It is always difficult to find a good income option for retired persons who do not have any income option and nil risk appetite . There are few below which may help our senior retired people. 1) Senior Citizen Savings Scheme Interest rate: 8.1% p.a. paid out quarterly. Investment Period: 5 Years Investment Limit: Min- Rs1000, Max-Rs15 lacs Where to purchase: Post Office, All Nationalized banks and ICICI bank Eligibility Criteria: 60 years and above; Retirees above 55 can apply within 1 month of VRS/Superannuation. Pros: Account can be extended for 3 years after its normal term. Investment amount qualifies for deduction under section 80C up to Rs1.5 lacs. Nomination facility is available. Premature withdrawal allowed after 1st year with 1-2% penalty charge. Interest rates locked for the entire term. Cons: Interest pay-out frequency is quarterly, not monthly. Interest earned is taxable as per income tax bracket. 2) Pradhan Mantri Vaya Vandana Yoja...
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