Benefits Senior Citizens Can Avail On Fds

Did you know that having a senior citizen fixed deposit account can hand you many unexpected benefits? Read on and discover now!

Fixed deposits are one of the most vital investment options available these days not only for standard citizens but even senior citizens.

If you are a senior citizen who is looking to have a safe and sound financial corpus in the future with sure-shot ROI, nothing fits better than a fixed deposit investment scheme.

In the context of the same, let’s quickly provide you some immediate benefits of an FD scheme for senior citizens.

  1. Assists you building a retirement fund

Everyone plans for their retirement which involves spending time with friends and family, visiting relatives, going on an abroad trip and more. However, to facilitate all such activities without issues, you need money, and that’s where having a senior citizen fixed deposit investment works. If you plan well before some years of your retirement, you could grab a fixed 8.20% interest ROI on your investment.

  1. Offers fabulous and fixed returns

Did you know that your senior citizen fixed deposit can offer your fabulous and fixed returns as compared to other plans such as mutual funds, stocks, and equities? Yes, it’s because market conditions do not impact the ROI of a fixed deposit investment. What’s more, being a senior citizen pays you back as you get the highest 8.20% FD interest rate returns which is 0.35% more being offered to standard citizens.

  1. Immune to market risks

Yes, unlike mutual funds or stocks which are associated with market fluctuations, FDs are entirely unaffected by its performance. As you grow older and your capacity to face a loss reduces the FD (Fixed Deposit) scheme by leading online lenders works as a sound option to opt.

  1. Provides risk-free security

Nowadays leading online lenders are offering a 100% safe and secure fixed deposit scheme where the probability of your money hitting loss is negligible. The fixed deposit plans of leading non-banking finance companies (NBFCs) have ICRA’s MAAA (stable) and CRISIL’s FAAA/Stable rating. As a result, your invested money is always free from all risks, and it also makes your investment entirely secure.

  1. Avail loan against your FD

Another facility that a senior citizen fixed deposit scheme offers is – you can avail a loan against your FD amount if you face an immediate need for cash. The loan is provided to you keeping your FD amount as the collateral, and its lending rate of interest is less, making it affordable to manage. Thus, if you need money, you need not close the FD account prematurely and face penalty and get reduced interest returns.

The Bottom Line

A senior citizen fixed deposit scheme offers so many benefits that not investing in it will be an imprudent step. You need not visit the office of a service provider to apply for an FD.

Simply browse the website of a lender, fill in the online application form and relax. Rest of the formalities will be completed by the representative of the company after scheduling an appointment with you as per your preferred time slot.

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