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Which is a Best Investment Scheme for My Parents

Parents have been our support system all throughout our lives. Hence, it is our responsibility to take care of them, once they grow old; give them attention and security – emotional and financial – they deserve. You can begin by investing money in an investment scheme that requires low investment and gives higher returns. These investment schemes not only provide financial independence to your parents but also act as a source of income for them when they need it the most.

Here are a few better investment schemes if you are looking to invest for your parents:

Fixed Deposits


Fixed Deposit has been a reliable investment scheme for years now. For those who wish for safety, stability and high returns, the fixed deposit never disappoints. You can begin investing in FD with a low amount and be assured of higher returns at the time of maturity. This is possible mainly because the FD rates in India are higher. Moreover, various banks and non-banking financial companies offer fixed deposits at competitive rates. Hence, you can choose the best one for your parents suitable to their needs and requirements. It is advisable to opt for Corporate Fixed Deposits as they offer additional benefits along with a higher rate of interest to senior citizens. For instance, Bajaj Finance offers 0.35% higher on FD to senior citizens. Also, now you can even open a fixed deposit account from your home or office, without going to the financer. This simple application process and account management make it easier for you and your parents to operate it from your comfort zone.


  • Low risk & higher returns
  • Higher rate of interest compared to other investment schemes
  • Minimum investment amount
  • Financial stability
  • Tax deduction

Post Office Monthly Income Scheme (POMIS)


If you opt for POMIS for your parents, you can invest a certain amount in a post office, and not a bank or financial company, to earn monthly interest on it. The benefit of this scheme is that you can invest up to 4.5 lakhs individually and 9 lakh jointly for a tenor of five years. However, you can even begin my investing a nominal amount of Rs.1500, and avail the benefits. You can even re-invest your amount on maturity if you wish to continue earning interest through this investment scheme. Be rest assured that POMIS is a scheme with no risk involved as it is a fixed income scheme and the rate of interest does not change as per market trends.


  • Begin with a nominal amount
  • Allows joint investment
  • Allows reinvestment
  • No risk involved

Senior Citizen Saving Scheme (SCSS)


This scheme is popular for its benefits for senior citizens and retirees. It is a safe investment option if you are looking for post-retirement investment schemes. If your parents are 60 years or above, you can invest in SCSS through banks, financial companies or post offices. The tenor of the SCSC Scheme is five years, which can be extended further by three years on maturity. Annually, you can invest up to 15 lakh, and earn interest in quarterly basis at a high rate of interest. Most importantly, investing in this scheme will help you gain tax benefits under Section 80C of the Income Tax Act. If need be, SCSS allows premature withdrawal; however, after charging the penalty for the same.


  • Extension over maturity
  • A high rate of interest
  • Allow premature withdrawal
  • Offer tax benefits


Pradhan Mantri Vaya Vandana Yojana (PMVVY)


Although a recently launched investment scheme, it is a promising one. Backed by the Government of India, PMVVY provides guaranteed returns of 8% annually for 10 years. It is only for senior citizens and their financial benefits. It provides stability and financial security to senior citizens and retirees through assured pension linked to the subscription amount based on the government guarantee to LIC. Here, the payment period can be chosen as per the financial requirement. Based on that you will be paid a pension on a monthly, quarterly, half-yearly or yearly basis.  


  • No risk & assured returns
  • Flexible payment period
  • Pension-like monthly income
  • Tax Exemption.

There are several investment schemes offered by banks and financial companies that you can invest in for your parents and build a financially secured future for them.


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