My Father is a retired Govt. Employee and expecting to get Rs. 12-15 Lacs as Provident Fund & Gratuity.
He is entitled for Rs. 18500/- per month pension.
He has no liabilities, no loans. He is also covered under pensioners’ medical benefits provided by BSNL. He has planned to invest in following instruments to generate additional income per month.
- Post Office Monthly Income Scheme – Rs. 450000/- as interest is tax exempted.
- Post Office-Senior Citizen Savings Scheme – Rs. 500000/- As Interest is higher.
- Bank FDs – With monthly interest payout option.
My queries are:
- Are there any other better investment options than above schemes to maximize monthly income without high risks?
- What shall be the tenures of above instruments?
I will be grateful if someone could guide me..