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Why Should Senior Citizens Invest Their Money In Fixed Deposit

 

In most cases, the Senior citizens prefer to fix his / her money because banks and some fixed deposit company has a special FD interest rate for the senior citizens. Some of the senior citizens retired from the government services will go for the Fixed Deposit (FD) but they have to know before investing what is the interest rate and FD schemes provided by the bank and company.

NRI and resident citizen who has crossed the age of 60 they are eligible for the open the senior citizen fixed deposit account. NRI senior citizens open the account in two categories NRO (non-resident ordinary) and NRE(non-resident external).

The benefit of senior Citizen Fixed Deposit (FD):

Most of the features of senior citizens FD are the same as the normal FDs. Some features which are different are mentioned below.

  • For the Senior citizens' bank are provided with flexible tenure of FDs.
  • The Fixed deposit rate and the tax benefit for the senior citizen higher than normal FDs.
  • They can nominate their children or spouse to get the maturity amount.

The FD rates are different as per the banks, but they are usually higher than that of the traditional FDs. But you will be assured that the rate provided by the bank is usually higher than the traditional fixed deposit. PNB Housing Finance Limited is one of them provide the highest interest rate on FD for the Senior citizen the normal interest rate on fd up to 8.70%*.

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