How Can Senior Citizens Earn Regular Income Post Retirement?

The growing medical expenses, inflation, and increased lifespan have turned "retirement planning" into an obligatory task for every Indian. To make an adequate retirement plan, you must ensure that it takes care of certain things, such as covering all medical expenditures and providing a constant income, among other things. 

This post aims to explore ways in which senior citizens can earn regular income post-retirement.

Earning An Income During Post Retirement: How to Do So?

Earning a steady income post-retirement is essential for maintaining financial independence, ensuring retirees do not have to depend on family or others for their daily needs. Retirement can be a time of limited income, making it crucial to explore avenues that generate regular earnings. From investment schemes specifically designed for seniors to part-time jobs that align with their skills and experience, there are several options available. This section delves into practical and accessible methods for senior citizens to earn an income, including government-backed savings schemes, fixed deposits with attractive interest rates and renting out property or assets. These strategies can help retirees maintain their lifestyle comfortably and meet unexpected expenses without stress.

Fixed Deposits

Fixed deposit is a well-known way for senior citizens to earn regular income. As the name suggests, these are fixed investments in which depositors earn a fixed rate of interest throughout the investment tenure as fixed at the start. These are easy to operate, easy to begin, and considered safe. Fixed deposits can help all senior citizens earn an additional interest rate between 0.25% and 0.55% on the amount that is deposited.

Furthermore, these options come with a tenure of 7 days to 10 years. Leading banks such as ICICI Bank provide competitive fixed deposit interest rates. ICICI Bank FDs also offer multiple payout options such as monthly, quarterly or Maturity. There are tax-saver FDs for individuals looking to accumulate wealth without tax burdens.



The following individuals and groups can open a regular Fixed Deposit online: residents of India, Hindu Undivided Families (HUFs), sole proprietorship firms, partnership firms, limited companies, trust accounts, non-resident Indians (NRIs), Indians, and minors with a guardian. The savings account must be KYC (Know Your Customer) verified.

Leading banks such as ICICI Bank also provide multiple types of FDs to cater to a vast range of investors' financial needs. Monthly Payout FD, Regular FD, and Tax Saver FD are a few notable options while starting an FD with ICICI Bank.



Starting an FD with ICICI Bank is hassle-free and involves minimal effort. The steps for the same are mentioned below: 

1. Log in to ICICI Bank Internet Banking.

2. Go to ‘Bank Accounts’ > ‘Deposits’.

3. Click ‘Create FD’.

4. Choose your FD type.

5. Enter the amount (minimum ₹10,000).

6. Select the FD tenure and interest payout option.

7. Click ‘Create FD’ to complete the process

Senior Citizen Saving Scheme

The Senior Citizen Savings Scheme (SCSS) is a government-backed savings program in India designed for individuals aged 60 and above, or 55 and above under certain retirement conditions. Launched in 2004, this scheme offers a secure income during retirement. Its key features include a minimum deposit of Rs. 1,000 and a maximum of Rs. 30 lakh, with interest rates that are revised quarterly. The initial term of the account is five years, which can be extended by an additional three years. Premature withdrawal is permitted but may incur penalties. Investments in SCSS also qualify for tax deductions under Section 80C. Applications for this can be made at leading banks such as ICICI Bank by submitting the required documentation and registering a nominee. 

Wrapping Up

Many retired individuals always depend on the funds that they have gathered during their working days. At times, these funds might fall short and make it difficult to stay financially stable. So, by opting for schemes and programs mentioned in this content. It will not just provide you with a regular income but also help you meet all your needs. 

Furthermore, receiving a monthly income will prevent you from relying on your children or family members during the retirement stage. However, whether you opt for Fixed Deposits or a Senior Citizen Saving Scheme as the source of earning funds periodically, be sure to check all the information and understand how it will be beneficial for you before proceeding further.