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Fixed deposits are considered to be one of the best investment options for senior citizens. FDs are considered safe and can provide stable income in old age.
Most of the banks offer the highest rate of interest on FD for senior citizens. So, if the regular FD investor is getting 7% interest, senior citizens will be offered 7.50% or 7.75%, which varies with the bank.
Senior citizens can time and align their FDs with the varying tenures offered by the bank and encash them accordingly. Be it a medical emergency, child’s marriage, a vacation they can encash the short-tenure FD at the same time keep investing in long-term FDs.
Benefits
Interest rates for senior citizens tend to be higher increasing earnings on FDs
It creates a safe space for the money to grow at a steady pace.
Interest earned on these deposits can be turned into monthly incomes
A tax saver deposit can help in getting tax deductions under section 80C of the IT Act.
Senior citizens can choose different interest payout options where interest is credited to the depositor’s savings’ account on a frequent basis – either monthly, quarterly, half-yearly, or yearly.
Here are the latest fixed deposit rates f0r senior citizens offered by SBI:
