August 21 marks the celebration of National Senior Citizen Day, recognizing the remarkable accomplishments of our elderly society members.
In India, individuals aged 60 and above are deemed senior citizens.
On this significant occasion, let’s delve into wise investment choices tailored for seniors, prioritizing safety and steady returns.
Mutual Funds for Seniors
Mutual funds offer diverse investment opportunities. Equity funds carry higher risks, while debt funds provide stable income, making them suitable for seniors seeking reliability.
Amit Gupta, MD of SAG Infotech, highlights the importance of selecting low-volatility funds with a consistent performance history.
Bank Fixed Deposits (FDs)
Known for their safety, FDs are an appealing option for seniors.
FDs ensure fixed interest rates over specific periods, though returns might be comparatively lower than other investments.
PPF and Post Office Savings Schemes
Government-backed options like PPF and Post Office Savings Schemes stress security and long-term growth. Particularly, PPF offers tax benefits.
Exploring Post Office Schemes
Schemes such as Senior Citizen Savings Scheme (SCSS) from Post Office provide higher regular income, tailored to seniors’ needs.
Financial advice is wise while considering these options, as experts can help create balanced investment strategies in line with one’s financial situation and risk tolerance.
Golden Investments for Seniors
Seniors considering investment avenues might find gold enticing due to its enduring stability and safeguarding qualities.
Amit Khare, Associate VP of GCL Broking, notes that seniors can benefit from gold’s historical reputation as a safe investment choice.
