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Where should a senior citizen invest Rs 10 lakh for five years?

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ET Online|
Dec 03, 2019, 12.33 PM IST
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I want to invest Rs 10 lakh for five years. Kindly suggest where should I invest. I am a senior citizen.
--Jai Prakas Mukherjee

Pankaj Maalde, a certified financial planner, responds:


The best option for you is to invest in government of India’s Senior Citizens Savings Scheme (SCSS). The rate of interest is around 8.60%, without any risk. The interest is paid quarterly. Kindly note, the interest earned is taxable. You can contact the post office near you or open an account with any PSU bank to invest in the scheme.
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