Fixed deposit can be a good investment for senior citizens because the money invested in it is completely safe and pre-determined interest is also received. Apart from this, they can also take a loan against FD in any emergency. Apart from this, tax exemption is also available.
Senior Citizens FD: The stock market has been registering a continuous decline for the last one and a half months. At the same time, this type of decline has been seen for the third time in the year 2024. Earlier such a situation was seen in March 2024. In such a situation, the tension of investors has increased. Sensing unsafe investment and huge losses, many investors are now keeping distance from the stock market and are looking for a safe investment. In such a situation, fixed deposit can prove to be a good safe investment option for them. Especially for investors like senior citizens.
Good returns with safe investment
Fixed deposit can be a good investment for senior citizens because the money invested in it is completely safe and also gets pre-determined interest. Many banks are offering 0.50%-0.75% more return than their normal interest rate on an annual basis to attract senior citizen investors. In such a situation, investors above 60 years of age can earn good returns with safe investment.
Loan is easily available on FD
At the same time, senior citizens are also eligible for loan against fixed deposit in case of need of cash. In case of any kind of need, the investor can easily take a loan of up to 70-80 percent of the principal of the fixed deposit, while the facility of installment is also available for payment of the loan amount. That is, you can easily repay the loan amount taken on FD through installments. During this time, your FD remains safe until the full payment of the loan is made by you.
These banks are offering up to 9% interest
- Northeast Small Finance Bank is offering the highest interest rate of 9.50% on FDs maturing in 546 – 1111 days for senior citizens. However, the investment amount should be less than Rs 5 crore. These interest rates are effective from 25 June 2024.
- Sarvodaya Small Finance Bank is offering the highest return of 9.10% on FDs maturing between 2 years to 3 years for senior citizens. These interest rates have become effective from 4 September 2024.
- At the same time, Unity Small Finance Bank is offering the highest return of 9.50% for a period of 1001 days and 9.25% for a period of 701 days for senior citizens. The rates are effective from 7 October 2024.
- Utkarsh Small Finance Bank is offering the highest interest rate for senior citizens at 9.10% for a tenure of 1001 days and 9.25% for a tenure of 1500 days. The rates are applicable from 7 June 2024.
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