Top 10 investment options for monthly income in 2024
Many investors aim to generate monthly income from their investments. While most favor guaranteed return income plans, some choose market-linked options. Examples of investment schemes offering monthly income include the Senior Citizen Saving Scheme, Post Office Monthly Income Scheme, Government Bonds, Pradhan Mantri Vaya Vandana Yojana, Life Insurance Plus Saving, mutual funds, and systematic withdrawal plans. Explore these options in greater detail to understand their specifics.
In today's dynamic financial realm, establishing a steady monthly income stands as a top priority. For those with surplus funds, engaging in programs offering reliable monthly returns emerges as a prudent decision. This ensures that idle resources begin yielding dividends or profits, thereby fostering financial stability in the long run. Here's a guide to the best investment avenues for monthly returns in 2024.
Senior Citizen Saving Scheme
This government-backed initiative, tailored for senior citizens, boasts an annual interest rate of 8.2 per cent, offering a secure avenue for investment.
Post Office Monthly Income Scheme
Providing a monthly payout at an annual interest rate of 7.4 per cent, this Post Office scheme stands as a reliable option for steady returns.
Long-Term Government Bonds
With maturities spanning from 5 to 40 years, these low-risk investment vehicles ensure monthly interest payments, bolstering financial stability.
Debt Mutual Funds
Predominantly invested in fixed income options, these mutual funds furnish regular income contingent upon fund performance, catering to investors' financial objectives.
Corporate Deposits
Non-banking financial firms offer high-interest investment options, albeit necessitating diligent research into the institution's financial health for informed decision-making.
Life Insurance Plus Saving
Ensuring predetermined monthly payouts upon maturity, these guaranteed income insurance policies underpin financial security post-retirement.
Pradhan Mantri Vaya Vandana Yojana
Tailored exclusively for senior citizens, this scheme offers fixed interest rates, furnishing stable income streams over a decade.
Systematic Withdrawal Plans
Tailoring investment strategies to accommodate diverse financial requirements, these plans furnish investors with regular income streams.
Equity Share Dividends
While entailing higher risk, these options promise consistent income and long-term gains through stocks, appealing to investors seeking robust returns.
Annuity Plans
Offered by Indian insurance companies, these plans furnish regular income at relatively lower risk levels, categorized as either deferred or immediate annuities.