Today many options are available for parking the money then also the senior citizens prefer to invest their money in fixed deposits (FDs). While, the younger generation earning handsome income prefers to invest in mutual funds and equity capital.
One of the main reasons for FDs is being preferred because they are safe and risk-free method of investing. It is obvious in old age no one wants to take risk in financial matters and all one needs is decent amount of money to survive and enjoy life.
Apart from this the banks have special interest rates for senior citizens between 7.5 and 9.5%, depending upon the time period one wants to invest in.
Meghji Mehta, a Koparkhairane resident, said "After working all these years like a donkey, it is finally time of the life where I can relax and enjoy my life. I don't want to depend on my son, until I can take care of my wife and myself. So I invest in fixed deposit, as there are a few banks who give high rate of interest for the senior citizens."
Today, senior citizens are happy investing in FDs, because of security and surety as share market is unpredictable. An executive from a Vashi-based bank, on condition of anonymity said, "We provide special interest rates for the senior citizens, depending upon the time frame they are looking out for. There has been continuous growth in number of fixed deposits in the past 7-8 months. With stock market being so unpredictable, more senior citizens are opting for the FDs. Apart from senior citizens others have also started investing in FDs, too."
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On superannuation,a big part of the accumulated savings(pf,gratuity and leave salary etc) is spent either for buying a house or for new constructions.Some money is required to be kept reserved for medical needs.A small sum is available with the retired persons to pull the life.For the aged group, telephone/cell phone is essentially needed.Electricity bills are increasing every three/four months.There is no check on market commodities.In this situation ,there is hardly much amount available to be put to FIXED DEPOSITS.So where are the earnings?
Since majority of senior citizens in country are not enjoying pension benefits ,they have to look to interest income from banks/post offices.
To beat the inflation, government should give some better deal to senior citizens and should consider to hike interest rates on post office schemes to 12 percent(as before).Thanks.arvind midha, ujjain(M.P.)
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