Senior Citizen Fixed Deposit: Know The Features And Benefits
A Senior Citizen Fixed Deposit is a safe investment instrument offering older adults a stable income stream and ensuring financial security in retirement.
A Senior Citizen Fixed Deposit is a safe investment instrument offering older adults a stable income stream and ensuring financial security in retirement.
Senior Citizen Fixed Deposit
As you enter your senior year, finding secure investment options becomes crucial for maintaining financial stability. Fixed deposits (FDs) are popular among senior citizens since they are relatively low-risk and provide guaranteed returns. They offer a dependable solution to protect their money and ensure a consistent income during retirement.
Also Read: World Senior Citizen Day: 5 Ways To Take Care Of Seniors In Family
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To open a Senior Citizen FD account, you can go to the bank or apply online through their website. You can also specify whether you want to receive interest payments monthly, quarterly, or yearly. Also, FD accounts can be opened at post offices by completing the necessary paperwork and depositing funds via check or demand draft.
Also Read: How Can Senior Citizens Adopt Technology To Make Their Lives Easy?
The eligible age for opening a Senior Citizen FD account is 60 and above. Some banks provide additional incentives to super elderly persons (above the age of 80).
Documents Required for Senior Citizen FD
– PAN Card
– FD account opening application form
– KYC documents (Aadhar card, passport, driving license or voter ID)
– Passport-size photographs
– Form 15H or self-declaration form
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According to RBI’s BSR report for December 2023, term deposits surged to 97.6 per cent of the total deposits in the first three-quarters of FY24. Learn more.
At around 7.5 per cent to eight per cent interest rates, it seems to be the most favourable rate scenario for senior citizens across fixed deposits and small savings schemes.
Investors can choose them based on their investing horizon, needs and risk-taking ability.
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