Suryakanth Shukla worked in the public sector for the most part of his life. As he neared his retirement age, he considered various investment options to ensure that he and his family would be secure. Suryakanth had a wife, a daughter and two grandchildren—all of whom he had responsibilities towards. Though his daughter was married and had a good job with a real estate company, he didn’t want himself or his wife to be a burden on her shoulders. He also wanted to ensure that his standard of living was maintained, while he also had access to surplus funds to spoil his grandchildren!

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Suryakanth looked into his investment options and after doing some research and talking to his friends, decided that opening a fixed deposit account was one of his best choices. Not only did an FD give him absolute safety, but company FDs also offered a better interest rate as compared to bank fixed deposits. With the option to choose non-cumulative FDs, Suryakanth could also get a fixed return on a monthly, quarterly, half-yearly or annual basis rather than locking his investment away for a long tenor. This meant he could use the interest income for his daily expenses or for any lifestyle desire.
What really convinced Suryakanth about FDs was that he could invest a large part of his savings into a fixed deposit and enjoy even higher interest rates awarded to senior citizens (any investor above 60 years of age). Now all Suryakanth needed was to find his perfect retirement FD partner. When his oldest friend suggested investing with Bajaj Finance, Suryankanth checked the interest rate immediately. Bajaj Finance offered 8.10% interest FDs for senior citizens, and Suryakanth was impressed. He also saw that the company’s FDs were rated very high on security with ICRA’s MAAA (Stable) Rating and CRISIL’s FAAA/Stable Rating—one of the highest approval ratings in the market.
Its been a few years now that Suryakanth has been leading a peaceful retired life. With monthly interest returns flowing in, he takes care of his expenses and even contributes towards his grandchildren’s education fund!

Is an FD The Right Retirement Investment Choice for You?

If you are a senior citizen and on the brink of retirement or have already retired, you can do the same as Suryakanth. You can invest a sum of your savings in safe and secure fixed deposit and gain from interest returns.
Fixed deposit schemes offer increased security, and are the safest form of investment, which is suitable for senior citizens since it gives fixed returns in spite of ups and downs in the market. Other forms of investment are often prone to market fluctuations, and while they can be a part of your investment portfolio, they shouldn’t be the only investment choice.

Advantages of Investing in FDs for Senior Citizens:

– FDs offer attractive interest returns and have been one of the most popular choices of Indian families across generations. The FD interest rate for senior citizens is usually higher, giving better returns. Bajaj Finance, for example, offers FDs to senior citizens at 8.10% interest.
– The interest can be used by seniors to fulfil responsibilities like household expenses, paying for grandchildren’s education and more.
– It is the most secure form of investment, which is safe from market fluctuation and provides steady or fixed returns.
– An FD can also be created with minimal deposits, and don’t require a large corpus. Usually, you can start a fixed deposit account with just Rs.25,000.
– FDs can be withdrawn early in case of emergency situations and are always available as a source of finance.
– Application for FDs are also not cumbersome, making it easier for senior citizens to sign up for an FD account. With online application and online management, FDs with companies like Bajaj Finance do not require senior citizens to visit their office, instead allowing them to check their and receive the returns while sitting comfortably at home.
– Lastly, an FD can be used to take a loan in times of need, providing an additional avenues of funds.

Also Read: Know About Senior Citizen Fixed Deposits

Consequences of Not Investing in FDS:

• Other financial options may be high risk options, and not suitable for the retired investors.
• Financial sources like loans would be difficult for retired people to repay in absence of an income.
It is therefore best to include FDs as part of any senior citizen investment portfolio for fixed returns with any safety concerns.
Bajaj Finance offers highly secure and stable FDs with high interest to senior citizens with a host of benefits. To know how much, you stand to again, use this Bajaj Finance FD calculator.

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