7 Best Investment  Plans 2023 for  Senior  Citizens in India

Enjoy your golden age without any worry of stable income with these 7 best investment options for senior citizens in India.

7 Best Investment Options 2023 in India for the Elderly

1. Pradhan Mantri Vaya Vandana Yojana (PMVVY)

2. Senior Citizen Fixed Deposits (FD)

3. Senior Citizens Savings Scheme (SCSS)

4. Post Office Monthly Income Scheme (POMIS)

5. National Pension Plan (NPS)

6. Tax-Free Bond

7. Mutual Funds (MF)

Pradhan Mantri Vaya Vandana Yojana

This is one of the best investment options for seniors in India that was launched in 2017 by Life Insurance Corporation (LIC) of India. Eligibility criteria: The scheme is exclusive to only senior citizens aged 60 years and more

Senior Citizen Fixed Deposits

Fixed deposits have always been the most preferred form of investment options in India for a large number of people. The elderly of the country too find it a safe bet, considering that the interest payout can be chosen to be monthly, quarterly, half-yearly, or annual. Eligibility: Indian citizens and NRIs over 60 years old

Senior Citizen Savings Scheme

Yet another of the best investment options in India for the elderly population, this scheme has been offered by the Indian government since 2004. Eligibility: All senior citizens 60 years and over are eligible for the SCSS

Post Office Monthly Income Scheme

Yet another safe investment option with considerably lower risk involved for the elderly. This scheme is backed by the Finance Ministry and guarantees a fixed amount of interest to the senior citizens every month. Eligibility: Any person 10 years old and above stands eligible to opt for this plan.

National Pension Plan

This scheme is open for all employees from the public and commercial sectors who can choose to invest in a pension account to enjoy its benefits post their retirement. The plan allows for withdrawal of a certain amount after retirement. Eligibility: All residents of India can apply for this plan.

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