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Where should I invest Rs 3 lakh to get a monthly income after 10 years?

Dhirendra Kumar guides on creating a retirement corpus at the age of 50 years

I am 50 years old. Where should I invest Rs 3 lakh to get a monthly income after 10 years?
- Jagdish

You should take an immediate step to invest for your retirement if you haven't been able to save for it earlier. The easiest would be to open an NPS account. Invest this three lakh in NPS and also invest in NPS whatever you are able to save every month till the time you are able to work. You can invest upto the age of 65 years in an NPS account. Post that, the accumulated corpus can be used to create a pension for you.

However, you can withdraw upto a maximum of 60 per cent only as a lumpsum at the time of retirement and the balance can be used to give you a monthly pension. In case you don't want to invest in NPS because of the same reason, invest in a good balanced fund, since you are investing for the first time.

But don't invest the whole three lakh in one go. This is the first rule for investing in market related products. Invest this three lakh over a period of 12 months. In addition, don't wait to accumulate an amount and then invest, rather invest every month as much as possible for the next seven to eight years so that you are able to accumulate sufficient corpus for a monthly pension. You may choose any one or two good conservative balanced funds. ICICI Prudential Balanced, Tata Balanced and SBI Balanced Fund are good options. It is important that you are investing regularly and in a systematic manner, not as a lumpsum.

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