The financial market is known for being inherently volatile, which poses challenges for investors who are unable to undertake excessive risk. This instability is particularly difficult for senior citizens who rely on their savings and are not in a position to dabble in risky market investments. Therefore, finding a safe and reliable investment option, such as higher FD rates, in your golden years is crucial.
Since fixed deposits (FDs) offer steady returns, they present an excellent investment avenue for senior citizens. They offer guaranteed returns and low risk with a predetermined interest rate for a fixed period, making them a safe haven in an unpredictable market. One of the top new-age banks, IndusInd Bank provides the best-in-class fixed deposit interest rates, making FDs an attractive option for senior citizens to combat market volatility and inflation and earn a steady income.
Read on to learn more about fixed deposits and how IndusInd Bank’s attractive higher FD interest rates are ideal for senior citizens.
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What is a Fixed Deposit?
A fixed deposit is a financial instrument in a bank wherein you can deposit a lump sum amount for a fixed tenure at a pre-determined interest rate. Upon maturity, you receive the principal amount along with the accrued interest. This instrument is widely favored for its safety and guaranteed returns.
How can Senior Citizens Benefit from IndusInd Bank’s Higher FD Interest Rates
IndusInd Bank is a top choice for fixed deposits, providing attractive interest rates, wide-ranging tenures, and guaranteed returns. Here’s how senior citizens can benefit from IndusInd Bank’s high FD interest rates in a volatile market.
1. Regular Income Flow
In the face of rising inflation, senior citizens need a steady income stream to cover day-to-day expenses. IndusInd Bank’s flexible FD schemes allow customization based on individual financial needs. Senior citizens can choose to receive interest payments – monthly, quarterly, half-yearly, or annually. This regular inflow of funds helps manage routine expenses without needing to withdraw from the principal sum, thus preserving capital.
2. Attractive Interest Rates
IndusInd Bank offers senior citizens attractive fixed deposit interest rates, making their savings work harder. Since the bank offers competitive rates, your funds grow steadily without additional risks. By offering competitive rates, IndusInd Bank helps seniors maintain financial stability during retirement.
3. Stability and Security
Market-linked investments can be volatile during economic uncertainty. In contrast, fixed deposits offer security with fixed returns unaffected by market fluctuations. This stability provides peace of mind and a sense of security to senior citizens who prefer low-risk investments.
4. Tax Benefits
A significant advantage of IndusInd Bank’s fixed deposits is the associated tax benefit. Under Section 80TTB of the Income Tax Act, senior citizens can claim a tax deduction of up to INR 50,000 on the interest earned. This tax benefit leads to substantial savings for the investor.
How to Apply for an FD Online
Follow the steps below to open an FD online with IndusInd Bank:
● Register with your mobile number.
● Provide your personal details.
● Enter your FD details.
● Fund your FD and start growing your money.
Fight Market Volatility with IndusInd Bank’s Fixed Deposits
With financial markets becoming increasingly unpredictable, senior citizens must seek stable investment avenues such as IndusInd Bank’s fixed deposits. With competitive rates and flexible tenures, the bank’s higher FD rates empower senior citizens to safeguard their future. Whether you seek a regular income stream or a secure investment, IndusInd Bank’s schemes are designed to meet your needs and help you thrive in a volatile market. To open an FD online, visit the IndusInd Bank website today.
