Financial Planning: 7 investment plans that can give you regular income; check details inside
Senior Citizen Savings Scheme: The interest rate disclosed at the time of investing in SCSS is constant throughout the maturity period and is unaffected by changes in a subsequent quarter. You can deposit a minimum of Rs 1,000 for five years.
Everyone knows how important it is to plan retirement and financial goals. For that, you consider and compare different investment plans as per your retirement goals. If someone wants regular income on their investment then there are different plans too.
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Things to keep in mind before investment
Meanwhile, there are several things to keep in mind when you start investing. Some of them include low-risk investments, better returns, and regular withdrawals.
Investment plans with regular income
A look at seven investment plans for regular income.
Senior Citizen Savings Scheme (SCSS)
The interest rate disclosed at the time of investing in SCSS is constant throughout the maturity period and is unaffected by changes in a subsequent quarter. You can deposit a minimum of Rs 1,000 for five years.
Post Office Monthly Income Scheme (POMIS)
You can make a maximum investment of Rs 9 lakh in the scheme. The lock-in period is five years. You can also get tax benefits on POMIS.
Annuity Plans
Annuity plans are the financial plans that ensure regular income for retirees.
Equity Share Dividends
Equity share dividends are payments provided to shareholders from a percentage of the company's earnings. For regular income, you can invest in dividend-paying stocks.
Systematic Withdrawal Plan (SWP)
Under this scheme, you can invest in mutual funds and there is no tax deducted at source. However, capital gains tax will be applicable as per the type of the scheme and the amount of withdrawal.
Corporate Deposits
In corporate deposits, you can deposit money for a fixed tenues at a fixed rate of interest.
Long-term Government Bonds
There are a few types of government bonds including fixed-rate bonds and floating-rate bonds. A government bond in India is simply a contract between the issuer and the investor in which the issuer guarantees interest profits on the face value of bonds held by investors, as well as a return of the principal value on a certain date.