Let's take a look at such five schemes for senior citizens.
Any individual above 60 years of age can invest in this scheme. The interest rate is 8.2 per cent per annum
The current post office RD interest rate is 6.70% per annum. Unlike bank recurring deposits, post office RDs have a defined duration of five years.
Post Office FD is the oldest and preferred form of investment offered by the Indian Postal Services. They are considered as safe as the Government of India backs them. The 5-year FD has an interest rate of 7.5 per cent annually.
Investment in Kisan Vikas Patra certificates doubles in 115 months (nine years and seven months). The initiative is open for investment with a minimum deposit of Rs 1,000 and no maximum restriction. The Kisan Vikas Patra Yojana allows any adult to create an account, either individually or jointly (up to three adults).
The interest rate in Post Office MIS is 7.4% per year, payable monthly. One can establish an account with a minimum of Rs 1,000. The maximum amount limit for a person is Rs 9 lakh, while the maximum amount restriction for a joint account is Rs 15 lakh.