There has been a sharp drop in the Fixed Deposit Interest rates of Banks. This has affected retired people like myself who are dependent on Interest on fixed deposits for regular income.
Now the only way to Increase the interest income is to Go for Mutual Funds. Mutual funds give a good return on long term investment. But retired people depend on regular income. The best way to go about it is to go for Systematic Withdrawal Plans.
https://fundguru.sbimf.com/tips-and-articles/swp
This article is from SBI. you can google and learn a lot about Systematic Withdrawal Plans.
http://www.moneycontrol.com/news/business/mutual-funds-business/-1679827.html
The problem is that Funds managers like Scrip Box and Funds India do not offer this facility.
You have to do it yourself or take the help of some financial advisor.
It is simple to do it.
Have you tried it? Any experience? Do you want any clarifications?
I would be glad to help.
Now the only way to Increase the interest income is to Go for Mutual Funds. Mutual funds give a good return on long term investment. But retired people depend on regular income. The best way to go about it is to go for Systematic Withdrawal Plans.
https://fundguru.sbimf.com/tips-and-articles/swp
This article is from SBI. you can google and learn a lot about Systematic Withdrawal Plans.
http://www.moneycontrol.com/news/business/mutual-funds-business/-1679827.html
The problem is that Funds managers like Scrip Box and Funds India do not offer this facility.
You have to do it yourself or take the help of some financial advisor.
It is simple to do it.
Have you tried it? Any experience? Do you want any clarifications?
I would be glad to help.