The majority of the banks offer a higher rate of interest for senior citizen investors compared with general investors. For example, if a standard fixed deposit (FD) investor earns 7%, senior people can get 7.50 percent or 7.75 percent, depending upon the bank.
If you would rather not go to the bank every month, the Senior Citizen Fixed Deposit can be paid out quarterly or semi-annually. You can choose the cumulative payout option that you as of now have other ordinary revenue sources and just wish to involve FDs as a speculation vehicle.
Whether it’s a health related crisis or your kids’ wedding, a senior resident’s monetary requirements are erratic. A FD is a significant resource in such a circumstance. You could not just take at any point benefit of the greatest FD rates, yet additionally, fabricate FDs that are custom-made to your own life targets with various tenure options. As indicated by HDFC Bank site, “you can time and adjust your FDs to the changing residencies presented by the bank and encash them appropriately. For example, assuming you want to pay for a health-related crisis, you can encash the short-residency FD, while you keep acquiring great profits from your long-term FDs.”
While you can get the best rates for senior residents, your venture additionally assists you with getting credit quickly and conveniently. While getting credit as a senior resident is extreme because of decreasing pay, an advance on FDs can give an ideal solution for your financial demand.