Know all the Benefits you get with Special FD Schemes for Senior Citizens
- 4 Months ago
Written by - Shriram
A senior citizen Fixed Deposit (FD) is easy to open and has many benefits. You need identity proof and a few other documents to open an FD account. One of the best benefits is that you can choose the frequency of the payouts you receive as a regular income. You can also save taxes and get a loan against this FD from the comfort of your home through an online portal.
Banks and Non-Banking Finance Companies (NBFCs) have recently introduced attractive savings schemes for senior citizens. With this significant benefit, you can not only set aside savings for a rainy day but also earn while you do so.
A Shriram Finance FD offers excellent benefits for senior citizens, like 0.50%* additional interest upon the deposit. Senior citizens can also save on taxes if they open a five-year tax-saving fixed deposit. Let's look at everything you need to know to get the best FD scheme for senior citizens.
What is a Fixed Deposit?A fixed deposit is a savings scheme offered by banks and NBFCs that helps investors securely invest a lump sum of their money for assured returns. This deposit can be set for a specific amount of time, and the interest rates on it will not be affected by any market fluctuations. On maturity of your FD, you will get the entire principal amount with interest deposited into your account. With the Shriram Fixed Deposit, you can get higher interest rates than banks and other financial centres.
You can always check and compare the interest rates for deposits before investing to understand the amount you will receive upon maturity. An FD also has excellent benefits and features like flexible tenure, auto-renewals/auto-withdrawals, tax-saving benefits and higher interest rates for senior citizens.
What is the Eligibility of an FD for Senior Citizens?If you want to invest in a senior citizen fixed deposit scheme, you must have certain documents to prove your eligibility for the FD. Non-Resident Indians (NRIs) can also avail themselves of the additional FD benefits through NRO and NRE accounts. Here's a list of everything you need to start the senior citizen fixed deposit:
- The person starting the account must have crossed 60 years of age and will need an identity proof document for verification.
- You must also carry your passport, Aadhaar card, PAN (Personal Account Number) Card and passport size photographs for the bank or NBFC to begin the process.
- Once you have submitted these documents, it will be a short wait before your account is created.
What are the Unique Features Available for Senior Citizens?
Most of the features of a senior citizen FD are similar to those of a regular fixed deposit account. But there is also a multitude of benefits that a senior citizen can get. Let's take a look at what they are:
- Senior citizens can choose different interest payout options where the interest can be deposited into their account regularly. This can be done either monthly, quarterly, half-yearly or yearly.
- A regular interest payout can prove beneficial for those who are retired or do not have a steady source of income. The FD will act as a supplementary income.
- A senior citizen fixed deposit can also be a tax saver under section 80C of the Income Tax Act.
- One of the most common facts about fixed deposits for senior citizens is that you can get special interest rates and earn more money compared to a regular savings account.
- Your deposit will be secure, and the interest rate will not change even with fluctuations in the market.
- You can also avail of a loan against your fixed deposit if needed.
How can Senior Citizens avail of the Benefits?It is not very difficult to avail of the benefits for senior citizens. If you have any issues with starting an FD, you can always contact customer support, who will assist you. Shriram fixed deposit calculator makes it simple for everyone to find the interest rates and payout they will receive upon maturity of the fixed deposit.
With just a few clicks, you can start the Shriram Fixed Deposit for senior citizens from the comfort of your home. You can earn an interest rate of up to 8.90%* per annum on a regular FD account which is inclusive of the 0.50%* additional interest for Senior Citizens and 0.10%* interest benefit given for Women Depositors. This way, you can ensure all your needs are covered while also earning through the deposit.
ConclusionA fixed deposit scheme for senior citizens can help you save hard-earned money while also giving you a great payout that can help with some of your needs. Don't hesitate to invest now with Shriram Finance to get higher interest rates with guaranteed returns. With all these benefits, you can enjoy a peaceful and prosperous retirement.
FAQsQ: Which bank/NBFC is best for fixed deposits for senior citizens?
Many banks and NBFCs offer special schemes but with the trust of 45 years and serving 2.12 million customers, Shriram is one of the best for senior citizens. Can we mention the interest rate here as to why we claim ourselves the best?
Q: What is a special FD scheme for senior citizens?
An investment scheme by a bank or NBFC that helps senior citizens save money and earn a higher interest on their investment can be called a unique FD scheme for senior citizens. A Shriram FD offers high interest rates of up to 8.90%* per annum, including 0.50%* per annum for Senior Citizens and 0.10%* per annum for women depositors. Please keep in mind that you have to be above 60 years to avail of these benefits and schemes.
Q: What is the interest rate for senior citizens?
With a Shriram Fixed Deposit for senior citizens, you can get interest rate up to 8.90%* per annum, including 0.50%* per annum for Senior Citizens and 0.10%* per annum for women depositors.
- You need to provide identity proof and minimum documents to book special FD schemes for senior citizens.
- You can choose the frequency of interest payouts to receive a regular income from your senior citizen FD.
- You can save taxes and also get a loan against your fixed deposit.
- A senior citizen FD is easy to start and can be done online from the comfort of your home.