7 schemes that can provide you regular income in young and old age

Banks and small banks offer FD schemes of different durations and amounts. Investors make a one-time investment and get returns in the form of interest on maturity. 

However, if investors want, they can talk to the FD issuer to get interest yearly, half-yearly, quarterly, or monthly. Investment in the 5-year FD also provides tax benefits under Section 80C of the Income Tax Act, 1961.

The post office scheme provides 8.2 per cent interest to its accountholders. 
One can have a single or a joint account under the scheme.
One can invest up to Rs 30 lakh in the scheme and get quarterly income in the form of interest.

The account has a lock-in period of 5 years, but it can be extended for 3 years.
Investments in SCSS qualify for tax benefits under Section 80C.

This is also a guaranteed return, fixed income scheme, where one gets annual interest of 7.4 per cent.
MIS also allows its accountholders to have a single or a joint account.

In an individual account, the maximum investment limit is Rs 9 lakh, while in a joint account, it is Rs 15 lakh.
In an individual account, one can get a maximum monthly pension of Rs 5,550 for 5 years, while in a joint pension, the maximum pension is Rs 9,250 for 5 years.
In an individual account, one can deposit a maximum of Rs 9 lakh, while in a joint account, the maximum limit is Rs 15 lakh.

In a mutual fund SWP plan, you make a lump sum investment and get monthly income in the form of returns from investments. 
When you set up a SWP plan, the mutual fund house sells your net asset value (NAV) units every month to provide you with a pre-decided monthly income. 

While you get monthly income, the value of your fund also increases simultaneously. 
If your rate of withdrawal is lower than your rate of return, you can get monthly income for scores of years.

Under Atal Pension Yojana (APY), the government provides a guaranteed minimum monthly pension of Rs 1,000, Rs 2,000, Rs 3000, Rs 4000, or Rs 5,000 per month to workers in the unorganised sector from the age of 60 years.

The pension is based on the contributions made by the subscribers.
Even if returns on an individual's contributions are less than the money required to provide a minimum monthly pension, the government pools in to provide that.
To avail the benefit of APY, a subscriber should be between 18 and 40 years old and have a savings bank account in a post office/savings bank.

Annuity plans are also a popular tool to get monthly income. 
In an annuity plan, a subscriber makes a one-time investment and gets a monthly pension.

They can get two options under annuity plans: immediate annuity and deferred annuity.

If the policyholder picks an immediate annuity plan, they get immediate monthly income, while in a deferred annuity plan, they start getting income after a fixed-tenor period specified by the policyholder.

In an IDCW plan also, an investor makes a one-time lump sum investment to receive regular monthly income.
IDCW benefits investors from income distribution and capital withdrawal.
The amount one receives in an IDCW plan depends on the NAV price and the subscriber's holding period in the scheme.

Investors can get IDCW payments even if the fund is not making profits.
This is because IDCW payments encompass income and capital withdrawals, allowing investors to receive a consistent return on their investments.