Senior citizens can still build a steady income by choosing the right deposit schemes that offer safety, good returns, and easy access to funds. GenWise is an online club for senior citizens that helps seniors grow their savings while ensuring financial stability.
In this blog, we have talked about some of the best FD schemes from GenWise for seniors for a worry-free retired life.
GenWise will be your trustworthy guide when it comes to choosing the right senior citizen fixed deposit scheme by offering you a simple, rewarding and stress-free way to grow your savings. There are other noteworthy benefits as well:
With GenWise FDs, you can earn up to 9.5% interest, which is higher than many traditional banks. By investing through GenWise, your money grows faster in a safe manner.
When you book an FD with GenWise, you would not need to visit a bank or stand in long queues. With just a few clicks, you can open an FD instantly right from the comfort of your home.
Unlike some FDs that require you to open an account with the bank, GenWise allows you to invest without needing a new account. This makes the process very convenient.
From short lock-in periods to hassle-free withdrawals, GenWise ensures that your funds remain accessible whenever you need them.
If you ever need to withdraw before maturity, you won’t be penalized with hefty charges.
GenWise FDs are with RBI-approved banks & NBFCs, ensuring that your money is secure. Furthermore, bank FDs come with 5 lakh rupee insurance for added safety.
The best FD schemes for senior citizens on GenWise provide extra perks like higher interest rates for women and senior citizens. This invariably helps them maximize their savings.
If you are looking for the best FD scene for senior citizens, here are GenWise’s top picks:
With these factors, senior citizens can choose the best deposit scheme that will resonate with their financial needs:
Senior citizen FDs usually offer higher interest rates than regular ones. In fact, small finance banks often provide better rates than bigger banks.
While choosing a senior citizen saving scheme, choose a duration that fits your financial needs! You can go for short term for liquidity and long-term for higher returns.
Always invest in those financial institutions that have a strong reputation for safety.
Some banks charge penalties for early withdrawal, while others waive them off after six months. Therefore, it is a good idea to check premature withdrawal rates before opting for a fixed deposit scheme.
Another important thing to consider while choosing a deposit scheme for senior citizens is to opt for monthly, quarterly or lump sum interest payments. This will depend upon your cash flow needs.
Choosing the right deposit scheme for senior citizens is a crucial step toward financial stability. With so many options available, it’s essential to look at all important factors before making a decision. GenWise is an online club for elders that will help you pick out the best FD schemes for senior citizens with flexible savings options. This will help you invest smartly and enjoy the returns in a worry-free manner.
Unity Small Finance Bank offers the best senior citizen fixed deposit scheme if you are looking for higher returns.
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