A senior citizen FD is a fixed deposit scheme amongst the most popular financial products offered to senior citizens in India. It allows you to lock your savings with a fixed interest rate and invest it there until maturity. You can also get a loan against this FD if you are unable to get the regular income amount.
With this significant benefit, you can not only set aside savings for a rainy day but also earn while you do so. Importantly, most of these schemes require minimal investment and offer high interest rates on the amount that you save.
RBL Bank FD is a good place for senior citizens to start their retirement savings. The scheme offers an interest rate of 0.50% upon the deposit and comes with no monthly charges. Furthermore, there are no hidden charges or shortfalls. You gain access to a wide range of financial products such as bank accounts and current deposits. If you want to know more about RBL Bank FD, this guide should help you choose the best product for your needs.
What is a Fixed Deposit?
With the RBL Bank Fixed Deposit, you can get higher interest rates than banks and other financial centres. 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.
FDs or fixed deposits are also known as fixed term deposits. 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 excellent benefits and features like flexible tenure, auto-renewals/auto-withdrawals, tax-saving benefits and higher interest rates for senior citizens.
What is the Eligibility of an FD for Senior Citizens?
As an NRI resident of India, you can avail yourself of the extra benefits for investing in senior citizen FDs. NRIs who wish to withdraw funds from their FDs must submit proof of their identity and address in India. Non-Resident Indians living abroad can also avail themselves of the additional FD benefits through NRO and NRE accounts.
What are the Unique Features Available for Senior Citizens?
The most attractive feature of a senior citizen FD is that it helps you save your money with minimal risk involved. It is one of the most profitable avenues when it comes to saving your hard-earned money with a fixed deposit interest rate. Senior citizens receive loans against their fixed deposits with very low lending rates and hence make more savings as compared to other avenues like home loans.
How can Senior Citizens avail of the Benefits?
You must have an idea of the fixed deposit interest rate and rate of return. You can also use RBL Bank fixed deposit calculator to find out when your FD is mature. This will enable you to take a decision on how much more money you need to take home after maturity.
The RBL Bank Fixed Deposit for senior citizens is the perfect fixed deposit option for those looking to accumulate funds or to make an investment. This FD allows you to earn interest on your FD up to 8.40% per annum, including the additional interest rate of 0.50% per annum for a senior citizen FD scheme. This way, you can ensure all your needs are covered while also earning through the deposit.
Conclusion:
RBL Bank offers a wide range of fixed deposit financial products for senior citizens. This ensures that you save money in a stable way and also benefit from relatively good returns. You can also benefit from flexible terms to choose from, as well as options such as early withdrawals and higher amounts available.
