Fixed deposit is the easiest and safest form of savings plan to increase your income. They are risk free and come with guaranteed returns. Senior citizens are the biggest beneficiaries of getting an FD. Banks, NBFCs and other financial institutions offer fixed deposit schemes with attractive interest rates. Notably, leading NBFC Bajaj Finance offers special FDs that offer rates of 7.2% to citizens below 60 years of age and 7.45% to senior citizens above 60 years of age.
Bajaj Finance on its website said, “Bajaj Finance offers attractive Fixed deposit Interest rates up to 7.20% p.a. for citizens below 60 years and up to 7.45% p.a. for senior citizens.”
“Senior citizens get the benefit of an additional fixed deposit rate of up to 0.25% per annum on their deposits,” Bajaj Finance said.
Under the special FD scheme for cumulative deposits, Bajaj Finance offers rates of 6% on 15 months tenors, 6.10% on 18 months, 6.25% on 22 months, 6.50% on 30 months, 6.75% on 33 months on annual basis does. and 7.20% over a tenure of 44 months.
Further, under this scheme, for senior citizens, NBFCs offer rates of 6.25% on maturity of 15 months, 6.35% at 18 months, 6.50% at 22 months, 6.75% at 30 months, 7% at 33 months and 7.45% offers. At maturity of 44 months.
The annual interest rate for the customers is for deposits from 15,000 50 million.
In general FDs, for citizens below 60 years of age, NBFCs offer 5.63% to 5.75% on maturity between 12-23 months, while the interest rate on maturity between 24-35 months ranges from 6.22% to 6.40% Whereas on maturity period from 36-60 months – the interest rate will range from 6.82% to 7%.
For senior citizens, in normal FDs, the cumulative interest rate is 6% on maturity from 12-23 months, while the rate at maturity of 24-35 months was 6.65%, and the highest rate was $7.25 in 36-60 months. tenure.
Also, the non-cumulative interest rates offered to senior citizens above 60 years of age under normal FDs are 5.84% to 6% from 12-23 months, 6.46% to 6.65% for maturities of 24-35 months and 7.02% to 7.25 Will meet till % at maturity of 36-60 months.