Prime Minister Narendra Modi has declared personal assets totalling Rs 3.02 crore in his election affidavit. Notably, the declaration includes Rs 2.86 crore invested in fixed deposits.
According to the affidavit filed by Modi before his nomination for the Varanasi Lok Sabha seat on May 14, the PM has no investments in stocks, bonds or mutual funds. As of March 31, 2024, his declared cash assets stood at Rs 52,920.
His two most notable assets include Rs 2.86 crore in SBI fixed deposits and Rs 9.13 lakh in National Savings Certificates (NSCs). Modi did not report ownership of any immovable property. He showed Rs 80,304 in SBI savings accounts. The affidavit showed his income tax deduction at ₹3.33 lakh for the previous financial year.
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Why fixed deposits are a wise investment choice?
Fixed deposits are considered a reliable investment tool, especially for senior citizens. With the PM parking nearly 95% of his wealth in fixed deposits, it shows the trust such investment tools command due to factors like stability and security.
The most distinctive feature of fixed deposits is their ability to offer a consistent income stream and protect against market fluctuations. This quality appeals to investors as most of them want reliable returns and financial stability, particularly during retirement years.
Benefits of fixed deposits
With fixed and stable interest rates, fixed deposits are predictable throughout the investment tenure. Due to its predictability, investors can plan for their various financial goals as they can calculate how much maturity amount they will receive.
Also, their flexible tenure options give investors a freedom to tailor investments as per their needs. Opening and managing FD accounts are simple and hassle-free. Banks allow opening of FD schemes online and offline both. Investors also look for fixed deposits to diversify their portfolio, mitigating overall investment risk.
Investors also get loan facilities against fixed deposits. FDs often offer special benefits for senior citizens, including higher interest rates. Overall, fixed deposits stand out as a reliable investment choice for investors seeking stability and growth in their capital.
Why FDs are particularly beneficial for senior citizens
Senior citizen FD rates are comparatively higher than those offered to general customers. This attracts elderly individuals to increase their funds at a superior rate without taking much risks. The higher interest rate guarantees growth of their savings, beating inflation. This ultimately helps in preserving their purchasing power post-retirement.