banking question-
Mr. S, a soon-to-be retiree, has a life-time of savings of Rs. 50 lacs. Being in the golden period of his life, he wishes to remain risk averse while selecting an investment avenue for his savings. Preferably, he would like a product which offers regular monthly income for his choice of tenure during his retirement after investing a lump sum amount today. Suggest a suitable product to Mr. S, explaining the features of your suggestion. Also, explain the documentary procedure which he would be required to go through.
Answers
Answer:
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The right product for Mr. S will be the FD with the Monthly payment option.
As Mr. S recently retired, he wants to stay safe but wants to invest his lump-sum savings of 50 lacs to earn regular monthly income. Therefore, the best option for him would be a Fixed Deposit with a monthly payment option.
Fixed Deposit Features: -
1) An investor can be assured that his investment is safe.
2) Interest rate will be fixed.
3) Fixed deposit is protected from market volatility.
4) If you have an urgent need for money, you can use your FD as a mortgage.
Fixed Deposit Account Procedures: -
1) You can go to the bank branch and submit the application form and the Deposit Deposit requirements.
2) You can also visit the online banking website to fill out the form with the required details and pay through online mode.