A Fixed Deposit (FD) for senior citizens is easy to open and has many benefits. You need identity proof and a few other documents to start the account. A great benefit of FD is that you can choose the frequency of the payouts you receive as a regular income.
Banks and Non-Banking Finance Companies (NBFCs) have recently introduced 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.
What is a Fixed Deposit?
A fixed deposit is a savings scheme offered by banks and NBFCs that helps investors invest a lump sum of their money for reliable 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.
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 multiple benefits and features like flexible tenure, auto-renewals/auto-withdrawals and higher interest rates for senior citizens.
What is the Eligibility of an FD for Senior Citizens?
If you want to invest in a fixed deposit for senior citizens, 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 fixed deposit for senior citizens:
- 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 an FD for senior citizens 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.
- 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 Shriram Fixed Deposit from the comfort of your home. You can earn interest on your FD up to 8.15%* p.a., including the additional interest rate of 0.50%* p.a. for senior citizens and 0.05%* p.a. for women depositors. This way, you can ensure all your needs are covered while also earning through the deposit.
Conclusion
A 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 predictable returns. With all these benefits, you can enjoy a peaceful and prosperous retirement.
Key Highlights:
- 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 FD.
- An FD for senior citizens is easy to start and can be done online from the comfort of your home.
FAQs
Which bank/NBFC is best for fixed deposits for senior citizens?
Many banks and NBFCs offer special schemes. Investors should compare factors such as interest rates, tenure options, payout frequency, and the credibility of the financial institution before choosing a scheme.
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 8.15%* p.a., including 0.50%* p.a. for Senior Citizens and 0.05%* p.a. for women depositors. Please keep in mind that you have to be above 60 years to avail of these benefits and schemes.
What is the interest rate for senior citizens?
With a Shriram Fixed Deposit for senior citizens, you can get interest rate up to 8.15%* p.a., including 0.50%* p.a. for Senior Citizens and 0.05%* p.a. for women depositors.
With regards to deposit taking activity of Shriram Finance Limited (SFL), viewers may refer to detailed information and terms & conditions provided in our application form available at https://www.shriramfinance.in/downloads. The Company is having a valid Certificate of Registration dated 31st January 2023 issued by the Bank under section 45‑IA of the RBI Act. However, the Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.