While enjoying the golden years of your life, you may want to be financially stable with an investment that reduces your risk while allowing you to reap the rewards of growing your wealth. A senior citizen fixed deposit gives you a high rate of interest and safety alongside guaranteed earnings that are not affected by market fluctuations.

Choose Bajaj Finance Fixed Deposit for a higher interest and the choice of opting for compounded returns (via a cumulative FD) or regular earnings (via a non-cumulative FD). This Bajaj Finance FD offers higher interest compared to bank FDs and has a high safety rating, ICRA’s MAAA (stable) rating and CRISIL’s FAAA/Stable rating, so you can count on it during your retirement.

Here’s how a Fixed Deposit for Senior Citizens offers you higher earnings and low risk.

Get a higher rate as a senior citizen compared to other depositors

Being a senior citizen comes with the perk of higher interest rates for fixed deposits. These can go as high as 0.35% more than the average interest rate. This kind of increase in interest rate added to lenders offering high interest rates on fixed deposits can result in a profitable reward.

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Enjoy higher tax exemptions on your FD earnings

The Budget 2018 has updated the terms of tax deductions on fixed deposit earnings for senior citizens. When you invest in a bank FD, your interest earnings can be exempted from tax up to Rs.50,000. This adds to the existing benefits of claiming tax deductions for the purpose of investments under Section 80C of the Income Tax Act.

Choose between cumulative and non-cumulative fixed deposits

While receiving your profits at the end of the year may seem nice, you may find it more suited to your needs to choose a non-cumulative fixed deposit, which generates interest on a more regular basis. You can choose to receive the interest monthly, quarterly, half yearly or annually to meet your financial needs.

Calculate your returns in advance and count on them

Most investments do not guarantee returns, hence, financial planning becomes difficult. Fixed deposits do not have such risks. You can easily calculate your earnings in advance to manage expenses. You can use a Fixed Deposit Calculator online to do so, and earn a monthly income in your post-retirement years by choosing a non-cumulative FD.

Take a loan your FD during times of need

A senior citizen’s life is one that may have little or no sources of income. This causes most senior citizens to worry about sudden financial emergencies. Being able to take a loan against a fixed deposit is a blessing as it helps you access funds in times of need without having to break your fixed deposit and lose out on the interest pay-out.

Manage your FD easily online and access easy premature withdrawal processes too

While you may have more time on your hands, it can be a hassle to have to travel to get information on your account details. Certain lenders like Bajaj Finance equip you with the convenience of being able to manage your FD (Fixed Deposit) Account online. You can also liquidate funds prematurely when required for a fee to ensure you have money in times of need.

A fixed deposit thus helps maintain financial stability for a senior citizen. You can make the most of added benefits by choosing the right lender. While bank deposits have good interest rates, company fixed deposits can have even higher rates of interest. To help save more money for investments you can save money online by shopping online at sites like NetVoucherCodes.co.uk.