Summary:
Pune, Maharashtra, India (NewsVoir) Senior citizen FD rates are usually higher than regular fixed deposits to offer retirees the chance to earn a steady income.
Since FDs are safe and stable investments unrelated to market fluctuations, seniors can invest their life savings without risk.
Now is the ideal time to invest and make the most of high fixed deposit interest rates since the RBI has increased the repo rate by 50 basis points as of September.
It has resulted in FD issuers such as banks, companies and NBFCs revising their senior citizen FD rates for the better.
It allows seniors who depend on FD earnings to enjoy a larger payout to address expenses related to medical needs, daily essentials, travel, and more efficiently after retirement.
However, higher fixed deposit interest rates aren"t the only benefits of senior citizen FDs.
Read on to understand all the advantages of this fixed deposit scheme.
Better earnings due to higher senior citizen FD rates Fixed deposit interest rates directly impact your earnings from FDs.
A higher interest rate means a higher payout, allowing you to generate wealth steadily.