Rohit Singh works privately. On retirement, they are going to get 50 lakh rupees including EPF and gratuity etc. He is worried about his expenses every month when retirement comes close. After retirement, the salary coming to the bank account will be closed every month. Pension will come from EPS, but it will not be sufficient for the entire month’s expenditure. Singh does not want to invest retirement money in shares and mutual funds. The question is, where should they invest this money for regular income?
There are many safe options available today
Moneycontrol spoke to financial advisors to solve the problem of Singh and people like him. He says that apart from shares and mutual funds, there are other such options of investment, in which regular income (Regular monthly income) can be achieved. These include bank FD, post office investment scheme, corporate bonds etc. But, since the focus of people like Leo is a regular income every month, then there is little option for them.
No fear of drowning money in investment in post office schemes
There are two such schemes of the post office, in which regular income can be obtained every month by investing retirement money. The special thing is that since these are the government schemes, due to which there is neither fear of drowning in them nor any kind of fraud. In the last few years, India Post has also tried to bring its services on online platform. This has increased the interest of people.
These two schemes can be taken advantage
The post’s Senior Citizens Scheme (SCSS) and Post Office Monthly Income Scheme (Pomis) can prove to be very helpful for people. SCSS started in 2004. People aged 60 and above can invest in this scheme. This scheme can be invested alone or called Joint. The interest rate of this scheme is 8.2 percent, whose payment is every quarter. Maximum Rs 30 lakh can be invested in this scheme. It will be for 5 years. It can then be extended for 3 years. If Singh invests Rs 30 lakh in SCSS, then he will get an interest of Rs 61,500 every quarter. This means that they will get an interest of Rs 20,000 every month.
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Regular income for every month’s expense
Singh can invest Rs 15 lakh in the post office monthly scheme (POMIS). In this scheme, Rs 9 lakh alone and Rs 15 lakh can be invested alone. Singh, along with his wife, can open a joint account in this scheme. The interest rate of this scheme is 7.4 percent annually. On investing Rs 15,00,000 in this scheme, Singh will have an income of Rs 9,250 every month. In this way, including SCSS and POMIS, Singh will have an income of about Rs 30,000 every month. He can keep the remaining 5 lakh rupees in bank FD. This money will work as an emergency fund for him.