Financial Benefits That Senior Citizens Can Exclusively Avail
Senior citizens require financial security for themselves and their facilities, which is why they need investment options that provide high returns along with safety. Accordingly, it is ideal to seek investment options which are for long term and also to meet emergency needs, because if you are above the age of 60, you need to be prepared to deal with medical expenses as well. Investing is not merely for professional investors and you can consider parking the funds you have received through your provident fund maturity or through your pension fund in investments that provide you assured returns.
That being said, fixed deposits are one of the most favorable investments for investments in India for all types of investors. However, it provides an even bigger advantage to senior citizens. Let’s find out how:
About Fixed Deposits
Fixed deposits are a type of term deposit investment scheme that allow you to deposit a lump sum amount into a fixed deposit account for a specific tenor, which is returned at maturity date with added interest. Unlike other types of investments such as mutual funds where you cannot know the exact amount of returns, in FDs you can know the exact amount of interest earned at maturity by using an FD calculator. Bajaj Finance provides fixed deposits for senior citizens and you can get access to an exquisite set of benefits if you are a senior citizen.
Benefits of FDs for Senior Citizens
High Interest Rate
If you are a senior citizen willing to invest in an FD from Bajaj Finance, you can get a senior citizen fixed deposit interest rates of 9.10%, compared to the normal rate of 8.75%. To get the most benefits, you can also ladder your investment, i.e. if you have a lump sum amount of 4 lakhs to invest, you can invest 3 lakhs for long-term duration and INR 1 lakh on an annual basis. By doing so, you can re-invest the amount for getting the most out of your money.
FDs are often analyzed by credit ratings agencies to assess the probability of returns. Fixed Deposits by Bajaj Finance have been ranked FAAA by CRISIL and MAAA by ICRA which are the highest rating, indicating that your investment will result in guaranteed returns.
Whether you prefer to invest for a short-term or longer duration, you can adjust the tenor of your FD investment from 12 months to 60 months. Furthermore, you get higher returns with longer duration of the investment.
Unlike FDs provided by banks, you can opt for non-cumulative returns from your FD income. It implies that you can choose an option to get your returns back on a monthly, quarterly as well as half-yearly basis. Through this option, you can reply on a stable income from your FD investment.
Know Your Income Beforehand
By using the FD Interest calculator provided by Bajaj Finance, you can calculate the returns you can avail before investing in the FD. For instance, if you invest INR 5, 00,000 in senior citizen FD by Bajaj Finance for 3 years, you earn INR 1, 49,298 as interest and INR 6, 49,298 will be the total maturity amount you earn with a 9.10% interest rate.
So, if you prefer your investments to provide you with a high amount of assured returns, Bajaj Finance FDs provide exclusive benefits for senior citizens. By investing regularly, you can build a sizable pool of wealth to take care of all your financial expenses.
Benefits Provided to Senior Citizens under Bajaj Finance
Bajaj Finance provides Fixed Deposit facility for individuals who wish to grow their investments and get high returns for the same. For senior citizens, Bajaj Finance provides Senior Citizen Fixed Deposits. The features under this scheme are:
- Return on Investment up to 9.10% per annum is provided under this scheme.
- It provides 12-60 months flexible tenors to their customers.
- It provides online account access with portal named Experia for tracking investments.
- One can open your FD account with a minimum initial deposit of Rs 25,000/- under this scheme.
The company has been accredited as stable by the credit rating agencies of India. It has been rated MAAA by ICRA and FAAA by CRISIL.