Considering that 2020 will witness India boasting about being the youngest nation, the impending senior citizen boom is expected to engulf 20% of the population by 2050. Following such an increased population of retirees, much attention is being paid to their present and future financial well-being.
It is well reflected via investment options like the senior citizen fixed deposit scheme that accounts for higher and assured returns against the least possible risks. It is in perfect line with the primary objective of the financial product in discussion – offer them with convenient access to adequate funds, despite the lack of a permanent source of income.
With smart investment options in the form of Fixed Deposits from NBFCs like Bajaj Finance, individuals can draw multiple benefits that include the additional 0.35% Bajaj Finance FD rates of interest. Such an elevated interest rate has a considerable impact on the interest payouts, and hence on the maturity amount withdrawn.
With an additional measure of convenience added by financial tools like FD calculators, one can calculate the maturity amount based on factors like chosen tenor, investment amount, etc. It helps them decide and settle upon the financer that best caters to their monetary requirements. It is feasible in cases of the aforementioned Bajaj Finance FD rates that is set at 8.7%.
For example, let’s assume your retirement fund amounts to Rs. 15 Lakh and you decide to invest it in a fixed deposit with a tenor of 60 months. In this case, your withdrawn maturity amount results to Rs. 22,76,350. This withdrawn amount is adequate to cover numerous expenses during your retirement days.
Apart from the obvious benefits of earning guaranteed returns on the surplus cash, senior citizens can benefit from these risk-free investment options in multiple ways.
In most cases, senior citizens suffer from the absence of fixed monthly income coupled with low risk appetite, which is why fixed deposits make a preferred option for many.
Moreover, senior citizen fixed deposit scheme also comes with multiple other lucrative features, such as –
Moreover, a streamlined application procedure along with nominal eligibility criteria and minimal documentation makes it convenient for pensioners to apply for the same.
Taking into account such host of benefits offered to senior citizens, availing these smart investment options is deemed preferable. Also, elderly applicants need not wait to accumulate a high corpus to invest in such schemes, since the minimum amount is set at Rs. 25,000 only. With assured returns that can be as high as one and a half times the corpus, they are perfect for those with an unstable source of income post their retirement days.
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at HighlightStory
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