Individuals above 60 years are eligible to invest in the Senior Citizen Fixed Deposit scheme that provides high senior citizen fixed deposit interest rates offered by the nationalized banks and non-banking financial company.
Aside from the higher rate of interest that can go up to 0.50% more than what is offered to the general public, these Senior Citizen Fixed Deposits scheme with high senior citizen fixed deposit interest rates also provide elderly residents with a wide range of other perks. The opportunity to receive interest payments regularly can provide senior citizens with a solid and consistent source of income in their post-retirement years. If necessary, they can also take out a loan secured by the FD.
Benefits of senior citizen fixed deposit schemes
The interest rates senior citizen fixed deposit schemes offer tend to be higher than those offered by other banks, thus resulting in higher earnings.
Undoubtedly, a senior citizen fixed deposit scheme is a safe investment scheme in which the money grows steadily over the long term.
It is possible to turn the interest earned on senior Citizen Fixed Deposit scheme into a monthly income stream, thus providing more peace of mind during your retirement years.
As a tax saver deposit, the senior citizen fixed deposit can also help the holder get a tax deduction under section 80C of the Income Tax Act.
Senior citizens can choose from various interest payout options that regularly provide interest in monthly mode, quarterly mode, half-yearly mode or annual mode.
If you are retired, having regular interest payouts such as the Senior Citizen Fixed Deposits scheme with high senior citizen fixed deposit interest rates can be very beneficial because they can be a source of supplementary income for you, so it is an advantage.
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