Investment Tips: Invest in this scheme, and you will get a pension of Rs 9,250 every month...

Often we think that after retirement our life will be spent in a financial crisis. The worry of going to the office every month will end, but the expenses will remain the same. In such a situation, retirement planning becomes very important. There are many government and private schemes available in which you can invest and get a monthly pension. Some schemes give guaranteed returns while some are market-linked. But they all have one thing in common – monthly income. Let us know about 5 such pension schemes:

1. Senior Citizen Saving Scheme Account (SCSS)

This scheme of the post office gives an interest rate of 8.20% per annum. The minimum investment amount is Rs 1000 and the maximum that can be deposited is Rs 30 lakh. This amount is also deposited in one go. Monthly income is received in the form of interest during five years. Under Section 80C of the Income Tax Act, a rebate of up to Rs 1.5 lakh is available on the deposit amount.

2. Atal Pension Scheme

This scheme has been specially designed for senior citizens. Depending on the investment, after the age of 60 years, a monthly pension of Rs 1000 to Rs 5000 is available. To avail of the benefits of this scheme (Atal Pension Yojana), one has to apply between the ages of 18 to 40 years.

3. Post Office Monthly Income Scheme Account (MIS)

This is also a monthly pension scheme of the post office (Post Office Monthly Income Scheme). By investing together in this, you can get a monthly pension for five years. The deposited amount is returned after five years. This scheme gives 7.4% interest annually which is given every month. The maximum investment amount in this is Rs 9 lakh for an individual and Rs 15 lakh for a couple. An individual can get a maximum monthly pension of Rs 5,550 while a couple can get a maximum monthly income of Rs 9,250.

4. Systematic Withdrawal Plan (SWP) in Mutual Funds

Mutual funds also provide the facility of monthly income through a Systematic Withdrawal Plan (SWP). In this, you invest together in a mutual fund and the fund gives you a fixed monthly pension. However, this is a market-linked investment, so you may lose your capital if the fund performs poorly.

5. Fixed Deposit (FD)

Post offices and banks offer fixed deposit (FD) facilities for various tenures. You get interested in the amount deposited on FD on a monthly, quarterly, twice-a-year or yearly basis. Additionally, senior citizens are also typically given 0.25% higher interest rates than regular citizens.

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