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Is it worth renewing my FD at current interest rates?

Dhirendra Kumar advises a 65-year-old on whether to renew fixed deposits due to mature shortly

I am 65 and have invested some money in fixed deposits that are due to mature shortly. Given that FD rates have fallen, what is your advice - renewal or other options?
- Bhaskaran Vasudevan

I'd say it's very difficult to find higher yields. But you are 65-year-old and some options like Senior Citizen Savings Scheme (SCSS) are available only for old people who are above 60. Consider that if you haven't already. Here you can invest a maximum of Rs 15 lakh for yourself and another Rs 15 lakh for your spouse. You can also consider Pradhan Mantri Vaya Vandana Yojana (PMVVY). Another alternative is the Post Office Monthly Income Scheme (POMIS) - it is a safe and relatively high-yielding fixed-income investment avenue.