Although you may be earning enough for your daily life from your job, no one would say no to any additional income. Multiple investment options can help you get a regular monthly income. Here are the five best options for you.
- Post office MIS
Monthly Income Scheme (MIS), as the name suggests, offers you a monthly return on your investment from this scheme. There is a fixed rate of interest of around 8%. It has an investment period of five years, at the end of which you will get back your principal amount along with a bonus of 5%. You can invest up to Rs 4.5 lakh in this scheme for an individual account and up to Rs 9 lakh for a joint account.
- Fixed deposits
A fixed deposit (FD) is a low-risk investment option where you can invest your money for a set period that would help you gain a set amount of returns. This is an excellent option for someone who wants to invest but does not want the risks that come along with equity investments. This is the most popular safe option when you want an interest payout on a monthly, quarterly, or yearly basis. The interest rate that you can earn on this investment will depend on the tenure for which you choose to invest. Many banks, as well as financial institutions, offer grand schemes for fixed deposits. Bajaj Finance Fixed Deposit gives up to 7.85% interest rate on FDs, which can go up to 8.2% for senior citizens. Check, how much you can gain on the maturity of your FD using the online Fixed Deposit Interest Calculator.
- Senior citizen saving schemes
This is a perfect saving scheme for anyone who is retired. It is a special scheme, which can be availed only by citizens who are 60 years old and above. The interest rate for this scheme is 8.3% per annum, and is reviewed quarterly by the Reserve Bank of India. This scheme matures after five years and can be extended by another three years if required. The interest that you earn from this investment is paid every three months. The maximum limit for this scheme is Rs 15 lakh.
- Mutual fund investments
Some mutual funds come with a systematic withdrawal plan, which can help you get a regular income from your investment. In this scheme, you can choose to withdraw a specific amount, or a set number of units or only the capital gains on the investment on a monthly, quarterly, semi-annually, or on an annual basis. If you opt for a certain amount, the units holding a value equal to the predetermined amount are sold for the payout.
The negative side of redeeming the units and a certain amount payout is that your units keep declining with each withdrawal.
- Long-term government bonds
This is one of the safest options when you are looking for a fixed monthly income. These bonds usually offer an interest rate of 8%, which is paid off every six months. These are long-term bonds, and you will get back your principal amount after the tenure of the bond has ended. These bonds are also tradeable, and if you are in need of money, you can also sell them quickly.
However, if you are looking for faster access to money, then you can get a pre-approved loan offer from Bajaj Finserv that would help you save your time as well as money with three simple clicks.
Choosing any one of the above investment options or even a combination of more than one can be an excellent regular earning opportunity for you.