Fixed deposit is a financial contrivance, which is provided by the banks or NBFC’s. Until the given maturity date, fixed deposit furnishes the investors with a higher rate of interest when compared to a regular account of savings.
When it comes to retirement, the first thought, which struck the mind, is managing the regular source of income.
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Moreover, it is always good to manage your finances well in advance so that you need not spend on others or compromise on your standard of living. Moreover, if you are senior citizen which means 60 and above years of age and you are the verge of retirement or will retire in the coming year’s then financial planning for you has to be your priority.
The key objective for a senior citizen during an investment needs to be earning guaranteed returns with minimum risk. It is only then a senior citizen can safeguard the wealth they have accumulated throughout their career. Undoubtedly, there are many investment options available in the market for the senior citizen but amongst all the popular one remains a fixed deposit.
To safeguard one’s wealth the senior citizens’ duly consider a fixed deposit as the safest option as it involves low risk.
A fixed deposit certainly offers good returns on the investment. The following are the advantages of investing in a fixed deposit for senior citizens, which are:
The Senior Citizens Savings Scheme (SCSS) includes the deposits made by the senior citizens. Concerning opening, a senior resident fixed store account in a mail station the contributor needs to visit the near to post office and in like way fill the fixed store structure warily with every exact datum to open an account. The aggregate they wish to contribute can be kept through either a check or request draft.
Besides, post office an FD account can also be opened up in banks as well. Fill the FD account opening form online and submit the form accordingly. The amount of deposit will be deducted from the savings bank the basis the applicant has opted. The senior citizen has the option to chose when they wish to receive the interest every month, either quarterly or annually.
Anyone who is an inhabitant and NRI senior resident over 60 years old is qualified enough for a fixed deposit scheme offered by the banks and post offices. On the off chance, that someone falls under the class of NRI senior resident, at that point that individual may open a fixed store under the non-resident external and non-resident ordinary classification separately.
In case of any investor is interested to invest in senior citizen fixed deposit scheme the following documents will be required:
Here are some quick tips that will help you to choose the best fixed deposit scheme which are:
It is to be noted that interest rates are subject to change and can be revised by the bank without any prior notice. In the below grid are the best fixed deposit rates for senior citizens offered by banks in India:
|Fixed Deposit with Banks||Less than a year||In between 01 to 05 years||Above 05 years|
|SBI FD Rates||5.00% to 6.50%||6.75% to 7.20%||6.75%|
|ICICI Bank FD Rates||4.50% to 7.00%||7.20% to 7.60%||7.50%|
|HDFC Bank FD Rates||4.00% to 6.85%||7.10% to 7.50%||7.40%|
|HSBC Bank Rates||3.50% to 6.00%||5.50% to 6.50%|
|Canara Bank FD Rates||5.50% to 6.50%||6.50% to 7.00%||6.75%|