Senior Citizen FD Rates Are Higher and How to Benefit from Them
In the financial landscape of India, Fixed Deposits (FDs) have long been a preferred investment avenue for individuals seeking safety and predictability. The allure of FDs lies in their simplicity and the assurance of guaranteed returns. For senior citizens, the appeal is even more significant due to the typically higher interest rates offered. In this article, we'll explore the nuances of senior citizen fd rates, delve into what is a fixed deposit, and examine how senior citizens can optimize their investments. Additionally, a comprehensive 150+ word summary is provided at the bottom. Understanding Fixed Deposits Before diving into the specifics for senior citizens, it is crucial to address what is fixed deposit. A Fixed Deposit is a financial instrument offered by banks and non-banking financial companies (NBFCs), where individuals can deposit a lump sum of money for a fixed tenure at a predetermined interest rate. During the tenure, the money cannot be withdrawn, and at maturi...