Can you suggest investments in Mutual Funds for retired persons, who can invest about Rs.2000-3000 per month so that at the end of 5 to 7 years there is a healthy corpus to augment my present income of approx Rs.50000.00 pm.
How do I get monthly income from mutual funds?
If your time horizon is 5-7 years, then first do asset allocation in the way like 60:40 in Debt:Equity. For debt, you can use liquid funds, short term or ultra short-term debt funds. For equity, a single large cap fund like Franklin India Bluechip Fund is enough.
You can opt for Systematic Withdrawal Option to withdraw from accumulated corpus at regular interval.