Senior Citizens Saving Scheme

Best SIP Funds to Invest Online 

Returns: 8.3% (For Jan-March 2018) 

Small savings rates have been cut, but the Senior Citizens' Savings Scheme has been spared. At 8.3%, this is the best option for retirees looking for regular income in their golden years. The highest rate offered to senior citizens by banks is 7.7%. The tenure of the scheme is five years, which is extendable by another three years. However, there is a Rs 15 lakh overall investment limit per individual. Also, the scheme is open only to investors above 60. In some cases, where the investor has opted for voluntary retirement and has not taken up another job, the minimum age is relaxed to 58 years. There is also no age bar for defence personnel. There is also a clause allowing premature exits. If closed before two years, the investor has to pay 1.5% of the balance in the account. After two years, the penalty is lowered to 1% of the balance. 

Smart tip: Stagger investments across several financial years to create a ladder of deposits and optimise tax benefits. 

 

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