Top 5 Fixed Deposit schemes for Senior CitizensBy: Narendra Pratap

With fixed deposit operators slashing interest rates in the scheme of the big economic picture to make people spend more money, on the flip side it has become hard for the senior citizens to get gains from their years of hard earned money deposited in the fixed deposits. However, in this time of gloom there are some prospects that offer the best returns on your fixed deposits in the market. We have brought you the best five fixed deposits to get the best interest rate on your hard earned money. We bring you the list of 5 fixed deposit ideas for retired individuals in India that offer superior interest rates

Shriram Transport Finance Company Ltd

You get a whopping double digit 10.28 % interest that too with an annual compounding rate with the fixed deposit from Shriram Transport Finance Company Ltd. Considering that you lock in for a period of five years they take your investment close to 82k for an investment of 50,000. Shriram is a reputed company and the plan is FAA+ rated by CRISIL and MAA+ by the ICRA.

Mahindra Finance fixed deposit

Next up is the fixed deposit from Mahindra with just a shade behind the topper with a return of 10.25% and yet again with an annual compounding feature. This means you will get 17k for an investment of just 50,000 and it is needless to justify the brand of the company. So do not waste time and invest in the best interest.

Karur Vysya Bank fixed deposit or the TamilNad Mercantile Bank Ltd

Somehow if you are always away from the non-banking financial service providers then you can go straight ahead for the Karur Vysya bank or the TMB bank and get an interest of 9.75 percent for your three year investment in their fixed deposits. They will fetch you close to 80,000 for five years and 66k for three years.

LIC HFL fixed deposit

LIC yet again shows why it is one of the leading financial products provider with its fixed deposits fetching up to 9.65% for their three year term and 9.85% for their five year plans. Yet, again not many need the introduction of LIC and its heritage. Most of us, surely own at least a life insurance policy from LIC and the name is enough to make you buy a fixed deposit with them and then be rest assured that you will get the same trust and off course the interest you expect.

Punjab Housing finance Limited

We said you will give you the five best options and sorry about the extra one but the Punjab Housing finance limited offers 9.65 % for both your three and five year deposits and we just could not resist the temptation to include this mouth-watering deal. What makes it even more irresistible is the fixed deposit gets you a compounded interest every six months which means you get to close 17 k for a 50k deposit in three years.

So, my dear respected senior citizens, stop worrying and start investing and stay relaxed.