Connect with us


Fixed Deposit For Senior Citizen: A Way To Hustle Free Retirement.



Fixed deposit

Are you going through a confused state of selecting the best option for your future retirement? We work our whole life just to get relief for our retirement. Don’t you think we need something which will relax us from all our strains? We are here to bring the answer to all your questions, and the answer is a FIXED DEPOSIT.

retirement fund

We will overview the facts and figures of all about the fixed deposit schemes offered by the banks and other websites which will lead us to decide what can be best for your retirement and will lead to your tranquilizing life.

Why Fixed deposits?

If you are growing old and not sure about your retirement, then you can opt for senior citizen fixed deposit which will solve all your problem. It is the best-customized way to earn a high rate of interest on your investments. And this scheme comes with a wide range of features like loans, overdraft facility, flexible tenures, and payouts as well.

There are some advantages of Senior citizen’s fund mentioned below:

  • Higher rates of interest: FD’s rate of interest for senior citizens are quite high, if expressed in figures it would make 0.25% to 0.75% higher than given on others which ensures that you will get tremendous rage in your interest rates.
  • Act as Assistance: Interest rates earned can be used as a help for covering all the requirements in old age; in other words, fixed deposit provides earning assistance even in retirement.
  • Safe ROIs: FD’s for senior citizen is not affected by changes in the business condition.
  • Starting with fewer investments: You don’t need large investments to open FD account. You can even start with as less as Rs.25000.
  • Anytime Withdrawal: If you urgently need cash then you can withdraw it anytime you need, you don’t have to wait till maturity.
  • Loan facility: You can even get loans on your FD if you want to cover some immediate task like health issues.
  • Online Application: This facility reduces the strain of physical presence at the time of application; you can even apply it online from the comfort of your house.

The below table shows the best banks and NBFCs that provide senior citizen’s FD at their best:


Normal Citizens

Senior Citizens

State Bank of India

5.75% – 6.85%

6.25% – 7.35%


3.50% – 7.40%

4.00% – 7.90%

Bajaj Finserv

8% – 8.60%

8.35% – 8.95%

Axis Bank

3.50% – 7.60%

3.50% – 8.25%

Kotak Bank

3.50% – 7.30%

4.00% – 7.80%

*These interests are subject to change according to trends.

Is fixed deposit the best scheme for senior citizens in India?

Indeed, fixed deposit is the best scheme for people who are standing on the verge to retire or who have retired. You can choose to invest your savings in the safe and secure investments and earn from it and in other instances in life “YOU ARE SECURING YOUR REST OF THE LIFE WITH A FIXED DEPOSIT.”

You get best returns as a dividend, and it is not affected by the market condition. It is not as risky as compared to mutual funds and the stock market, equities and more as in these the dividends get affected by the ups and downs of the market.

Documents required for a fixed deposit account:


  1. Passport
  2. PAN card
  3. Driving license
  4. Government ID card
  5. Photo ration card
  6. A senior citizen ID card


  1. Passport
  2. Telephone bill
  3. Electricity bill
  4. Bank Statement with Cheque
  5. Certificate/ ID card issued by Post office

You can choose between various schemes online with just a click.


Fixed deposit these days has become the most necessary things to do, and if you are senior citizen, then you get the most awaited scheme which will turn your old age into a beautiful spring with no tension of money for expenses. So, if you have not yet filled the application for fixed deposits, then this is the time. Secure your future now.