Five reasons why investing in FD is a smart option for senior citizens

Retirement is often perceived as the end of your working years but it doesnrsquot mean that you cannot have a regular source of income You can still choose to live your golden years with a regular source of income without depleting your retirement savings For those nearing retirement safeguarding the wealth theyrsquove accumulated throughout their career is a prerequisiteFor those looking to grow their savings easily and for safeguarding their accumulated retirement savings investing in a fixed deposit is the best choice Whether yoursquore looking for safety of investment to getting guaranteed returns a fixed deposit is a rewarding choice for your retirement This is why most investors approaching retirement or those who are retired invest in this lowrisk option to safeguard their wealthTake a closer look at what makes this instrument ideal for your needs as a senior citizen1 Higher returns for senior citizensWhile issuers like Baja Finance offer lucrative returns of up to 810 for new customers senior citizens can look to get 025 higher returns on their investment Whether yoursquore investing for your parents or preparing for your own retirement you can consider investing in a Bajaj Finance FD which offers lucrative returns of up to 835 if you invest for 36 months or moreTo understand how varied tenors will alter your returns look at this calculation for senior citizensDeposit RsTenor YrsInterest rate Interest payout RsMaturity proceeds Rs200000028153392842339284200000038355439982543998You can also opt for the autorenewal facility at the time of applying for an FD This way your maturity proceeds will be reinvested Thanks to this your returns will multiply On choosing the autorenewal facility Bajaj Finance offers an additional interest rate of 010 on the prevailing rates2 Meet your recurring and nonrecurring expenses easilyBesides meeting your daily expenses as a retiree you may have other nonrecurring expenses and goals to achieve For instance you may want to gift a property to your children host a wedding throw a grand party make a prepayment of your home loan and so on To conveniently pay for each need you can ladder your FDs over varying tenors and align them to different goals This way you will always have funds at your disposal to tackle your needs on timeWith Senior Citizen Fixed Deposit by Bajaj Finance you can choose tenors ranging from 12 to 60 months Besides you can also choose from various regular payout options like monthly quarterly semiannually and annually as per your choice To meet monthly expenses you can invest in an FD and choose the monthly payout option whereas to meet nonrecurring expenses you can invest in an FD payable at maturity3 Avail a loan in emergenciesEmergencies can show up anytime in your life As a senior citizen this may most often take the form of medical treatments To aid you in such times Bajaj Finance lets you pledge your FD as collateral and avail a loan against it You can apply for this loan online and access a sanction of up to Rs 4 lakh almost instantly This way you can address your emergency without breaking your investment and keep earning interest on it until maturity4 Get guaranteed returns on your investmentUnlike equities and most other investments fixed deposits are not linked to the market This means your interest rate will remain unchanged throughout the tenor and so your returns are assured Besides you can also determine your returns beforehand using the FD calculator and plan your finances accordingly5 Invest easilyUnlike other investments you can invest in a fixed deposit without any hassle All you have to do is fill in and submit an application form and make the payment With Bajaj Finance you can also open an FD online from the comfort of your home Alternatively you can visit your nearest branch and invest using your debit card If you wish to invest in several FDs at once you can do so by opting for the multideposit facility Here you can invest in up to 5 FDs using a single cheque and still choose a different amount and tenor for each unique schemeMonitoring your FD is also as simple In fact as the FD interest remains unchanged throughout the tenor you donrsquot really have to monitor the performance but keep an eye on its maturity Some issuers like Bajaj Finance also offer autorenewal facility Thanks to this facility your maturity proceeds are automatically reinvested when the tenor ends You can also avail doorstep services or invest in Bajaj Finance online FD to ensure a hasslefree investment experienceSo as a senior citizen you can invest in fixed deposits to safeguard your capital earn guaranteed returns and keep your worries at bay With the Bajaj Finance Fixed Deposit you can rely on the high stability rating of FAAA and MAAA by CRISIL and ICRA respectively to secure your sunset years by assuming no risk at allCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get 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