Fixed Deposit for Senior Citizens: Higher Interest Rates and Benefits

Whether you are a salaried employee, self-employed, or a business owner, saving for your future must be one of your top financial goals as soon as you start working. But this doesn’t mean you must stop when you become old. When you reach retirement age and hang your boots, you can change your approach towards investment and savings. Look for a safe investment option like FD (fixed deposits) that gives you assured returns. 

FD is considered to be the safest investment avenue in India as it carries zero risk. When you invest in FD, you get assured returns at a fixed rate of interest. Thus, you need not worry about losing your hard-earned money due to market fluctuations. Today, almost all banks and NBFCs offer many senior citizen saving schemes like the FD, which allow you to save for your life after retirement. 

If you strategically invest in FD, you can earn regular income to meet your everyday expenses without depleting your savings. Also, with special FD interest rates for senior citizens offered by NBFCs like Mahindra Finance, you can get a fixed guarantee of income. Depending on the interest payout period you in, you would get the interest credited to your account, which can act as a regular income source for you. 

Let us look at some of the best features and benefits of the FD investment scheme offered by Mahindra Finance

High Interest Rates

As a senior citizen, when you want to open an FD account, it is better to look for a financial institution that offers the highest fixed deposit interest rate for senior citizens. One such NBFC is Mahindra Finance that has a reputation of offering high interest rates in the market of up to 8.10% for all. 

As a senior citizen, you are entitled to an additional interest rate of 0.25% than the interest offered to regular investors. This allows you to grow your money faster and accumulate a large corpus. 

Also, if you are employed with any of organisations that is part of the Mahindra groups, you and your relatives can avail an additional 0.35% on the Samruddhi Fixed deposit scheme.

Assured returns

Apart from offering the best FD rates for senior citizens, Mahindra Finance’s fixed deposits are awarded the ‘IND AAA/Stable’ status by the India Ratings and ‘CRISIL AAA/Stable’ by CRISIL Ratings, which indicates the highest safety for your investment. 

As an investor, you can be assured of getting returns at fixed interest rates that are determined at the time of the deposit or opening the FD account. This interest rate remains the same throughout the investment tenure, irrespective of the prevailing market conditions. 

This also means that at the end of the tenure, the maturity value will be higher than the investment amount. Since the returns you get are at the fixed interest rate, you can use the FD calculator to know the exact returns you get and the maturity amount. 
The FD calculator is an easy-to-use tool. You just have to enter a few basic details like investment tenure, investment amount, and interest rate, and the tool will show the results immediately. By knowing the returns and the maturity value beforehand, you can plan your finances accordingly and make a better-informed investment decision.

Flexibility

When you invest in FD with Mahindra Finance, you get full flexibility to choose from various FD schemes to suit your specific needs. You also have the liberty to choose your own investment amount, tenure and interest payout period.

Quick and simple process

Apart from giving you the best senior citizen FD rates, Mahindra Finance offers a wide range of other benefits. For example, the entire FD opening process is 100% digital. This means you can open an FD account for you and your family members online, from the comfort of your home or office with a click of a few buttons. 

The whole application process is simple, and it will take only a few minutes to complete, and your account will be active. Also, the documents required are minimal, which helps you avoid the complicated paperwork, giving you a seamless FD investment experience.

Securing the retirement life

Perhaps the most significant benefit of investing in FD and getting a high senior citizen deposit scheme interest rate is that it helps plan and secure your life after retirement and live your second inning of life worry-free, especially with regard to your finances. 

You can periodically invest in FD throughout your working career or even after that and build a sizeable corpus. The lock-in period allows you to stay disciplined with your investment and deter you from withdrawing it.

Creating an emergency fund

Another benefit of investing in a fixed-deposit account is that you can use it to create an emergency fund to meet any unexpected expenses that may crop up anytime. Also, by investing in FD, you can be assured of getting returns, which gives you financial safety during tough situations. 

Secure your family’s future

With high senior citizen FD rates, you can be assured that your funds/investments grow without the element of risk, like other investment options. You can open an FD account with Mahindra Finance, enjoy the high interest rate, and build a sizeable corpus to secure your family’s future needs or long-term expenses, such as paying for your child’s higher education or marriage. 

Final Word

Fixed deposit is undoubtedly one of the safest and most reliable investment options in India, and it allows you to grow your funds and accomplish all the long-term goals you have in life. You can visit the Mahindra Finance Website to learn about the eligibility requirements, interest rates, documents required, and the application process. You can also open your FD account online now!

If you face any difficulty during the process, you can get in touch with the customer care representative, and they will guide you through the entire process, answer all your queries and ensure that you have a pleasant FD account opening experience