4. Senior Citizen Savings Scheme (SCSS) for Monthly Income
A Senior Citizen Savings Scheme (SCSS) is a post office monthly income plan and is backed by the government. The plan comes with a heap of benefits. According to this plan, senior citizens are able to invest a minimum of INR 1000 while the maximum amount can be INR 15 lakhs. Senior citizens are allowed to open a savings scheme in either or both public as well as private banks, depending on their choices. This is certainly one of the best investment options in the country that will enable you to achieve better returns at 7.4%. Apart from this, the plan also enables an individual to ensure financial protection after retirement. The plan comes with a tenure of 5 years, and you as a policyholder can even extend it after the maturity process.