Planning for life after retirement brings a unique set of financial concerns and considerations. The absence of regular monthly income, rising healthcare costs, and the need for long-term financial stability are to name a few.
These challenges highlight the importance of having dependable financial instruments that offer security, regular returns, and peace of mind during the post-retirement years.
While most will eventually incline towards doing a regular Fixed Deposit, others may tend to try their luck in the traditional securities market. Though both of these hold their own value and possess their unique sets of pros and cons, there is a third, potentially better option one can try.
Cooperative thrift plans designed for senior citizens offer all the above. Moreover, these senior citizen savings schemes help you earn higher returns without worrying about market fluctuations and other factors.
At Samridh Bharat Cooperative Thrift & Credit Society Ltd. – a Delhi-based cooperative society, we provide deposit schemes tailored to meet the financial needs of our senior citizens. Many of our members –Delhi-based senior citizens invest in our savings-cum-investment plans for a steady income or to meet sudden or regular monthly expenses.
Need for Dedicated Senior Citizen Deposit Plans with Best Returns in Delhi
There is a not-so-complex and very simple explanation as to why the seniors, the elderly, need extra support to sustain themselves. It is ‘life expectancy’ and ‘reduced physical and mental ability.’
Let’s understand these better.
Life Expectancy: With growing age, the person is more prone to health issues and diseases, which increases the risk of a shorter life expectancy. Now, this is one of the factors; every year, your health insurance premium keeps increasing.
For this reason, they have to be more financially sound, even though they are now retired and not earning a regular income. Of course, the lump sum gratuity money seems like a big saving, but that runs out rather quickly, and therefore,the need for a consistent income is imminent.
Reduced ‘Working’ Ability: Many individuals take other smaller or less labor-intensive jobs at offices and other places. Yet the fact that they are growing older makes it harder for them to keep working for long after retirement, and they would eventually need some savings and preferably a regular monthly, half-yearly, or yearly income.
Questions to Ask Yourself for Long-Term Financial Planning
When looking for the best investment plans for senior citizens, it’s critical to understand what you need in your retirement portfolio. For this, you need to ask a few questions, like is it about-
- beat inflation
- financial security
- meeting medical costs
- earning an additional interest rate
- the investment duration
- choosing guaranteed income products
- monthly interest payout – regular payments
- tax deductions or tax benefits
- long-term stability, or something else?
Once you have the answers ready, you can choose the best investment option to meet your retirement goals.
Other Factors for Choosing the Senior Citizens Savings Scheme
Growing Inflation Vs. Retirement Corpus
With every passing year, we see a steep rise in the inflation rate. ‘Inflation’ is basically a reduction in the value of the same amount of money over different periods of time.
So, what you could buy for a hundred rupees a year ago might now cost you INR 105 or more. Choosing a senior citizen deposit plan with the best returns in Delhi can be your way out of crushing inflation.
Market Volatility
While investing in the traditional securities markets and instruments like mutual funds may seem lucrative, there’s no denying the influence of market fluctuations.
What if a safer, more reliable option provided a decent and even higher interest on your savings than the traditional investing options? Senior citizen fixed deposit and savings plans offer you the same, without any risk of a bearish trend in the market graphs.
Unexpected Urgent Needs
Old age brings with it the uncertainty of health. This makes it a critical consideration to get invested in a savings plan that will not just pay a higher interest rate than the traditional financial institutions, but can also cover urgent expenditure on healthcare.
Miscellaneous Expenses:
Besides the ones mentioned above, when you are a senior, certain social responsibilities take over a major portion of your savings. It may include participating in a grandkids’ or even own children’s marriage and other cultural ceremonies.
In India, pilgrimage is another dream couples have in their bucket list, which they intend to fulfil in their post-retirement life.
Overall, having a solid and steady means of income is critical for senior citizens. Fortunately, a Savings or a FixedDeposit, and several other types of investment schemes are available at registered cooperative thrift and credit societies.
If you are a Delhi resident, Samridh Bharat Cooperative Society provides you some of the topmost senior citizen FD and deposit schemes Delhi.
Samridh Bharat’s Senior Citizen Retirement Savings Plans in Delhi
At Samridh Bharat, we are a cooperative thrift and credit society registered with the Registrar of Cooperative Societies, Delhi, under the Delhi Cooperative Societies (DCS) Act 2003, with the registration number 10844.
Here, we offer the following types of savings and deposit plans to our members with an additional 0.5% annual interest on many schemes.
Let’s understand them one by one.
