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2 mins Read | 3 Years Ago

Investment options for senior citizens with no risk

Investment options for senior citizens with no risk


Post the age of 60, when there is no regular stream of income, you can still ensure that you reap decent returns by investing in plans where there is no risk. Read further to know more about no-risk investment options for senior citizens.


Everything in life isn't permanent – like your age and your job. There will be a time when you have to retire. This is where investments can make a big difference. With retirement, your income may have come to a halt; however, you can still ensure its continuity by investing in no risk securities. Considering the age constraint, you will have to pick the right investment option.

When you're a senior citizen, you need to utilise your funds well and avoid high-risk options. It is better to select the ones that will provide you with consistent income. Let's get to know the investment options for senior citizens:

Senior Citizen Fixed Deposit: This investment type has no risk as the interest rate is fixed and unaffected by market fluctuations. You can earn safe and assured returns on Fixed Deposit Account . The interest rate for senior citizens starts from 2.50% per annum. The additional rate is valid for fresh deposits and those who want to renew their Term Deposit. You can choose the tenure of Senior Citizens Fixed Deposit as per your convenience, typically ranging from 5 to 10 years.

Senior Citizen Savings Scheme or SCSS: The Senior Citizen Savings Scheme is an initiative by the Government of India. The Ministry of Finance decides the interest rate, which is fixed at 7.4% per annum. It remains the same until maturity. This is also one of the safest investment options for senior citizens. However, bank charges Tax Deducted at Source (TDS) on the interest amount that senior citizens earn every quarter. You can open the account at the post office or any authorised bank with a minimum investment of Rs 1,000. It has a lock-in period of five years. Moreover, SCSS offers tax benefits under Section 80C and Section 80TTB.

Post Office Monthly Income Scheme or POMIS: This type of investment works exactly like FDs and RDs. You can open the account at any post office. If you're looking to earn a regular income, this is an ideal scheme as you receive monthly interest payments. Just like SCSS, POMIS has a lock-in period of 5 years. You can make a premature withdrawal by paying a small penalty. You can start with a minimum investment of Rs 1,500.

You can open a joint POMIS with a maximum of three individuals. These investments help you earn assured returns without any risk factor. When you're retired, you shouldn't stop investing as it ensures wealth creation that you can utilise to manage post-retirement expenses.




The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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