The majority of senior citizens are keen on a guaranteed return.
Banks and non-banking finance companies (NBFCs) offer a higher interest rate to senior citizens than they offer to general citizens.
State Bank of India (SBI) also offers FDs to senior citizens with extended interest rate benefits.
The interest rates of SBI FDs for senior citizens are 7.30% in a 1-year FD, 7.25% in a 3-year FD, and 7.50% in a 5-year FD (As per Paisabazaar.com data).
Here's what Rs 3 lakh investment in each of the FDs can help you get:Photos: Unsplash/Pixabay
The majority of senior citizens are keen on a guaranteed return. It may not be quite high, but it should be regular as it helps them meet their monthly expenditure. Secondly, it also gives them the financial freedom to not depend on others. That's why a lot of them invest their money in fixed deposits (FDs). Banks and non-banking finance companies (NBFCs) offer a higher interest rate to senior citizens than they offer to general citizens. The reason behind that is that they want to encourage them to invest more money in FDs. State Bank of India (SBI) also offers FDs to senior citizens with extended interest rate benefits. The interest rates of SBI FDs for senior citizens are 7.30% in a 1-year FD, 7.25% in a 3-year FD, and 7.50% in a 5-year FD (As per Paisabazaar.com data). Here's what Rs 3 lakh investment in each of the FDs can help you get:
Photos: Unsplash/Pixabay
