<ul><li>Recurring Deposit (RD) schemes are a great investment option for senior citizens to ensure stable financial growth.</li><li>Senior citizens usually avail higher interest rates in RDs, typically between 0.25% and 0.5% extra.</li><li>This fixed interest rate offers a constant return, protecting senior citizens from unpredictable market swings.</li><li>Recurring Deposits offer flexible deposit amounts and tenures aligned with individual financial goals.</li><li>RDs fix monthly contributions that encourage disciplined savings and good financial habits.</li><li>The nomination facility offered in RDs assures financial security for loved ones in case of an untimely event.</li><li>Senior citizens can avail of loans against RD deposits (90-95%) in need, without penalty or deposit breakage.</li><li>Recurring Deposits carry low to minimal investment risk, providing guaranteed returns on deposit maturity.</li><li>RDs are simple to open and manage, be it online or by visiting a bank branch.</li><li>Senior citizens can also avail of specific tax exemptions on the interest earned on RDs under the Income Tax Act (Sections 80C and 80TTB).</li></ul>

What are the Benefits of Recurring Deposits for Senior Citizens?

Discover more