Senior Citizen Fixed Deposit in UAE

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As the name suggests, senior citizen fixed deposits are meant to cater to age specific requirements of the seniors. These accounts are just like any other accounts in terms of operations and functionality. The most significant difference between fixed deposit accounts and fixed deposit accounts for senior citizens is that the latter offers higher interest rates and more options for payouts. Senior citizen fixed deposits are one of the best investment options in UAE for eligible customers, who do not want to take high risks and would rather prefer a steady stream of decent returns.

Features of Senior Citizen Fixed Deposits

  • Higher Rate of Interest

  • Guaranteed Returns

  • Minimal Risk

  • Easy Operations

  • The flexibility of Payouts

  • Systematic Deposits

Higher Rate of Interest

The best thing about senior citizen fixed deposit accounts is the higher interest rates. With these you can easily get an increment of 0.25% to 1%. This is higher than what you generally receive with fixed deposit interest rates for senior citizens. 

Guaranteed Returns

Guaranteed return is one of the biggest attractions of senior citizens fixed deposit accounts. The account holders get regular returns on pre-decided rate of interest which is guaranteed. The senior citizen fixed deposit rate of interest is decided when the customer opens an account with the bank. 

Minimal Risk

Fixed deposits are one of the safest investment options available around the world. The chances that you will get your return on the money invested in your fixed deposit are almost a hundred per cent. Since uncertainties are far more common in old age, having surety about your finances become more important. This is why senior citizen fixed deposit accounts are so important. They keep the money safe from market risks while allowing a steady stream of returns. 

Easy Operations

Fixed deposits for senior citizens are easy to manage, easier than generally fixed deposits. The point is to make the operations better and smoother for senior citizens. Minimal documentation is required to open the account. On top of it, you can even open an account online from the ease of your home. 

The flexibility of Payouts

Another big attraction of fixed deposits for senior citizens is that the account holder can get payouts regularly instead of getting the returns in the end. The payouts can be arranged for monthly, quarterly, half-yearly and annually. These payments can be used in place of salary for account holders who have retired. 

Systematic Deposits

In addition to getting systematically arranged returns, you can also choose to deposit your money in instalments. The total amount of the fixed deposit can be decided beforehand when you open the account. The complete payment can be made in parts over a certain pre-negotiated period. You can discuss the systematic deposit period with the bank individually. 

Benefits of Senior Citizen Fixed Deposits

  • Regular Income After Retirement
  • Increased Flexibility
  • Steady Growth of Money
  • Peace of Mind

Regular Income After Retirement:

Having a fixed deposit for senior citizens is a smart way to keep income coming in when you have finally stopped working and retired to enjoy your life. This is not possible with regular fixed deposit accounts because you receive the return in the end, at the maturity of the plan. Senior citizen fixed deposit schemes allow you to get a periodic return on your investment. This feature is unique to senior citizen fixed deposits.

Increased Flexibility:

From ease of documentation to systematic options of payouts, fixed deposits for senior citizens offer an added level of flexibility. You can customize payouts as well as payments according to your individual needs here. Additionally, senior citizen fixed deposits can also be opened as joint accounts with another senior citizen or someone who is not a senior citizen. You can pick an option that suits you the best.

Steady Growth of Money:

Given the guarantee of returns that fixed deposits for senior citizens offer, you can expect your money to grow steadily over the tenure of the deposit. The returns will be as per the promised senior citizen fixed deposit rate of the deposit provided in the beginning when you open your fixed deposit for senior citizens. 

Peace of Mind:

The biggest and the most important benefit you can hope to enjoy with fixed deposit accounts for senior citizens is peace of mind. Retirement is something everyone looks forward to but it can also be a stressful time in terms of finances. With a steady income coming from fixed deposits, you can easily plan an easy and smooth retirement.

Senior Citizen Fixed Deposits Eligibility Criteria

Given below are all general eligibility criteria that you need to clear for opening a fixed deposit in UAE

  • The applicant should be at least 60 years old at the time of application. 
  • The applicant should be either a citizen or resident of the UAE to apply for a senior citizen fixed deposit. 
  • Some banks may have a lesser eligibility age, ranging around 55 years. People who have taken early retirement can try these banks for getting a fixed deposit account. 
  • The applicant must carry all supporting documents for their residency/citizenship and retirement. 

