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. Generally, institutions offer higher senior citizen FD rates than regular FDs. Although the difference may be marginal, it substantially impacts your returns. Here is a table to compare the earnings of a regular FD versus a senior citizen FD with an investment of Rs. 5,00,000. Tenor (in months) FD rates for customers below 60 years of age Total earnings (for customers below 60 years of age) Senior citizen FD rates Total earnings (Senior citizen FD) 18 6.80% Rs. 5,51,857 7.05% Rs. 5,53,796 33 7.35% Rs. 6,07,681 7.60% Rs. 6,11,581 44 7.50% Rs. 6,51,830 7.75% Rs. 6,57,406 Disclaimer: Results computed using the Bajaj Finance FD Calculator Multiple payout options to meet varying post-retirement demands With FDs, you can get your earnings at maturity or periodical intervals. You can choose the variant at the time of investment. With the periodical route, you can have your earnings paid: • Monthly • Quarterly • Half-yearly • Yearly These are known as non-cumulative FDs. If you choose the cumulative FD, you get the interest earnings at maturity. Note that the senior citizen FD rates are higher if you choose the cumulative FD. So, choose this route if you are investing to add to your retirement corpus. Alternatively, if you need a steady stream of funds all through the investment window, choose the non-cumulative FD. Below are the earnings from different payout options with an investment of Rs. 5,00,000 for a tenor of 44 months. Payout option Senior citizen FD rates Interest earnings (in Rs.) Total earnings (in Rs.) Monthly 7.49% p.a. 1,37,317 6,37,317 Quarterly 7.53% p.a. 1,38,050 6,38,050 Half-yearly 7.61% p.a. 1,39,517 6,39,517 Yearly 7.75% p.a. 1,42,083 6,42,083 At maturity 7.75% p.a. 1,57,406 6,57,406 Disclaimer: Results computed using the Bajaj Finance FD Calculator Flexible tenor and low investment amount Apart from the high senior citizen FD rates, the investment tenor also impacts the total earnings. Your fixed deposit interest rates are just one part of the equation. To make the most of compounding, you must stay invested for several years. Thankfully, banks, NBFCs, companies, and other FD issuers offer a flexible tenor, allowing you to make the most of the high senior citizen FD rates. Some issuers offer tenor options ranging between 1 and 5 years. This way, you can invest based on your goals and choose a tenor that best serves your need. Online provisions to make investment hassle-free In the digital era, fintech adoption has made investment convenient for people of all ages. With this shift, you no longer have to wait in long queues or submit many documents to book an FD. You can do it in just a few clicks! Visit the Bajaj Finance website, complete a simple online form, and complete the investment digitally. You can enjoy a comfortable retirement with higher senior citizen FD rates and all these benefits. Before making an investment decision, compare and check various institutions" fixed deposit interest rates. It will enable you to get the best returns. You can opt for the Bajaj Finance Senior Citizen Fixed Deposit, among the many options. You can enjoy senior citizen FD rates that go up to 7.75% p.a. for a tenor of 24-60 months. That"s not all. You can also start your investment with just Rs. 15,000. The Bajaj Finance Fixed Deposit also comes with the highest ratings from CRISIL and ICRA, making it one of the safest and most secure investment options. Invest online today with a 100% digital application for a stress-free experience. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR PWR