Best Investment Plan For Monthly Income || Best Investment For 2023 || SWP For Monthly Income

HDFC Dream SIP:

SBI Mitra SIP:

ICICI Freedom SIP:

In this video we will suggest 3 Investment Plans for Monthly Income. These Schemes are offered by SBI, ICICI and HDFC. In SBI this is called SBI Mitra, in ICICI Freedom SIP and in HDFC Dream SIP.

All of these Schemes combine SIP with SWP. Your money will invested in a Specific Mutual Fund every month. And after a particular time that lumpsum will be converted into a Systematic Withdrawal Plan.

Watch this video to understand how exactly this scheme works and all the pros and cons of this scheme.

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Investing money is critical to achieve financial stability and security. However, the objective of investment varies from person to person. Some people invest with a goal of long-term growth, while others invest in schemes that generate monthly income.

If you are looking for a reliable investment plan that provides monthly income, here are some options you should consider:

1. Fixed Deposits (FDs): Fixed Deposits are a safe investment option that provides greater returns than that of a savings account. Banks offer FDs with a different tenure ranging from 7 days to 10 years or more. Interest rates, which vary depending on the tenure of the fixed deposit, are generally higher than a regular savings account. An investor can choose to reinvest the income acquired from the FD or get this income as a monthly payout.

2. Mutual Funds (MFs): Mutual Fund investments are typically a popular long-term investment option. However, selecting the right scheme is important when looking for an investment plan that provides a monthly income. Systematic Withdrawal Plan (SWP) comes in handy in such situations. It is an option where a fixed investment amount is automatically withdrawn and transferred from mutual fund investments to the investor’s account every month. SWP helps investors to plan monthly payouts that are crucial for those looking for regular income.

3. Post Office Monthly Income Scheme (POMIS): The Post Office Monthly Income Scheme (POMIS) is a saving scheme offered by the Indian Postal Service. The tenure of this scheme ranges from 1 to 5 years. The interest rate offered by POMIS is fixed at 6.6% per annum. The interest income is deposited directly to the account of the investor every month. The minimum investment required for this scheme is INR 1500, and the maximum investment limit is INR 4.5 lakhs for an individual account holder, and INR 9 lakhs for joint accounts.

4. Senior Citizen Savings Scheme (SCSS): The Senior Citizen Savings Scheme (SCSS) is a government-backed investment scheme that provides regular monthly income to senior citizens. The interest rate offered under this scheme is higher than that of FD- it is 7.4% per annum, compounded quarterly. This scheme has a tenure of 5 years, which can be extended for further three years. The investment can be made only by individuals who are senior citizens, and the maximum investment limit is INR 15 lakhs.

Conclusion:

Investing in a plan that provides regular monthly income is a wise decision. However, it is essential to do an analysis of the available options before investing. Based on your risk profile, financial needs, and investment goals, it is important to choose the investment plan that best fits your requirements. In conclusion, to get a fixed monthly payout, FDs, MFs with SWP, POMIS, and SCSS schemes are some of the best options to consider for investment.