Retirement Products

Saving for one's retirement is an extremely crucial money goal. That is because you need to build a big enough nest egg to take care of your post-retirement expenses comfortably. For this, selecting the right investment products is of utmost importance. For post-retirement income, there are five financial products you can choose from.

Here is a look at each of these five retirement-focused investment products.

NPS

The National Pension System or NPS, is a market-linked, defined contribution investment product. An Indian citizen in the age group between 18 and 60 years of age is eligible for opening an NPS account.

PPF

The Public Provident Fund (PPF) is a 15-year scheme that can be extended indefinitely in blocks of 5 years. It can be opened in a designated post office or a bank branch. It can also be opened online with few banks. A person of any age can open a PPF account; even those with an EPF account can open one. The minimum deposit amount is Rs 500 per annum and the upper limit is Rs 1.5 lakh a year. The PPF interest rate is reviewed and announced by the government every quarter. One can deposit a maximum of 12 times in a year but remember to deposit before the 5th of the month to get interest for the full month, as the interest is allowed on the lowest balance at the credit of an account from the close of the 5th day and the end of the month.