FDs continue to be the most trusted mode of investment in India, especially when the person is a senior citizen, who goes in for safety and guaranteed returns as against risky investments. To tempt more people to go in for FDs, banks have offered higher rates of interest for senior citizens in particular. A bank of repute recently announced such a scheme in which senior citizens are entitled to earn interest up to ₹24,000 for an investment of only ₹1,00,000.
Special FD Rates for Senior Citizens
These FD schemes provide an extra interest rate to senior citizens as opposed to ordinary customers. This makes an ideal scheme for those seeking to adjust their savings with safety, as ordinary customers receive the normal interest rate while senior citizens get to enjoy a higher yield.
How the Earnings Work
If a senior citizen puts ₹1,00,000 into the FD scheme, he or she can earn almost ₹24,000 as interest upon maturity. This is because the fixed tenure comes for an attractive rate of interest. Anyone opting for a non-cumulative FD can get monthly, quarterly, or yearly payouts.
Safety and Security of Investment
Safety is one of the most important factors considered for this FD scheme. Since it is backed by a reputed bank, there is no risk to the principal amount. Hence, it is a welcome scheme that will make senior citizens immensely happy by helping them grow their savings without market exposure.
Benefits Attached to This FD
With higher interest, senior citizens thrive also with assured returns, flexible payouts, and sometimes even tax-saving benefits. This scheme has been designed from the very outset for providing financial stability and regular income to seniors so that they can pay some attention to their mental peace at some growth.
Conclusion
The new FD scheme offering ₹24,000 as interest on a ₹1,00,000 deposit is a dream-come-true option for senior citizens. Offering higher interest rates plus complete safety of the deposited money and guaranteed returns, senior citizens must look up this option to earn more securely.