If you are a senior citizen and not yet invested in a senior citizen fixed deposit scheme, you are missing out on the immense benefits that it offers and beyond.
Let’s quickly provide you some details about the fixed deposit schemes so that it may help you enjoy worry-free retired life.
If you are a senior citizen who has retired or is set to retire in some years, you can choose to invest a portion of your savings in a safe and sound investment scheme. Yes, it is none other than a senior citizen fixed deposit plan.
An FD (Fixed Deposit) investment can help you gain sure-shot interest gains as compared to other risks prone plans such as mutual funds, stocks, equities and more.
Thus, since your returns on the expected interest are not impacted by the ups and downs of the market, it works out to be sure-shot investment option. That does not mean you should not include stocks and mutual funds in your investment profile, but they should not be your only option as well.
Advantages of investing in a senior citizen fixed deposit scheme
Here are some of the benefits of the senior citizen FD plan that you can stand to make the most of if you put in your savings in it.
✓ The FD interest rates for senior citizens are higher than a standard citizen. Online service providers offer senior citizens as high as 8.10% FD interest rates. As a result, you are sure to get better ROI.
✓ The ROI that you earn on your fixed deposit plan can be utilized to cover various responsibilities such as self and household expenses, contribution a portion towards your grandchildren’s education and more.
✓ The ROI of an FD is safe and not affected by market conditions and offers steady returns, come what may.
✓ You don’t need to put in a large amount to open a senior citizen FD. You can begin your investment with as little as Rs.25,000 only.
✓ You can withdraw your FD amount earlier if you need money and don’t have to wait for the tenor to end.
✓ You can also avail a loan against the FD amount in case you need to cover some immediate tasks involving some money.
✓ You can apply for a senior citizen fixed deposit directly on a lender’s website over the web and don’t have to visit their office physically
The Bottom Line
Why should you wait to invest some savings into benefits-laden senior citizen fixed deposit scheme and miss a golden chance to build a healthy retirement fund?
You can now apply online by filling the online application form. A company representative will then contact you to collect documents, cheque and complete other formalities and your senior citizen FD account will be operational.
Don’t wait, apply today and make the most of it!