I am a retired person of 67 years old with moderate to good health. I have made some investment in Senior Citizen Account and I have some earning from writing work that I do. Whatever I earn from above is sufficient to meet my expenses as of now. I have some additional amount of 9 lakhs lying as bank FD which is going to mature soon. Where should I invest this amount to get better return so that it can offset the inflation. Time horizon may be 5 to 10 years.
May I know your requirement specifically from this Rs.9 lakh and when you need this money?
I want this money to grow and may be it can help me after 5 to 6 years some return so that it can take care of inflation. After 5 -6 years I may not have any other source of income other than my savings. My daughter is working but I do not want to depend on her much.
Then never ever take risk. Keep money in safest products like Postal SCSS or some Bank FDs of your choice. Never rely on anyone. You must enter into equity or equity related products only when your time horizon is more than 5 years.
Which type of fund will be suitable for me which can give better return than bank FD and will it be advisable to invest lumpsum or in parts like STP with time horizon of 5 to 8 years.
STP is the game designed by advisers. If you feel to do that experiment then you can. As per me, by understanding your requirement, I am not suggesting any equity funds for you. Rest you have to decide.
How is equity saving fund? I heard that they offer better return than banks and risk is moderate. Can this be suitable for me keeping view of my need as I expressed befor?
The Higher return also comes with higher return. I think someone guided you wrongly. In my view, better follow my advice. However, if you are ready to take risk without knowing HOW MUCH, then it is left with you.