Required Documents for Senior Citizen Fixed Deposits

  • Emirates ID of the applicant
  • Valid passport of the applicant
  • Resident visa for UAE residents
  • Proof of address or proof of leased property
  • Proof of age of the applicant
  • Passport-sized photographs
  • Recommendation from the existing bank of the applicant

How Can I Open a Senior Citizen Fixed Deposit?

Opening your fixed deposit account is a matter of minutes now. You can create a fixed deposit from the comfort of your home using the online application portal of Poilcybazaar.ae or the online portal of the provider, if available. If you prefer to handle your finances and banking in the traditional way, you can also apply for your fixed deposit using offline means.

Applying for Senior Citizen Fixed Deposit Online

  • Go to the banking portal of policybazaar.ae and choose fixed deposits. Fill out the lead given on the website using your basic information.
  • Once you have filled the form with your preferences, you will be directed to a page that will include potential senior citizen fixed deposits you can use. Choose the option that suits your needs the best.
  • Pick the tenure for your fixed deposit and the value of the deposit. 
  • Choose a deposit option and a payout option for your fixed deposit. 
  • Add a scanned copy of all the required documents in the prompted area.
  • Submit the initially required deposit amount and complete the process.
  • You can follow the same steps to open a senior citizen fixed deposit account from the provider website.

Applying for Senior Citizen Fixed Deposits Offline

  • Find the nearest branch of the bank you want to open the fixed deposit with. 
  • Visit the branch and head to the fixed deposit department.
  • Find out the available options for a fixed deposit for senior citizens from the representative attending you and figure out the senior citizen fixed deposit rate. 
  • Choose the option you like the best and get an application form to fill out. 
  • Add all the necessary details, attach all the required documents and submit the form.
  • The bank will examine your application and approve it. Upon approval, you can submit the initial deposit amount and open the deposit. 

Senior Citizen Fixed Deposit FAQs

 

Q1. Can I get higher interest rates for my fixed deposits for senior citizens?

Ans: Yes, the biggest appeal of senior citizen fixed deposit scheme accounts is that you get higher than usual interest or profit rates with these accounts. 

Q2. What is the minimum age to apply for senior citizen fixed deposits?

Ans: Most banks keep 60 years as the minimum age to apply for a fixed deposit for senior citizens. However, the age bar may go a few years up or down depending on the individual policies of the bank. 

Q3. Can I open my fixed deposits for senior citizens as a joint account?

Ans: Yes, you can open a senior citizen fixed deposit account as a joint account. These joint accounts can be opened with another senior citizen or with someone who does not fall in that bracket. Banks may have individual policies regarding the same so make sure you check it out.

Q4. Who is a super-senior? Can they get even higher fixed deposit interest rates for senior citizen?

Ans: Folks older than 80 years are often referred to as super seniors. Some banks may offer a higher interest rate to people who fall under the criteria of super seniors.

Q5. Are fixed deposit accounts the best investment option for senior citizens fixed deposits?

Ans: Given the low risk and high-interest rates that this venture carries, senior citizen fixed deposit accounts are indeed one of the best investment options for senior citizens. 

Q6. Can ex-pats open senior citizen fixed deposit accounts in the UAE?

Ans: Yes, if an ex-pat clears all set eligibility requirements by the bank, they can easily open a senior citizen bank accounts in the UAE.

Q7. Is there a minimum amount applicable when opening a senior citizen fixed deposit account?

Ans: Yes, most banks set a minimum required balance for all fixed deposit accounts and that includes senior citizen bank deposits as well. The minimum amount required may differ for each bank though.

Q8. What is the available tenure for fixed deposits for senior citizens?

Ans: The tenure available for senior citizen fixed deposit scheme accounts is similar to that of basic fixed deposits which is 1 to 5 years. Some banks may offer tenure of up to 10 years as well. 

Q9. Are premature withdrawals allowed from fixed deposits for senior citizens?

Ans: Some banks may allow premature withdrawals however this is completely dependent on the bank’s individual policies. 

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