Sooner or later everyone with jobs and self-employed professionals, will retire so it is best to start preparing for that day from early on. By preparing I mean saving. Even individuals running a business organisation may come to a stage in his or her life where spending quality time with family, following hobbies or travelling may take priority over slogging long hours.

There used to be a time when banks had so many attractive proposals for senior citizens. I remember going to my bank one day, a few years ago with the intention of investing in a fixed deposit. 

I was pleasantly surprised when the bank manager advised me that I would be getting a higher interest rate than what was normally offered. The reason being I was in the right age threshold, fifty years plus, qualifying for senior citizen benefits. The interest rate was a two-digit figure.

Unfortunately the current scenario is very different due to various reasons, the main being there is a huge liquidity surplus. As a result return on bank deposits have fallen to a low single digit number. 

The government savings instruments like the various Shanchaya Patras still remain the most attractive and I would strongly recommend everyone who has not yet availed of it to do so. The rate of interest is still in the two-digit figure but rumour has it that it may be revised to a lower rate.

The following are some of the current saving schemes:

1.Poribar Shanchaya Patras (Family Government Instruments) for five years gives you a monthly return.

2. The three-year bonds give you a quarterly return.

3.  Five year bonds will give you return at the completion of the full term. This is good for people who have idle fund and can do without a monthly return. 

4. Pensioner's Shanchaya Patras, also gives a lucrative return. This is valid for individuals who are entitled to a pension fund.

Most importantly I would like to repeat, start saving early in your career so that when you retire you have a nest egg. Instil the values of saving in your children instead of spoiling them with money and gifts.

From my own example I would like to share this story. When I had first started working, I blew my hard earned salary in buying unnecessary things and the question of saving did not even enter my mind. 

My friend and colleague who literally sat next to me was busy investing in Shanchaya Patras, which at that time was giving huge returns. The realisation came to me much later that I too needed to save. That was a turning point in my life. Today I am proud to say that I am happily living off the returns on my investments and restrain from touching my principal fund. 

Last but not least, do not forget, investing in the Government Saving Schemes also gives you tax rebate.