In a recent interview, Feroze Azeez, a renowned financial expert, shared his insights on the best investment strategies for senior citizens. As retirees often have specific financial needs and goals, Azeez emphasized the importance of choosing investments that prioritize safety and generate regular income.

According to Azeez, one of the most reliable investment options for senior citizens is fixed deposits. These instruments provide a fixed rate of interest over a specified period and offer higher returns compared to savings accounts. While fixed deposits are considered safe, Azeez advises diversifying investments to mitigate risks.

Another investment avenue Azeez recommends is Senior Citizen Savings Scheme (SCSS), which is exclusively available to individuals above the age of 60. SCSS offers a fixed interest rate that is paid out quarterly and has a tenure of up to five years. The scheme is backed by the government, making it a secure investment option for senior citizens.

For those seeking growth and higher returns, Azeez suggests investing in a balanced mutual fund. These funds provide a mix of equity and debt instruments and are managed by professional fund managers. Azeez highlights the importance of considering the risk appetite and investment horizon when choosing a mutual fund.

Apart from these options, Azeez advises senior citizens to explore the Post Office Monthly Income Scheme (POMIS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY). POMIS provides monthly income to investors at a fixed rate and is considered a low-risk investment. PMVVY, on the other hand, is an insurance-cum-pension scheme that offers a guaranteed return of 7.4% per annum. Both schemes provide a secure source of income for retirees.

In conclusion, Feroze Azeez recommends senior citizens to opt for investment options that offer safety, regular income, and potential growth. While fixed deposits, SCSS, balanced mutual funds, POMIS, and PMVVY are some of the investment avenues suggested by Azeez, it is crucial for individuals to assess their financial goals and risk appetite before making any investment decisions.