The safest investments for retirement include:
Senior Citizens' Saving Scheme (SCSS): A government-backed retirement benefits programme is the Senior Citizens' Saving Scheme (SCSS). Senior citizens in India can invest a lump sum, individually or collectively, in the scheme and receive a regular income as well as tax benefits.
Post Office Monthly Income Scheme (POMIS) Account: Investors in the post office's monthly income scheme can earn up to 6.6 percent annual interest each month. A POMIS account can be formed individually or jointly, and a guardian (acting on behalf of a minor) or a minor above the age of 10 can open one in their own name.
Fixed deposits (FDs): Fixed deposits are a safe investment option that offer stable interest rates, special rates for elderly citizens, a variety of interest payment methods, no market risk, and income tax deductions. Before forming a new fixed deposit or renewing an existing one, it is critical to compare the latest fixed deposit rates offered by the country's leading banks.