On This Page: Senior Citizen Fixed Deposit | Features and Benefits of Senior Citizen Fixed Deposit | How to invest in Senior Citizen Fixed Deposit | Senior Citizen Fixed Deposit Interest Rates | FAQs
Senior Citizen Fixed Deposit
Investment becomes all the more important as one retires from a service. Fixed deposits have proved to be an excellent choice for senior citizens who have low or irregular income. It enables them to be financially independent post retirement. Bajaj Finance Senior Citizen FD is one of the safest backup options as it provides a high interest rate and flexible tenure of up to 60 months. Use the senior citizen FD calculator to calculate the exact maturity amount of your Fixed Deposit. Finserv MARKETS provides a wide variety of senior citizen FD rates to choose from. Pick the best senior citizen fixed deposit interest rate which is best for you or your loved one.
FD Rates offered by Finserv MARKETS
For information on the best Bajaj Finance FD Rates in 2021 offered, please refer to the tables below:
For New Customers
Tenor in months |
Minimum deposit (in Rs.) |
Cumulative |
Non-Cumulative |
|||
Monthly |
Quarterly |
Half Yearly |
Annual |
|||
12 – 23 |
25,000 |
5.65% |
5.51% |
5.53% |
5.57% |
5.65% |
24 – 35 |
6.10% |
5.94% |
5.97% |
6.01% |
6.10% |
|
36 - 60 |
6.50% |
6.31% |
6.35% |
6.40% |
6.50% |
|
For Senior Citizens
Tenor in months |
Minimum deposit (in Rs.) |
Cumulative |
Non-Cumulative |
|||
Monthly |
Quarterly |
Half Yearly |
Annual |
|||
12 – 23 |
25,000 |
5.90% |
5.75% |
5.77% |
5.82% |
5.90% |
24 – 35 |
6.35% |
6.17% |
6.20% |
6.25% |
6.35% |
|
36 - 60 |
6.75% |
6.55% |
6.59% |
6.64% |
6.75% |
|
For Online Customers
Tenor in months |
Minimum deposit (in Rs.) |
Cumulative |
Non-Cumulative |
|||
Monthly |
Quarterly |
Half Yearly |
Annual |
|||
12 – 23 |
25,000 |
5.75% |
5.60% |
5.63% |
5.67% |
5.75% |
24 – 35 |
6.20% |
6.03% |
6.06% |
6.11% |
6.20% |
|
36 - 60 |
6.60% |
6.41% |
6.44% |
6.49% |
6.60% |
|
Annual rate of interest valid for deposits up to Rs. 5 crore (w.e.f 01 May 2021)
Features and Benefits of Senior Citizen Fixed Deposit
Safe Backup: Senior Citizen Fixed Deposit provides a good financial backup post retirement. The interest earned on Senior Citizen Fixed Deposit can be used by senior citizens to meet their necessary expenses.
Risk Free Investment: Senior Citizen Fixed Deposit offers the best FD rates for senior citizens. It is safe from market fluctuations hence provides a steady and fixed income in times of need.
Minimal Deposit: Opening a FD does not require a large corpus and can be opened with a deposit as low as ₹25,000.
Emergency Credit: This FD scheme gives the highest interest rate on Fixed Deposit for senior citizens and can be withdrawn easily in case of emergency situations and acts as a back-up finance option.
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How to invest in Senior Citizen Fixed Deposit
Bajaj Finance senior citizen Fixed Deposit scheme lets existing customers save big on time by investing in a completely paperless online journey. Users can book senior citizen FD within a few simple steps online.
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Steps to open an FD online:
- Visit our Bajaj Finserv Fixed Deposit form.
Enter your details. Verify your information and make edits, if needed.
Accept the “Terms and Conditions”
Your senior citizens FD is booked!
Senior Citizen Fixed Deposit Interest Rates
One of the best features of senior citizen FD interest rate is that senior citizens can avail an extra 0.25% interest rate. Below is the bifurcation of the interest rate available on Bajaj Finance Senior Citizen Fixed Deposit:
Tenor in months |
Minimum deposit (in Rs.) |
Cumulative |
Non-Cumulative |
|||
Monthly |
Quarterly |
Half Yearly |
Annual |
|||
12 – 23 |
25,000 |
6.40% |
6.22% |
6.25% |
6.30% |
6.40% |
24 – 35 |
6.85% |
6.64% |
6.68% |
6.74% |
6.85% |
|
Calculate the interest rate you stand to receive with our FD calculator and start investing now with Finserv MARKETS.
You can also check out the other FD interest rates available at Finserv MARKETS. Begin your investment journey today!
Tax benefits on fixed deposits for senior citizens
In 2018, the union government provided for Section 80 TTB in the Income Tax Act for senior citizens. According to the provision, any taxpayer who is a resident senior citizen, aged 60 years and above at any time during a financial year, can claim Rs 50,000 as a deduction from the gross total income for the particular year of assessment. The income has to accrue from interest on bank deposits, including both savings and fixed, along with interest on deposits in a banking co-operative society and interest on post office deposits. Thus, with the insertion of this new clause in the Income Tax Act, senior citizens can claim a deduction of up to Rs 50,000 in their income earned from fixed deposits. A senior citizen has to submit Form 15H, a self-declaration form, at the time of receiving the interest amount from the financial institution, or at the time of filing annual return, to claim the tax-benefit under this provision of the Income Tax Act.
How to open a fixed deposit account for a senior citizen?
Generally, senior citizens can open a fixed deposit account in the bank where they have savings account. But, a fixed deposit can also be opened with any financial institution by proving KYC details. Proof of age has also to be provided as per the relevant rules. A senior citizen has to submit latest colour photographs along with documents pertaining to proof of identity and address proof. The proof of identity documents includes Aadhar card, PAN card, driving license, voter ID card or any government issued ID card. As proof of address, a senior citizen can submit a passport, electricity bill or fixed line telephone bill. Financial institutions also ask to provide for a bank statement along with a cancelled cheque.
FAQs
-
✔️What is a Senior Citizen FD?
Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered by leading banks to individuals who are over the age of 60. These FD schemes offer a wide range of benefits to senior citizens, apart from the additional FD interest rate for senior citizens that can go up to 0.25% more than usual interest rate.
-
✔️Why is FD the best investment for Senior Citizens?
Fixed Deposit helps senior citizens get a regular & reliable income post their retirement. If needed, they can also easily avail a loan against the FD. The senior citizen FD also helps save tax.
-
✔️What is the rate of interest for Senior Citizens at Finserv MARKETS?
The Fixed Deposit rates for Senior Citizens at Bajaj Finance starts at 6.25% and goes till 7.25%, depending on the tenure one selects.
-
✔️Are FD investments taxable for Senior Citizens?
Yes, the interest earned on Senior Citizen Fixed Deposits (FDs) is taxable as per the investor's tax bracket. The interest is payable on either monthly/quarterly basis or can be reinvested. However, senior citizens can avoid the tax deduction on the interest earned by submitting Form 15H to the bank. Senior citizens can also claim deduction of up to Rs 50,000 on the interest earned from deposits as per the section 80TTB.
-
✔️What is the Age limit to apply for Senior Citizen Fixed Limit?
All citizens above the age of 60 years are eligible to apply for a Bajaj Finance Senior Citizen Fixed Deposits.
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