Know all the Benefits you get with Special FD Schemes for Senior Citizens

A senior citizen Fixed Deposit (FD) is easy to open and has many benefits. You need identity proof and a few other documents to start the account. One of the best benefits is that you can choose the frequency of the payouts you receive as a regular income. You can also save taxes and get a loan against this FD from the comfort of your home through an online portal.

Banks and Non-Banking Finance Companies (NBFCs) have recently introduced attractive savings schemes for senior citizens. With this significant benefit, you can not only set aside savings for a rainy day but also earn while you do so.

What is Fixed Deposit

A fixed deposit is a type of investment you can make at a bank in India. It works on the principal of giving you a higher interest rate than that offered on your savings account, whilst also being secure as it is insured by the government. Therefore banks offer FDs only to those customers that have an existing bank account with them, which require that a minimum amount must be deposited into the newly opened FD account. FDs are usually repayable after a certain period of time and the interest earned is tax free.

What are the Unique Features Available for Senior Citizens?

Senior citizens bank account from RBL Bank is indeed a boon for senior citizens. Senior citizens will get many facilities only at this bank. One such facility is that the bank has an account where if a senior citizen loses the ATM card and he informs the branch on any other phone number, then bank immediately blocks that card and sends new card to such senior citizen without any cost or commission. The best place to find updated, senior citizen fixed deposit interest rates is the rbl bank. 

There are various facilities for senior citizens like free bank account opening fees, free e-statements, free cheque books, etc.

What is the Eligibility of an FD for Senior Citizens?

This post is a comprehensive guide to the Eligibility of an FD for Senior Citizens. We have comprehensively discussed the various factors that decide your eligibility. We will also be discussing how you can calculate FD interest, what are the investment options on SBI and how to keep a track of your investments by creating your account.

  • The person starting the account must have crossed 60 years of age and will need an identity proof document for verification.
  • You must also carry your passport, Aadhaar card, PAN (Personal Account Number) Card and passport size photographs for the bank or NBFC to begin the process.
  • Once you have submitted these documents, it will be a short wait before your account is created.

You may also like to read about – Recurring Deposit and Fixed Deposit Difference

How can Senior Citizens avail of the Benefits?

Senior citizens can also avail these benefits, but with utmost care and under expert guidance. One needs to go through a number of formalities like filling up forms and providing required documents to avoid complications later. There are so many other benefits which are not revealed here. The interested person can find out by visiting the official website of RBI.

We hope this article was informative. Will you invest in Senior Citizen FDs?

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