How FDs are beneficial for senior citizens?

The fixed deposits (FDs) are considered the best investments for senior citizens due to higher returns and safety. The senior citizens can enjoy the following benefits from the FDs:

• What makes fixed deposits for senior citizens a better investment option is its high- interest rate. For instance, if some banks offer a 6.20% interest rate to individuals, they offer 7.60% or more to the senior citizens.
  
• Fixed deposits offered by banks or other financial institutes offer flexible tenor, ranging from 12 to 60 months. So, you can choose any period as per your financial comfort or needs.
   



• Another big advantage of a fixed deposit is that it doesn’t rely on market fluctuations; hence it’s a safer investment option for senior citizens. Once they have invested their money, it will grow steadily without any dependency on the fluctuations in the current market.
  
• A fixed deposit for senior citizens also enables them to avail a loan against the fixed amount. So, they can easily access funds in some emergency situations. This helps you get access to funds in case of an unforeseen financial need.
   
• The senior citizens can invest a little amount, even less than INR 30,000. However, there is no upper limit on how much they can invest.
   
• They can easily apply for a fixed deposit account online. With the online FD account, they can track and monitor their funds from the comfort of their home.