Top 2 Benefits of Fixed Deposits for Senior Citizens and Young People

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Top 2 Benefits of Fixed Deposits for Senior
Citizens and Young People
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Do you know what a Fixed Deposit is? Know what it
is
Fixed Deposit can be a great tool to help people
save for their future goals. It can earn
high-interest rates, and the account is secure.
It's a perfect option for the young and the
senior citizens, who want to save money in a
safe place so that they have something to fall
back on when they need it.
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The following are the Top 2 Benefits of Fixed
Deposits for Seniors and Young People

1. Secure Investment
2. Tax Benefits

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1. Secure Investment
Secure investment Fixed deposits are one of the
safest investment avenues available in India. The
interest rates on these accounts are higher than
what you will get on other instruments like
savings accounts or term deposits. Parents can
choose to invest in short-term goals for their
children, like their higher education, marriage,
and new skill training. The tenure of the fixed
deposit also depends on when parents need to
withdraw the maturity amount.
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2. Tax Benefits
Tax benefits Senior citizens can claim tax
deduction under section 80C of the Income Tax
Act 1961 and also invest up to Rs 1 lakh under
Section 80CCD without paying any tax on such
investments. Senior citizens can enjoy interest
on their deposits on a monthly, quarterly, or
annual basis. The FDs come with the option of
auto-renewal, making it easy for senior citizens
to continue receiving their income without any
hassle.
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Refferal URL
https//en.wikipedia.org/wiki/Loan https//www.pnb
housing.com/blog/why-fixed-deposit-is-
best-investment-for-young-and-senior-citizen/