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Senior Citizen Scheme: The biggest power of old age is money. At that age there is no source of income, in such a situation only the remaining capital is useful. If you want to spend your retirement life well, then know here about 5 such schemes which can accumulate a big fund for your retirement and can also arrange regular income for you.
Atal Pension Yojana
Atal Pension Yojana is a scheme that provides regular income in old age. Investing in this can be started from the age of 18 to 40 years. In this, the person has to make a small contribution every month till he completes the age of 60 years. After the age of 60 years, people are given the benefit of monthly pension ranging from Rs 1000 to Rs 5000. The amount of your contribution is decided according to how much pension you want to get in old age. People between 18 to 40 years of age who are not taxpayers can invest in this scheme.
epfo
If you are employed then you must be contributing to EPFO every month. If you contribute to EPFO continuously for 10 years or more, you become entitled to accumulate a better amount at retirement age and also receive pension. EPFO offers good interest, so if you want, you can increase your contribution through VPF and add a good amount for retirement. In this, pension amount is given on the basis of contribution.
national pension system
National Pension System is a good option to get monthly pension. In this scheme, most of the amount deposited is invested in the market, in such a situation you get an average return of 10 percent on it. Any citizen of India whose age is between 18 to 70 years can avail the benefit of this scheme. To get pension you will have to invest till the age of 60 years. However, if the account holder needs emergency money before retirement, you can withdraw 60% of the amount from the deposit. Of this, 40 percent is used as annuity. This is how you are given pension. The higher the annuity amount, the more pension you will get.
mutual fund
You can also add a good retirement fund by investing in mutual funds through SIP. The average return of mutual funds in the long term is considered to be 12 percent, which is much better than any other scheme. In such a situation, you can add a big fund by investing for 20 to 25 years and spend your old age comfortably.
Post Office MIS
Through this post office scheme, any person can arrange fixed income every month. Joint account can be opened in this scheme. You can invest a maximum of Rs 9 lakh annually in an account in MIS. Under joint account you can deposit up to Rs 15 lakh. At present interest is being given at the rate of 7.4 percent. In such a situation, you can arrange a pension of up to Rs 9,250 every month through a joint account.