Tuesday, June 4, 2013

Schemes Plans for Retired Senior Citizens to Save and Invest Money

Savings investments are best additional income sources for young ones and elder ones. If your parents are backwarded in having enough amount of money to spend peaceful retired life.  In this posting you can find the best save and investment sources to earn money over your invested amount in addition to regular income money sources like jobs or business, self-employment works etc…

There are a number of sources available to invest money or to save the earned money for future life. Normally elder aged were plans investments savings that meets future needs and expenses to live with peaceful retired or senior citizen life.

From this posting you can find various organizations schemes plans for senior citizens.

Senior Citizen Savings Scheme (SCSS) Account

  • This is one of the best safest investment scheme by government of India.
  • Any elder individual can open this savings investment plan account.
  • Eligible age to open the SCSS account is from above 55 years.
  • Indian local citizens are only eligible for this SCSS plan.
  • Minimum investment money is 1000 rupees and maximum limit is 15 lakhs rupees.
  • SCSS scheme time period is 5 years. You can extend your SCSS account further 3 years if you interested.
  • This Senior Citizen Savings Scheme account is eligible for premature closure with nominal charges.
  • The premature closure of account is allowed after 3 years from account opening time.
  • Current interest rate is 9 % above.
  • Maturity period is 5 years.
  • Another benefit of SCSS Plan is eligible for tax deduction under section of 80 C of IT act.

Unlike monthly income schemes and plans, this Senior Citizen Savings Scheme are safest and best saving investment source for senior citizen people to spend riskless relaxed retirement life with stress free happy and healthy life.

Fixed Deposits (F.D.) for Senior Citizens

  • Many banks are offering high interest rates to senior citizens. In other words the interest rate might be above 10 %. 
  • Period of deposit is can chose by fixed depositor choice and earned interest is subjected for Income Tax deduction benefits.
  • In addition to interest rate, fixed deposits are best safest and secured investment savings tool for elder people.   
  • The minimum investment amount is varying with each bank. (from 100 to 10,000 INR and have no restriction on maximum amount or deposit).
  • One of the attractive benefits by FDs is availability of loans for fixed depositors. 
  • Another major benefit is premature closure of fixed deposit plan.
  • Some banks are offering additional benefits like Personal Accident Insurance, Free for life Debit Cards and speed Internet Banking for money deposit transactions & online requests.

Find here more Savings investment plans for secured senior citizens life.

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