Best Retirement Schemes: People do not have any regular source of income after retirement, so it is important to plan for retirement now to have financial stability. If you do not want to invest due to market fluctuations, then the government also has many great savings schemes that can provide you financial security during retirement. These schemes provide financial security as well as many other benefits like regular returns and tax benefits. With the help of these schemes, you can create a balanced financial plan that can meet your lifestyle and health care needs after retirement.

1. Employee Provident Fund (EPF)

EPF (Employees’ Provident Fund) is a retirement saving scheme for salaried employees. This scheme is very popular in India. In this scheme, the employee contributes 12% of his basic salary and dearness allowance and the employer i.e. the company also contributes the same amount every month.

2. National Pension System (NPS)

NPS (National Pension System) is a market-linked retirement scheme that helps people accumulate a large corpus through diversified investments in equities, government bonds and corporate debt. The returns on this vary depending on the performance of the market.

3. Pradhan Mantri Vaya Vandana Yojana (PMVVY)

PMVVY (Pradhan Mantri Vaya Vandana Yojana) is a pension scheme designed for senior citizens aged 60 years and above. The aim of this scheme is to provide financial security to senior citizens in their old age. It gives a guaranteed return of 7.4% for 10 years. Market volatility does not affect the returns on this scheme, which provides financial security, which is very important at this age.

4. Senior Citizen Savings Scheme (SCSS)

SCSS (Senior Citizens’ Savings Scheme) is one of the highest interest paying schemes for senior citizens aged 60 years and above. The current interest rate on this scheme is 8.2%, which makes it an attractive option for investors who avoid investing in the market due to the risk involved and want a fixed return on their investment. The maximum investment limit of this scheme is Rs 30 lakh. The tenure of this scheme is 5 years, which can be extended for additional 3 years. The interest on this is paid on quarterly basis, so that regular income is available.

5. Public Provident Fund (PPF)

PPF (Public Provident Fund) is a long term savings scheme, which currently offers an interest rate of 7.1%. It has a lock-in period of 15 years, which can be extended in blocks of 5 years each. It is necessary to invest at least Rs 500 annually, while the maximum investment limit is Rs 1.5 lakh annually. PPF is kept in the EEE (Exempt-Exempt-Exempt) category, which means that investment, interest and the amount received on maturity are all tax-free.

6. Atal Pension Yojana (APY)

Atal Pension Yojana (APY) is a pension scheme of the Government of India for unorganised sector workers and low income groups. This scheme provides guaranteed pension after retirement. Subscribers can choose from fixed pension options ranging from Rs 1,000 to Rs 5,000 per month.