FD Rates: Best option for 1 year FD.. 8.05 percent interest.. How much will it cost to deposit 5 lakhs?
Samayam November 14, 2024 11:19 AM
FD Rates: Many people do fixed deposits for short periods. One year tenure is mostly chosen. However, most banks offer low interest rates. However, a bank is offering the highest interest rate of 8.05 percent on tenure deposits for one year to regular customers. And in this Rs. If 5 lakhs is deposited how much will be in hand after maturity? Let's find out now.
FD Rates: Regardless of the number of ways to invest, fixed deposits are always popular. Because they provide stable returns without any risk. Money in FDs is safe. That is why mostly senior citizens above 60 years opt for these fixed deposits . Due to this, banks also introduce special tenure schemes and offer additional interest to seniors. Generally, bank deposits have a tenor of 7 days to 10 years. Banks offer low interest rates for short tenure deposits. Therefore, one has to deposit in tenures like 3 years, 5 years and 10 years for higher interest.
But, most people have short-term financial goals. They see that it will be good if they get money in hand within a year. Banks give low interest if such people want to make fixed deposits. So many people choose other ways. However, Bandhan Bank, a leading bank, is offering the highest interest rates to ordinary customers even on one-year maturity tenure deposits. 8.05 percent interest is offered to general customers on one year tenure deposits. However, 8.55 percent interest is being given to senior citizens. After that, 8 percent interest is offered to general citizens and 50 percent interest to senior citizens on tenure from one year to 9 months.
How much will it cost to deposit Rs.5 lakhs?
Suppose a typical customer deposits Rs.5 lakh in a fixed deposit scheme with a tenure of one year in Bandhan Bank. The interest rate applicable to the concerned person is 8.05 percent. According to this, after the maturity of one year, in the form of interest Rs. 39 thousand will be received. Total principal and interest will come to Rs.5,39,000. Suppose a senior citizen has deposited Rs.5 lakhs. The interest rate applicable to them is 8.55 percent. According to this, if calculated through the online calculator, the interest after one year will come to Rs.41,400. Total per hand inclusive of principal and interest is Rs. 5,41,400 available above.
Generally banks like SBI, HDFC, ICICI, PNB do not give this level of interest on tenure of one year. Hence, this is a good opportunity for those who want to make deposits for a year. And there is insurance facility up to Rs.5 lakh through deposit insurance credit guarantee scheme. There is no fear of losing money.
