Senior Citizen Fixed Deposits offering up to 8.25% interest rates – Check the FD rates of 15 banks

financialexpress.com:

Senior citizen fixed deposits (FDs), specifically tailored for individuals aged 60 and above, offer attractive interest rates and various benefits. However, before diving into this investment avenue, it’s crucial to understand the nuances and considerations associated with senior citizen fixed deposits.

These are specialised FD schemes offered by banks and financial institutions exclusively for individuals above the age of 60. These FDs typically offer higher interest rates compared to regular fixed deposits, making them an appealing investment option for retirees or those nearing retirement. Here are some of the key benefits of senior citizen FDs.

Senior citizens often enjoy preferential interest rates on fixed deposits, providing an additional source of income to supplement their retirement funds. Fixed deposits are considered one of the safest investment avenues, offering guaranteed returns and protection of the principal amount invested.

FD interest payouts can provide senior citizens with a steady stream of income, helping to cover living expenses and maintain financial stability during retirement.

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Senior citizen FDs offer flexibility in choosing the deposit tenure, ranging from short-term to long-term options, based on individual preferences and financial goals.

Compare the interest rates offered by different banks and financial institutions for senior citizen FDs. Opt for institutions offering competitive rates to maximize returns on your investment.

Understand the tax implications of FD interest income, especially if it exceeds the tax-exempt threshold. Senior citizens are eligible for a higher tax