Smart Investment Options For Retirees

31 Aug 2023

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Smart Investment Options For Retirees

Senior citizens need savings and investment options to ensure financial security and independence during retirement years, covering living expenses, healthcare, and unexpected costs, while reducing reliance on family and friends. Fortunately, they have a variety of options based on their risk profile and objectives.

  Government bonds Annuities Pradhan Mantri Vaya Vandana Yojana (PMVVY) Senior Citizen Saving Scheme (SCSS) Debt Funds
Interest rate (p.a) 7.30%^ 5.38-5.67% 7.40% 8.20% Market-linked
Liquidity Can be sold in the secondary market Monthly/quarterly/half yearly/annual pension Monthly/quarterly/half yearly/annual pension Quarterly interest payments Can be redeemed with the fund house or on stock exchange
Minimum investment Rs 10,000 Rs 1 lakh* Rs 1.50 lakh Rs 1,000 Rs 5,000 or even lower
Mode of purchase Through NSE GoBID, BSE Direct Life insurers LIC Post offices, banks Through distributors/fund house/stock exchange
Exit load No exit load Depends on age* 2% 1-1.5% Based on the category of fund
Tenure Up to 30 years For life 10 years 5 years Flexible
Taxation Subject to long-term and short-term capital gains tax, as applicable Pension taxed as per slab rate Pension taxed as per slab rate Interest taxed as per slab rate Subject to short-term / long-term capital gains as applicable

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

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    The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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