The first thing that we have done while researching is to ensure that the fixed deposits in case they are company fixed deposits are very safe, since company fixed deposits are not secure deposits. Here are a list of 4 deposits, mostly from companies which retired individuals could invest, so as to help them receive monthly interest income.
High in safety
On a 15-month deposit Bajaj Finserv offers an interest rate of as much as 9.55 per cent for retired individuals. It is 9.30 per cent for other individuals. Retired folk can have online access to their fixed deposit account through the customer portal. The deposits are highly rated by rating agencies making them secure.
HDFC offers an interest rate of 9.40 per cent to senior citizens under its monthly income plan. The deposit offers the highest safety and the company has an impeccable record making the risk of a default on payment of interest and principal negligible.
The DHFL Aashray Deposit fetches a return of almost 10.51 for senior citizens on 12-120 month deposit. Care has accorded a rating of AAA on the fixed deposits. This indicates highest quality by all Standards and Highest Investment Safety.
For a decent rate of return
Banks do not publish the interest rates on their monthly income plans, and one will have to contact the branch for the same. Broadly speaking the interest rates would be anywhere between 9 to 9.5 per cent, depending on the tenure and the bank.