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Best investment options for retired persons in India

If you are a retired individual or on the verge of retirement, you must be looking at some handy investment that you would let you live a comfortable life later.

Yes, senior citizens should always look for investing in an investment plan that not only offers them great interest payout but even stability when it comes to guaranteeing of ROI.

Most of the people who have hit 60 want to hang their boots and want to enjoy the golden phase of their lives and even make their money work for them. If you are looking for such an investment, you can rely on an FD for retired person scheme easily!

What is an FD for retired person?

An FD for retired person is an investment option for retired or senior citizens to invest a fixed amount for a fixed time and earn a fixed ROI. The plan aims to let them enjoy life as their money is safe and backed by the guarantee of assured return. Being a senior citizen helps them avail the maximum interest payout on their FDs. Yes, an FD for retired person can fetch them a sure-shot 8.20% interest if they plan to open an account with a leading non-banking finance company (NBFC) in India.

FD for retired person – Some fabulous features and benefits at a glance!

An enhanced degree of safety

Every fixed deposit is laced with a protection feature including a senior citizen fixed deposit plan. A Reserve Bank of India’s initiative, you can claim up to Rs.1 lakh in case if your bank defaults on your timely and fixed interest payout. Even in the case of a non-banking finance company (NBFC), the scheme is safeguarded by ICRA’s MAAA and CRISIL’s FAAA stable ratings to help you invest without fear of losing money.

Fixed returns for sure

Another vital feature of an FD for retired person scheme is offering you sure-shot interest payouts or ROI upon a tenor completion. Yes, unlike some other popular investment option such as Mutual funds whereas the ROI is impacted by the market fluctuations, the same is not true in FDs. You can utilize an FD calculator before opening an FD account and know how much you will earn by the end of the opted tenor. An FD calculator is available free on a lender’s website. You need to enter your FD amount and the tenor to know your exact ROI within a flash!

Higher interest rates

An FD for retired person gives senior citizen to walk with the highest interest on FD based payouts compared to standard citizens. A senior citizen can seize a fixed 8.20% interest on his/her investment with leading online NBFCs. Grabbing a higher share means reaping more out of your money to help cover your needs superbly.

Good liquidity

An FD for retired person also gives a good degree of liquidity when it comes to handling cash crunches. Yes, you are free to break your fixed deposit for senior citizen before the completion of your tenor to meet your financial needs. Standard citizens don’t get any interest payout while breaking the FDs midway. Since you are a senior citizen, a lender may give you some percentage of the promised ROI if you plan to break an FD before time.

The Bottom Line

Now that you are aware of the features and benefits of an FD for retired person, why wait and make your savings suffer by not investing right away? You can open a senior citizen fixed deposit online, and be on your way towards happier retirement days!


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