Neha Nagar Instagram – If you are planning for your parent’s or in-law’s retirement, then you need to watch this video!
Annuity Deposit Schemes are a great way to give them a fixed monthly income without them having to work. Here’s how it works:
👉You make a one-time deposit (e.g., ₹5 lakh).
👉The bank pays them a monthly amount that includes interest on the remaining balance, a portion of the original deposit.
This way, your parents and in-laws receive regular income while the principal amount gradually reduces.
The biggest advantage is a steady income stream they’ll receive every month, providing financial security without them needing to work. Additionally, senior citizens qualify for higher interest rates on their deposits, further boosting their monthly income.
But, yes the minimum deposit amount might vary (typically around ₹25,000) and you’ll choose a deposit term of 3, 5, 7, or 10 years. There’s no upper limit on how much you can deposit, allowing you to tailor the plan to your needs. | Posted on 24/May/2024 20:31:32
