to gain guaranteed returns from your investments. Also, you can choose to diversify your portfolio by distributing your savings into different investment plans and gain high returns without losing your entire savings.
What is the Best Secure Investment Option?
In India, Fixed Deposit (FD) is known to be one of the safest investment options in India. You can open FD account with Banks as well as with Non-Banking Financial Companies (NBFCs). Today NBFCs offer higher interest rates than the traditional banks. Bajaj Finance is once such NBFC offering attractive offers and benefits for a range of financial products including FD. Below mentioned are the advantages you can avail when investing in FD for senior citizens from Bajaj Finance:
●Guaranteed returns with high FD interest rates up to 9.10% which is the highest Fixed Depsoit interest rates offered from any investment Scheme.
●Flexibility in choosing the tenor of the FD from 12 months to 60 months.
●Minimum deposit required of as low as Rs. 2500.
●High credibility with CRISIL’s FAAA and ICRA’s MAAA high credit rating.
●Calculate maturity returns and FD interest rates using online FD calculator.
●Online application procedure with quick application procedure and minimal documentation.
●The scheme supports payment via electronic (Real Time Gross Settlement [RTGS]) as well as physical (Cheque facility) methods.
● The company provides follow up to the account holder under this scheme in the form of e-mail communication and SMS feature. This follow up is done from the date of request till the date of maturity under the respective Fixed Deposit Scheme.
●The Fixed Deposit Account can be opened with a minimum initial deposit of Rs 25,000 /- under this policy.
●The account holder is provided with the accessibility of 200 branches located in 200 cities across India.
