Index fund corner
Sponsored
| Name of the scheme | 1-year back | Invest now | Fund category | expense ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest now | Equity: Big Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest now | Equity: Big Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest now | Equity: Big Cap | 0.25% |
| Axis Nifty 500 Index Fund | , | Invest now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest now | Equity: Mid Cap | 0.28% |
What is a senior citizen fixed deposit?
Senior Citizen Fixed Deposit is a term deposit plan in which special interest rates are offered to people above 60 years of age by banks and financial institutions.
In India, the rate of interest on these FDS ranges from 3.50% to 8.55%, which is more than 5 years. In addition to the additional rate of interest, it also offers a wide range of other benefits to senior citizens.
Features of Senior Citizen Fixed Deposit:
– Under the scheme, the minimum deposits for investing vary from bank to bank.
– The term for senior citizen FD ranges from 7 days to maximum 10 years.
– It also provides an additional FD rate on most schemes, which usually ranges from 0.25% to 0.65%.
– It can also be used as collateral to obtain a loan where the approved maximum loan depends on the major amount.
FDS booked for a period of 5 years also qualify as a tax-saving, where investors can claim an 80C deduction. 1.5 lakhs.
– Senior Citizen Fixed Deposit also provides premature return facility, which is allowed with nominal punishment.
Documents required for senior citizen FD
– FD account opening application form.
– KYC Document (Aadhaar Card/Passport/Driving License/Voter ID).
– PAN card.
– Form 15h or self-declaration form.
– Passport-shaped photos.
Eligibility:
A person above 60 years of age is eligible to open a senior citizen fixed deposit account. Senior citizens should have a savings account to open a fixed deposit account. Some banks also consider super senior persons who are 80 years and older. Under this age group, individuals are provided high assessment deposits than other senior citizens and general public.
Benefits of fixed deposits (FD) of senior citizens:
– These FDs are considered to be the most reliable and safe form of investment. In addition, changes in market conditions do not affect returns from FDs.
– Senior residents can choose from many interest payment options, the depositors’ savings account with FD interest for senior citizens was regularly deposited – monthly, quarterly, semi -annual, or annual.
– This is an ideal investment option for senior people as it is not connected to the market and hence is unaffected by the change in the market. Interest rates are stable during the tenure, so you know what your investment is expected.
– The interest earned on these can be converted into monthly income, which can be used to smoothly plan the retirement duration. In addition, it can also be deposited a tax-saver.
,