Savings Deposit (Optional Deposit)
This is an interest-bearing savings account for funds you want to keep easily accessible while earning returns higher than the savings interest offered at conventional financial institutions.
• Interest Rate: 7% per year on the balance held in your savings deposit account.
Fixed Deposit (FD)
Our seniors’ Fixed Deposit plans let you earn attractive and significantly higher returns on lump-sum deposits for fixed tenures. Our senior citizen FD rates in Delhi are among the best in the segment, offering returns much higher than conventional financial institutions.
• Minimum Investment: INR 5,000 and further in multiples of INR 500.
• Interest Rates (per annum):
| Tenure | Interest Rate |
| 12 months | 11% |
| 24 months | 11.75% |
| 36 months & above | 12.75% |
Recurring Deposit (RD)
If you prefer to save regularly in smaller monthly amounts, this plan helps you build a corpus, that is, the total principal amount of money or investments, systematically.
• Minimum Monthly Deposit: INR 500 and further in multiples of INR 100.
• Interest Rates (per annum):
| Tenure | Interest Rate |
| 12 months | 10.5% |
| 24 months | 11.25% |
| 36 months & above | 12.25% |
Monthly Income Scheme (MIS)
This scheme is ideal if you want regular monthly income from the interest earned on your deposit, while your principal remains secure until maturity.
• Minimum Deposit: INR 5,000 and further in multiples of INR 100.
• Interest Rates (per annum):
| Tenure | Interest Rate |
| 12 months | 11% |
| 24 months | 11.75% |
| 36 months & above | 12.75% |
Monthly payouts help members have ready cash in case of urgent needs. This can be a huge support when it comes to meeting regular living expenses, healthcare needs, or other recurring requirements, while the original deposit remains invested.
This makes our MIS plan one of the best senior citizen retirement savings plans in Delhi, which not just saves, but also gives a payout of the earned interest on a regular basis.
Each of these deposit plans is structured to offer higher returns than traditional savings or deposit options with added flexibility in lock-in tenures.
Note: While other cooperative societies do not pay interest if money is withdrawn before maturity, Samridh Bharat Cooperative Society offers Premature Withdrawals along with applicable interest rates.
Additional Benefits of Senior Citizen Deposit Plans at Samridh Bharat
- No TDS on earned interest
- Nomination facility available
- Members can avail a loan against deposits when they meet the criteria
How to Become a Member of Samridh Bharat Cooperative Society
Getting started with Samridh Bharat Society is also easy and quick. All you have to do is fill out a simple form and submit the following documents along with the membership fee:
Documents Required:
- 1 Government-Issued Photo ID Proof – Aadhar Card, Driving License, Voter ID card, etc.
- Address Proof – Electricity or Water Bill
- Rent Agreement (in case of a tenant) Along with the Latest Electricity/Water Bill of the Landlord
- PAN Card
- 2 Latest Passport-Sized Photos (Colored)
Membership Fee – INR 1100/-
As soon as your membership is confirmed, you can choose to proceed with a savings or a deposit plan as per your needs and enjoy the benefits of our senior citizen deposit plans with best returns in Delhi.
Frequently Asked Questions
Q1. What is the minimum amount required to open a senior citizen fixed deposit?
Ans: Senior citizens can start with a minimum of 5,000 INR in a fixed deposit account. Rest, they can invest over time with multiples of 500 INR.
Q2. Are there any tax deductions on the interest earned?
Ans: No. It’s one of the biggest perks of joining the Samridh Bharat society. Members don’t have to pay any taxes on the interest earned through their investments.
Q3. What documents are required to open a senior citizen deposit account?
Ans: To open a deposit account at Samridh Bharat, senior citizens need to provide the following documents: government ID, PAN Card, passport-sized photographs, address proof, and an affidavit declaring that they aren’t members of any other cooperative thrift & credit society.
Q4. How long does it take for a deposit amount to double at Samridh Bharat?
Ans: Under a period of 5 years and 10 months, the FD gets doubled as per Samridh Bharat’s rules.
Q5. Is it possible to take a loan against a deposit?
Ans: Absolutely. Members can take a loan of up to 90% of their invested amount in emergency situations.
Q6. Can senior citizens receive a regular monthly income from their investment?
Ans: Yes. For this, Samridh Bharat has a Monthly Income Scheme (MIS), from which senior citizens can receive a monthly income through the interest earned from their investment.
Q7. What are the general interest rates for fixed deposits?
Ans: Samridh Bharat provides high interest rates, ranging from 10.5% to 12.25%. For senior citizens, we provide an additional 0.5% annual interest rate.