3 High Yielding Fixed Deposits For Senior Citizens

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Senior citizens especially the retired folk often look for regular monthly income to manage their needs. Some also look at options of quarterly and half yearly payout of interest.

    3 High Yielding Fixed Deposits For Senior Citizens
    Here are a few company fixed deposits that could be suitable for senior citizens.
     

    HDFC

    The HDFC deposits come with a slightly higher interest rate for senior citizens. The monthly income plan on a 15 month deposit offers an interest rate of 9 per cent for senior citizens, while the 22 month deposit comes with an interest rate of 9.05 per cent.

    The deposits are highly rated and come with a AAA rating from both CRISIL and ICRA for 20 consecutive years. Here are the interest rates for senior citizens on the monthly income plan.

    15 month 22 month 30 months
    9.00% 9.05% 9.00%

    PNB Housing Finance Fixed Deposits

    PNB Housing Finance is yet another safe FAAA rated fixed deposit. The company is a subsidiary of PNB Housing Finance. The interest rates on the fixed deposits of PNB housing Finance is as follows for quarterly and half yearly periods:

    12 months 24 months 36 months
    9.50% 9.50% 9.50%

    Mahindra Finance Fixed Deposits

     

    The deposits from Mahindra Finance like the above two peers comes with FAAA rating. The company offers both cumulative and non cumulative scheme. The interest rate for its quarterly scheme is as follows:

    12 months 24 months 36 months
    8.65% 9.40% 9.40%

    Interest rates are falling

    Interest rates in the economy are expected to fall and it would be good if senior citizens lock money in safe high yielding fixed deposits. Banks have also dropped interest rates in the last few months on fixed deposits and its almost impossible to get the above mentioned interest rates from bank deposits.

    Read more about: company fixed deposits
    Story first published: Friday, April 17, 2015, 11:14 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more