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I have been supporting my parents in India by transferring money adhoc. Currently end up transferring around 3-5 lakh a year. I am looking for recommendations for senior citizen monthly income plan in india where I can make a deposit(~45L) so that they get a steady monthly payout. Also, if possible, I want to make sure they are not able to make any withdrawal from the principal. Thanks for the recommendations. Blind Tax - $350k pa
You can reach out to me if you are interested in some investments. My dad back in India helps people with investment plans like this. And the investments are with one of the renowned banks in India
I was looking for something similar and the closest i came across was FD
Apple pay has a way to setup monthly payments. That requires the transfer be between two Indian bank accounts though
Op: I would NOT remit to India or any developing country as the dollar gets stronger the weaker the currency of developing countries becomes Best bet, is to set up a similar monthly transfer system in USA to India. Looking at the rate of fall of currencies from Rs.70 to Rs.83 is a short period of 3-5 years is scary and financial mistake.
I have a nri account with my father as the Indian operator, he can take money whenever he needs using a cheque and debit card. It has been working well for us for the last 15 years.
Do it before you get married
💯
I recently did the same thing as my mom who is a single parent is retiring in couple of months. I haven’t figured out the best plan yet but right now it’s in FD.
There is something called "SWP"
You can consider SCSS (government scheme) which offers best and guaranteed interest rate. 8.2% currently I think. Your parents have to be senior citizens though. It would be on their name, so technically withdrawal is possible. You can keep the document with you so that it becomes harder for withdrawal. You can do it in any nationalised bank and you can do it upto 30L
Does that run through the term that are alive?
It has 5 year tenure. So you need to renew after 5 years. For 30L, it would be about 20k INR per month. For both parents, it would be 60L of investment and 40k per month Ensure you put yourself as nominee. As I recall, government discourages premature withdrawal. There might be penalty or exceptional criteria (don’t quite recall if it is for PMVVY or for this or both)
You don’t trust your parents?
They are humans who can be scammed. What's the harm in having a system so no one can mess up
That wasn’t my question.. you’re reading between the lines. Does OP believe he/she cannot be scammed and parents can be scammed though? I.e. does OP not trust parents? OP mentions to make sure “they” cannot withdraw principal.