In today’s times, amid rising inflation, everyone wants their money to be safe and also give good profits. Especially when it comes to senior citizens, it becomes necessary to take investment decisions more thoughtfully. In such a situation, fixed deposit (FD) is considered a reliable option. Now a good news has come for senior citizens, where they can get more attractive interest rates than before.
Recently a financial company has increased the interest rates on its FD scheme. While banks usually give only 7 to 7.5 percent returns to senior citizens, now this new offer claims to give an annual interest of up to 9.2 percent. This means that if an elderly person invests his savings here, he can get more benefits than traditional bank FD.
The special thing about this scheme is that special benefits are being given to senior citizens. The interest rates for them can start from around 8.38 percent and go up to a maximum of 9.2 percent. It depends on how long the investment is made. That means, the longer the tenure, the better are the chances of getting returns.
How much interest is the common man getting?
Even if a person is not a senior citizen, this scheme is not disappointing for him. Common investors can also get interest ranging from 7.88 percent to 8.75 percent, which is considered much better than the current bank rates. Because of this, this scheme is becoming attractive for people of every age group.
Talking about the period of investment, there is flexibility in it. You can deposit money for 1 year to 5 years as per your need. The application process has also been kept easy. Interested people can apply through online mode or can also avail the benefits of this scheme by visiting the nearest branch.
Keep these things in mind
However, it is very important to keep some important things in mind before investing. If the annual interest received from your FD exceeds Rs 50,000, then TDS can be deducted on it. In this situation, you can avoid tax deduction by submitting Form 15H, provided you are eligible for it. Apart from this, if you need money before the stipulated time and you break the FD, then some penalty may also be imposed on it. Therefore, before investing, the terms and conditions should be understood thoroughly.
Financial experts also advise that instead of investing your entire amount in one place, you should divide it into different options. This reduces the risk and the returns remain balanced. This FD scheme can be a good opportunity for senior citizens, where they can get better returns along with safe investment. A decision taken with right information and wisdom can make the future financially strong.
Also read- Good news for air passengers, government reduced parking and aircraft landing charges.