Need to invest 10Lakhs. Advise required

[adventureguy]

My 55 year old aunt has 10 lakhs to spare. She lives alone and has no other responsibilites. she wants something which will give her monthly income with one time 10 lakhs investment. are there any such products?

 

[chetansha]

Pradhan mantri vyay vandna yojana

 

[jiith77]

Senior citizen saving scheme is recommended.
However check tax status as interest is taxable. If no other income is present then it is not a concern.
Make sure pan is available

 

[rdst_1]

Pradhan mantri vyay vandna yojana

Seems like a good scheme but the rate of interest is decided every year. Also, won't work in OPs case as minimum age of entry for this scheme is 60 years.

 

[raksrules]

Check PSU or Government bonds which have say monthly or quarterly payout. But most will have annual payout.
Corporates Bonds are also an option. Check www.thefixedincome.com

Also check /r/indiainvestments on reddit and ask there.

 

[Mann]

Thread 'Loan against property without income proof' https://techenclave.com/threads/loan-against-property-without-income-proof.200842/
Thinking how one member can help another

 

[chetansha]

oh yea. crypto : 10l investment , one can get a 12 GPU 3060 based rig, at least 8% per month returns

 

[Mann]

oh yea. crypto : 10l investment , one can get a 12 GPU 3060 based rig, at least 8% per month returns

Have you checked the market recently?

 

[Mr.J]

My 55 year old aunt has 10 lakhs to spare. She lives alone and has no other responsibilites. she wants something which will give her monthly income with one time 10 lakhs investment. are there any such products?

Consult a financial advisor or two instead of asking strangers on the internet.

 

[Mann]

And I thought we were a family

 

[Kmkaks]

NM, just saw she is not yet 60. Until she is 60, best to understand her specific requirement/ risk bearing capacity and decide accordingly.

Lol, My dad deposit's with Muthoot/Manapuram and their kind, they are reputed and give a decent fixed monthly interest of around 8%.

 

[Mann]

She is 55 and not a senior citizen. Doesn't any one read anymore?

 

[jinx]

And I thought we were a family

TBH I wouldn't ask my family either. They are no financial advisors.

 

[Mann]

TBH I wouldn't ask my family either. They are no financial advisors.

Everyone to their own.
Indian children will ask parents for money but not money advance.

 

[jiith77]

Probably the safe option is to invest in kvp for 5 years and then move to scss on reaching 60. Lots of assumptions here. The person will not get interest credited during 5 years and tax status is taken as within exempt limit.