Why senior citizen FD rates are a reliable source of income

 

For many retirees in India, ensuring a steady and secure source of income is crucial. Senior citizen FD rates have emerged as a dependable option for this purpose. Fixed deposits offer a guaranteed return, making them an attractive investment avenue for the elderly who prioritise safety alongside reasonable earnings. Using a fixed deposit interest calculator can help senior citizens plan their investments better by estimating the returns based on tenure and compounding intervals. Among the trusted choices, Bajaj Finance FD provides competitive senior citizen FD rates that cater specifically to the financial needs of individuals above 60 years of age.

Advantages of senior citizen FD rates for retirees

One of the primary benefits of senior citizen FD rates is the higher interest offered compared to regular fixed deposits. Bajaj Finance FD offers senior citizens an interest rate up to 7.30% per annum for tenures between 12 to 60 months. This is notably higher than the standard rates for non-senior customers, which hover around 6.95% for similar tenures. The incremental interest helps boost income from fixed deposits, ensuring that retirees receive enhanced returns on their savings without exposure to market risks.

Moreover, fixed deposits with Bajaj Finance are flexible. Customers can choose from various tenures ranging from 12 months to 60 months, with interest payout options such as monthly, quarterly, half-yearly or simply at maturity. This flexibility allows senior citizens to customise income streams as per their monthly expense requirements, making financial planning easier.

Tax benefits and safety features of senior citizen FDs

Interest earned on Bajaj Finance FD senior citizen accounts can be eligible for deductions under Section 80TTB of the Income Tax Act up to Rs. 50,000 per annum. This reduces the overall tax liability for retirees, effectively increasing their net income.

Safety is another compelling reason to opt for senior citizen FD rates at Bajaj Finance. The finance company has a strong credit rating and regulatory compliance, ensuring that investors’ capital is secure. Deposits with Bajaj Finance can be easily nominated, and the application process is straightforward, making it a convenient option for senior citizens.

Conclusion

Senior citizen FD rates remain one of the most reliable sources of income for India’s retired population. Bajaj Finance FD, with its competitive rates ranging from 6.95% to 7.30% depending on tenure, offers a secure and flexible solution for senior citizens looking to enhance their earnings safely. Using a fixed deposit interest calculator further helps investors plan their finances with clarity and precision. Overall, these fixed deposits ensure stability, higher returns, and several other benefits, making them an indispensable part of any senior citizen’s investment portfolio.