Most individuals look for a stable income source after retirement, and luckily there are numerous investment options in the market for retirees. However, while comparing different options, one must also look at their risks and returns so that they can invest in safer investment avenues.
Among the lucrative options are the Senior Citizen Savings Scheme, long-term government bonds, and mutual funds. While Senior Citizen Savings Scheme and long-term government bonds are considered to be risk-free investments, they do not offer monthly interest payouts which can be crucial for the retirees those who do not have a regular income source.
Mutual funds do provide a monthly dividend payout choice to the investors but these dividends are only provided when there is a profit as they are not calculated on the invested principal amount. If a senior citizen wishes to go for a safe investment instrument that provides a regular interest payout, then he/she can opt for the senior citizen fixed deposit scheme. Fixed deposits are safe and they also provide the option of monthly interest-payout option to the investor.
Why should retirees invest in Bajaj Finance Fixed Deposit Scheme?
Various banks and NBFCs are providing fixed deposit plans for senior citizens. Senior Citizen Fixed Deposit offered by Bajaj Finance is among the best options since it is a stable investment option that also guarantees high returns. Additionally, these are some features that make Senior Citizen Fixed Deposit scheme of Bajaj Finance a better option for the retirees:
Stable income source
Bajaj Finance FDs are rated for stability and safety by ICRA’s MAAA stable rating and CRISIL’s FAAA stable rating. Therefore, these investments are safe and not prone to any market fluctuations.
An interest rate of 8.95% is offered on Bajaj Finance Senior Citizen FD. This is one of the highest interest rates offered on fixed deposits in the market and also 0.35% greater than the interest rates offered on regular Bajaj Finance FDs. As a result, high returns at the end of the FD tenor are assured when you opt for a Fixed Deposit of Bajaj Finance.
Also, senior citizens can start saving by depositing a minimum amount of Rs. 25,000 in a Senior Citizen FD. Therefore, senior citizens do not have to wait to collect a large corpus for investing.
Periodic interest earnings
Senior citizens need a regular income source to fund their daily necessities and monthly bills. When they are investing in a senior citizen FD offered by Bajaj Finance, they get a choice to select monthly, quarterly, six monthly, or yearly interest-payout depending on their requirements. As a result, it fulfills their need for a regular income source.
Online application and account management
With Bajaj Finance Senior Citizen FDs, retirees do not have to wait in long queues to apply for an FD scheme or even to manage their fixed deposit account. Bajaj Finance provides an online portal to invest in an FD and the senior citizens can also manage multiple FD accounts online.
Moreover, with an online FD calculator, monthly interest and returns can be easily calculated from the comfort of your home. You just have to select FD tenor and amount and the Online Fixed Deposit Return Calculator calculates the interest rate and final earnings accordingly. As a result, senior citizens can now easily predict their returns in advance.
You can choose the FD tenor between 12 and 60 months and plan your investments such that maturity amounts are available at successive intervals. Also, you can go for premature withdrawal of FD or avail a loan against it at a minimal interest rate. Therefore, as a senior citizen, you can get high returns, stability, and complete online assistance to plan your post-retirement finances in a convenient way.