<b> Your Money:</b> Senior citizens pension scheme offers good rate

Returns will be taxed and money is locked in for 10 years, so, invest only part of your portfolio

With interest rates on a downward spiral, senior citizens should be happy with the Union Budget’s proposal to start a scheme for them which offers an annual return of 8 per cent for 10 years. The scheme will be launched by the Life Insurance Corporation of India (LIC) on April 1 and will offer interest payouts on a monthly, quarterly, half-yearly and annual basis.
 
Earlier in December, the Prime Minister had announced a special senior citizens fixed deposit which also offers a guaranteed return of 8 per cent and had a tenure of 10 years. There was also a