Senior Citizen Fixed Deposit Interest Rates: Every Central Government employee who retires as per the pension rules of India is entitled to receive his/her pension on the completion of at least 10 years of service. Also, the central government employee is provided with an option to trade a portion of his/her pension into a lump sum payment that does not exceed 40% of the total sum. No medical examination is required if the trade is exerted within a year of retirement. If the trade is exerted after one year of the retirement, he/she would need to undergo a medical examination by the specified authority.
If you are not a central government employee and work with an organization that houses more than 20 employees, your employer would provide you with a Provident Fund (PF) / Employee Provident Fund (EPF). With a PF, you provide a portion of your salary, and your employer adds equal amount and deposits into your PF account. When you retire or when you leave the job, the sum accrued is payable to you in a lump sum.
Both pension plans and provident funds(PF) work on the principle of building a decent corpus for your retirement years. When you stop receiving your regular income, these retirement plans can aid you to meet your daily requirements. You can choose to receive these payouts in a lump sum or regular installments. However, just like your investment grew with time by the addition of respective interest rates, you can grow your funds received from pension payout/ PF payout. You can do it by investing the payout in Senior Citizen FD (Fixed Deposit).
Why Should You Invest in Fixed Deposit for Senior Citizen?
One of India’s leading Non-Banking Financial Companies (NBFCs), Bajaj Finance offers a range of financial products for all type of customers. One of the unique product is the Senior Citizen FD. Following are the benefits associated with investing in Fixed Deposit for Senior Citizen with Bajaj Finance:
- You can start investing in the Senior Citizen FD with a sum as low as Rs 25000.
- You get guaranteed returns from your investment in FD.
- The leading financial provider offers the highest Senior Citizen Fixed Deposit Interest Rates in the investment sector (9.10%). These interest rates are 0.35% higher than the standard FD interest rates.
- With the highest stability rating of FAAA from CRISIL and MAAA from ICRA, your money is 100% safe with Bajaj Finance.
- You can quickly get access to your FD account with the personal online portal provided by the company.
- You can choose the tenor of your FD from 12 months to 60 months as per your convenience.
- If you are an existent customer of Bajaj Finance, you can avail an increase in the FD interest rates for deposits of up to Rs. 1 Crore.
- You can choose the type of FD from Cumulative FD and Non-Cumulative FD.
- You can avail loan against your FD wherein you can use up to 90% of your accrued value.
- You can also make a premature withdrawal from your FD for which you would need to pay a penalty charge.
- There is an option to open multiple FDs at the same time with different tenors to ladder your investment.
- You can avail tax deductions for your interest earned from FD up to Rs 10000.
- You can choose the Senior Citizen Fixed Deposit Interest Rates payout of your FD from a monthly, quarterly, half-yearly, and yearly basis.
With such inevitable benefits, you can grow your Provident Fund (PF) payouts without any hassles with Bajaj Finance! All you got to do is fill a quick online application form and submit a few minimal documents, and you are ready to go.