Is FD Still the Best Investment for Senior Citizens? Expert Gaurav Sanghavi Explains | Gen S Life

Is FD Still the Best Investment for Senior Citizens? Expert Gaurav Sanghavi Explains

In this insightful episode by Gen S Life, finance expert Gaurav Sanghavi discusses whether Fixed Deposits (FDs) remain the safest and smartest investment option for senior citizens in India. He shares valuable insights about senior-specific FD schemes, online safety, and how seniors can get the best returns from their banks.

Special FD Schemes for Seniors
Most banks offer exclusive FD schemes for senior citizens, often with higher interest rates.

• SBI VCare and ICICI Golden Years are examples of such special plans that provide additional interest benefits to older investors.

Tips and Rights for Senior FD Holders

• Negotiate Smartly: Seniors have the right to request better interest rates and lower tax deductions.

• Prioritize Convenience: Build a strong relationship with your bank manager and choose a bank that helps with paperwork or online tools.

• Avoid Upselling: Be alert when a bank manager suggests insurance or investment plans that may not serve your best interests.

Safety First — Beware of Scams
Gaurav warns seniors to trust only the official bank app and never act on calls claiming to be from the bank, even from known contacts.

Public vs. Private Banks
He also advises that public sector banks are often safer and more customer-focused, while private banks may push more products.

Through this discussion, Gen S Life emphasizes informed decision-making, financial awareness, and protecting senior citizens’ hard-earned money.