My father has 15 lakhs. He wants to invest in a way that he can get some monthly income and funds for emergency. He is a senior citizen and has a savings account with Punjab National Bank. He follows a traditional route and doesn’t want to invest in MFs or equity. Please suggest the perfect route.
You can ask him to deposit Rs. 10 lakhs in FD with monthly payout option. Interest rate for senior citizen is 9.5%. 3 lakhs in cumulative FD for long period of time. Rs. 2 lakhs in savings account. This will be his emergency fund.