You spent a life trying to accumulate funds to satisfy your needs and demands; but when closer to your retirement age, you need to make sure that you keep yourself well-funded to be ready in times of emergency. While investing at such a ripe age, every penny is important and means a lot; and a loss of investment might not at all be welcome at this time. Thus, you need to look for options that offer you investment security and guaranteed returns.

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In terms of retirement planning, particularly on post retirement, it is important to estimate the necessary monthly cash flow required. The annual requirement may keep rising by 7 percent, so it is important that you invest in sources that would support you even during the time of inflation. It is essential that during the course, you maintain mixed asset classes that would provide a good range of returns. The mixed asset includes fixed income and equity. Fixed income options include senior citizens savings scheme, fixed deposit and debt based mutual funds. However, it is advisable to invest in the safest possible option.

When looking for a safe and convenient source of investment, Senior Citizen Fixed Deposit can be the best option. Since FDs are safe and guaranteed source of investment, they provide various benefits to the senior citizens as well.

Here are the benefits of an FD for the senior citizen:

  • Low investment amount: Investment in FDs at this age can be beneficial but at the same time investing in huge amounts might not be possible for many, as they might need some funds for an emergency. Thus, the best you can do is invest in an FD that has a small amount for starting an account. There are some Non-Banking Financial Companies (NBFCs) that offer to open an FD account for an amount as low as INR 25,000.
  • Better interest rates: The continuous need of funds for various expenditures might make you feel helpless. To make sure that you avoid situations like these, you invest with a lender that offers higher interest rates for your FD investments. There are some NBFCs that offer interest rates around 8.15 percent to make sure that you have a better inflow of funds.
  • Shorter Tenure: While investing in an FD, it is recommended that you do not withdraw your invested amount before the maturity date. In this walk of life there might be times when you might feel the need to withdraw your investment, but at the same time withdrawing investment from your FD account would make you face penalty and other charges. To make your investment wiser, it is important that you choose a lender that offers you shorter tenure with better returns.
  • Online access: It might not be easy to travel all the way to your lender’s office to get a record of your FD account. You might need something that would bring all the information about your investment to your doorstep. To which there are NBFCs that have online portals that can help you get information about your FD investments.

At this age, there might be many options that may cross your mind for investment, but it is important that you choose an investment that offers a better and hassles free returns.

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