Five years back, I had opted for an Andhra Bank Fixed Deposit of Rs 1 lakh. I haven't received any return on that as yet. Now, I have an additional Rs 2 lakh. Where should I invest the same? I want to invest for 5 years. I am 60-years old.
-Sarita
You would have received an FD receipt from Andhra Bank. You need to take that receipt to the bank and renew the FD if it has matured. Most banks don't automatically renew your FDs after maturity, so your money will be idle. Hence, you should renew the deposit, or redeem it if you require the money.
Regarding the money you want to invest now, choose a Post Office MIP if you require a monthly income. If you are not a tax-payer, you can go for MIPs offered by many banks. Both of these investment vehicles will give you the benefit of regular income. If you are not dependent on this money, then you can choose other instruments to invest in. But as you are 60 years old, a periodic income might be your priority. Hence, a Post Office MIP or a Bank MIP will be ideal for you.
This article was originally published on January 30, 2012.
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