Fixed Deposit: Fixed Deposit (FD) is still a famous way to get secure and fixed returns. FD interest rates of banks vary and senior citizens get higher interest rates than general customers. In this, a fixed amount is deposited for a fixed time. Let us know what are the interest rates available on FD in major banks like SBI, PNB, BoB, HDFC, ICICI and Canara Bank and what will be the maturity amount on an investment of Rs 5 lakh.
SBI (State Bank of India) FD Interest Rates
SBI offers 7.25% interest rate to general citizens on its 444 days Amrit Vrishti FD scheme. Whereas, the interest rates on FD of 1 year, 3 years and 5 years are 6.80%, 6.75% and 6.50% respectively.
Return on investment in 1 year: On investing Rs 5 lakh, the maturity amount will be ₹ 5,34,877.
Returns in 3 years: Maturity amount ₹6,11,196.
Returns in 5 years: Maturity amount ₹6,90,210.
PNB (Punjab National Bank) FD Interest Rates
PNB offers 7.25% interest on its 400 days FD scheme. The interest rates on 1 year, 3 year, and 5 year FDs are 6.80%, 7%, and 6.50% respectively.
Return on investment in 1 year: Maturity amount ₹5,34,877.
Returns in 3 years: Maturity amount ₹6,15,720.
Returns in 5 years: Maturity amount ₹6,90,210.
Canara Bank FD Interest Rates
Canara Bank gives 7.25% interest on FD of 444 days. The interest rates on 1 year, 3 year, and 5 year FDs are 6.85%, 6.80%, and 6.70% respectively.
Return on investment in 1 year: Maturity amount ₹5,35,140.
Returns in 3 years: Maturity amount ₹6,12,099.
Returns in 5 years: Maturity amount ₹6,97,033.
BoB (Bank of Baroda) FD Interest Rates
BoB offers 7.30% interest on 400 days FD scheme. The interest rates on 1 year, 3 year, and 5 year FDs are 6.85%, 7.15%, and 6.80% respectively.
Return on investment in 1 year: Maturity amount ₹5,35,140.
Returns in 3 years: Maturity amount ₹6,18,448.
Returns in 5 years: Maturity amount ₹7,00,469.
HDFC Bank FD Interest Rates
HDFC Bank gives 7.40% interest on FD of 4 years 7 months (55 months). The interest rates on 1 year, 3 year, and 5 year FDs are 6.60%, 7%, and 7% respectively.
Return on investment in 1 year: Maturity amount ₹5,33,826.
Returns in 3 years: Maturity amount ₹6,15,720.
Returns in 5 years: Maturity amount ₹7,07,389.
ICICI Bank FD Interest Rates
ICICI Bank gives 7.25% interest on FD of 15 months to 2 years. The interest rates on 1 year, 3 year, and 5 year FDs are 6.70%, 7%, and 7% respectively.
Return on investment in 1 year: Maturity amount ₹5,34,351.
Returns in 3 years: Maturity amount ₹6,15,720.
Returns in 5 years: Maturity amount ₹7,07,389.
Bank FD is a safe and fixed income medium for investors who want to grow their money without risk. Before investing, compare the interest rates and choose the bank as per your need. This investment can prove to be more beneficial for senior citizens, as they get additional interest.
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