News India Live, Digital Desk: Senior Citizens: Security is required at any age in the world, but when we are living after retirement, we have to think carefully about every money. As a senior citizen, every decision becomes more important. At this time, ‘bank FD’ i.e. ‘fixed deposit’ is an option that gives good returns as well as good returns. These days, keeping FD in some short finance banks is not only safe, but also beneficial.
Attractive interest rates for senior citizens
These banks are offering interest rate of up to 9.1% on 3 years FD, which is quite attractive than any other big bank. Today, when many banks are reducing their interest rates, these small finance banks have brought a great opportunity for senior citizens. Utkarsh Small Finance Bank is paying 9.1% interest on 3 years FD, the highest in this list. The Northst Small Finance Bank is paying 9% interest, while the people and sunrise small finance banks are paying up to 8.75%. These rates are applicable to FDs up to Rs 3 crore, so these rates can be very beneficial for normal investors.
Security and benefits for senior citizens
It is necessary to have a stable source of income for gifts for grandchildren after monthly expenses, medicines, domestic expenses and retirement. In such a situation, what can be a better option than FD giving safe and guaranteed returns? Of course, some things should be kept in mind while investing. Small Finance Banks provide security of up to Rs 5 lakh under DICGC i.e. Deposit Insurance Credit Guarantee Corporation. Therefore, keep the investment amount within this limit as much as possible in terms of security. By this level, the return of your invested money in case of any problem is guaranteed.Form 15H filling facility to save senior citizens to save TDS
Another important thing to keep in mind to benefit from the above interest rates is that if your total interest is more than ₹ 1 lakh, then TDS will apply tax deduction at the source. But if your total tax liability is zero, then you can save this TDS by filing Form 15H. According to Budget 2025, this facility is very useful for senior citizens.
The best time to invest in FD
Today’s time, especially since the RBI has reduced the repo rate, is considered suitable for investment in FD. So if you want safe and good returns for the next 3 years, then this is a good opportunity. Your age is over, but this investment opportunity as a senior citizen is still available to you and very beneficial.
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