How can Fixed Deposits Help Senior Citizens in their Financial Well-Being?

Fixed deposit accounts have minimal risks; thus, it’s the best option for senior citizens. The money will be safe, and market volatility won’t give rise to negative impacts. Also, the auto-renewal option helps senior citizens to carry out a hassle-free renewal. So, you will get the option to re-invest the amount, which will help you generate more profits. Once you get the CKYC, you will find it easy to open your FD account. Now, it’s easy to check the KYC status online, and it helps you eliminate confusion.

Central KYC registration helps you open FD accounts, and it’s good to seek the help of an expert. There are different types of CKYC , so it’s important to get an idea of them. The four types of Central KYC accounts are:

eKYC Account

eKYC Account is created after you enter the OTP you have received on your registered mobile number. You must upload the Aadhar-based PDF file and enter the UDAI site to complete the process successfully.

Normal KYC Account

Once you submit all necessary documents PAN card, driving license, Aadhar, Voter id, passport, and job card, you will become eligible for the KYC account. It helps you easily open an FD account.

Low-Risk Account

Senior citizens sometimes can’t submit all the documents mentioned above. You may submit other valid documents, and once RBI approves the documents, you will get the CKYC account.

Small Account

This option is suitable for people who don’t have any valid documents. You need to fill out a form with an attested photograph. However, these accounts have some restrictions, and there will be limits to the transactions you can make.

Thus, you get an idea of how KYC registration helps you create FD accounts and helps senior citizens make easy savings.

Benefits of Senior Citizens’ FD 

Before investing, it’s important why senior citizens should invest in fixed deposits:

  • Senior citizens will get familiar with multiple payout options that help earn more interest. Hence, you can maximize the benefits of fixed deposits.
  • A senior citizen’s FD also helps in saving tax. Thus, it helps you avoid the burden of paying a heavy tax.
  • The interest rate won’t vary due to market fluctuations, and your money will be safe. You will receive the interest without any interruptions.

Features of Senior Citizens’ FD Features

Here you will get a brief idea of the features of senior citizens’ FD accounts:

  •  Senior citizens will get the option to choose an FD account that lasts for 7-10 years.
  • The FD accounts will have the option to withdraw the amount before maturity. It helps senior citizens to meet urgent medical expenses.
  • Senior citizens also enjoy higher interest rates, and it helps you earn more than a normal savings account.
  • If you have a fixed deposit account, you will find it easy to apply for a loan. You must know the terms and conditions, ensuring you won’t be confused.
  • The regular interest payout comes up as the only source of earning for some senior citizens. Thus, you can lead a life free from any worries.

Once you learn the benefits, you will understand why opening fixed deposit accounts are important.  

Documents mandated to Open a Fixed Deposit Account

Now, it’s easy to open a fixed deposit account. First, you need to know the documents required to open an FD account:

  • Self-attested ID proof may be a photocopy of your Aadhar card, driving license, passport, etc.
  • Next, you need to show your address proof that will clearly show your nationality and the place where you stay. You can submit Voter cards, utility bills, property receipts, etc., as address proofs.
  • The signature proof is essential to avoid unauthorized access to your Account. Thus, it helps you avoid huge losses and be completely safe. A photocopy of a driving license, passport, or PAN card serves as signature proof.

Once you submit the essential documents, you will become eligible for a fixed deposit account. The NBFC’s representative will assist senior citizens, and it will help you open your FD account. Thus, investing becomes easy, and it’s time to find the best-fixed deposit scheme for senior citizens

Bajaj Finserv has a fixed deposit option, and you can easily speak to the representative. It’s time to learn the benefits, and you will learn that fixed deposits bring beneficial solutions. Thus, you will start earning more, and life will become easier. They will help you know the best-fixed deposit scheme for senior citizens, and you will feel confident.