How Fixed Deposit Rates for Senior Citizens Differ from Regular FDs
In India, fixed deposits (FDs) are a popular investment vehicle offering safety, steady returns, and tax benefits. They cater to various demographic segments, including senior citizens, who receive preferential interest rates compared to regular FDs. Understanding the nuances between fixed deposit rates for senior citizens and regular FDs is crucial for both investors and financial planners.
Understanding Fixed Deposit Rates
Fixed Deposit Rates for Senior Citizens
Senior citizens, defined by most banks as individuals aged 60 years and above, are offered higher interest rates on fixed deposit rates senior citizen than the general populace. This preference is catered to provide them with a stable income post-retirement. Typically, the interest rate benefit ranges from 0.25% to 0.75% high...