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What are the Best Investment Plans for Monthly Income?

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What are the Best Investment Plans for Monthly Income?
April 29, 2021
We always need a steady cash flow to pay bills and expenses which your job or business takes care of, however, once you retire you will still need that steady income hence it is important to look for investments that will provide you with financial stability and provide regular income against the investments made.
 

Although retirement should not be the only reason you should invest a second income is always a great idea so if you have considerable disposable income start investing in schemes that payout profits and dividends.

Listed below are 5 best investment plans for a monthly income that you should consider to consider in India:

  1. Post Office Monthly Income Scheme:

    POMIS is an excellent option of investment offered by India Post if you are looking for a constant income. The deposit tenure is 5 years and offers a 7.6% rate of interest. You can start investing with a minimum amount of Rs 100 and a maximum amount of Rs 4.5 Lakh however with a joint account you can invest up to 9 lakh. It is low risk and safe investment that guarantees a monthly income.

  2. Government Bonds:

    The objective of issuing government bonds is to raise capital for government expenses. They are long term, low-risk investments that pay interest either monthly, quarterly, half-yearly or yearly depending on the option available. The investment in these bonds range between 15 to 20 years and comes with a predefined maturity date. Since they are traded in the secondary market, they can be sold off anytime. 

  3. Corporate Deposits:

    Corporate deposits are very similar to a bank deposit except that you invest with a corporate entity like non-banking financial companies (NBFCs) and housing finance companies (HFCs) who offer corporate deposits at a high-interest rate and flexibility that a bank would not offer however they are not as secure as the bank, you need to check their credibility before investing.

  4. Monthly Income Plan:

    MIPs are mutual fund plans. It is suitable for those who are willing to take moderate risk. Its investment tenure ranges between 3 to 5 year with returns between 6-9%. These funds payout their investors every month but this is not fixed and is based on the performance of the fund. There is a possibility of negative returns too since the returns are not guaranteed. 

  5. Senior Citizen Savings Scheme:

    SCSS is a monthly investment plan for senior citizens only who must subscribe within one month after retiring. This scheme is available at notified banks and post offices. It is a low risk, high return plan with a minimum investment of Rs 1,000 and a maximum of Rs 15 Lakh. The maturity tenure is 5 years which can be extended to another 3 years. It offers an interest rate of 8.6% per annum which is paid out on the 1st working day of January, April, July, and October.

Conclusion:

Always plan your investment in 2-3 investment plans that meet your financial goals and a stable income every month.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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