This is a stiff target unless you allow your money to grow without yearly withdrawals and invest substantially in equity funds. Our suggestion is that you invest 50% in quality equity funds such as Mirae Asset Largecap, Parag Parikh Long Term Equity and ICICI Pru Nifty Next 50. Allow the equity to grow for at least 5-7 years.replies: Senior Citizen’s Savings Scheme (SCSS) is backed by the government and the entire amount is protected. However, you can deposit a maximum of Rs 15 lakh only (Rs 30 lakh between you and your wife). In banks, although technically only Rs 1 lakh is protected, deposits with SBI should be very safe for all practical purposes.

Source: Economic Times November 18, 2019 00:56 UTC