SBI 1-year FD vs HDFC Bank 1-year FD vs Canara Bank 1-year FD: Which gives highest return to senior citizens on Rs 4 lakh, Rs 8 lakh, and Rs 12 lakh investments?
SBI 1-year FD vs HDFC Bank 1-year FD vs Canara Bank 1-year FD: Senior citizens who want to invest for the short term can opt for 1-year fixed deposit schemes (FDs). State Bank of India (SBI), HDFC Bank, and Canara Bank offer the 1-year FD to general as well as senior citizens. Know which of them is offering the highest interest rate.
SBI 1-year FD vs HDFC Bank 1-year FD vs Canara Bank 1-year FD: Senior citizens who require a regular, fixed income from their investment invest in fixed deposit (FD) schemes.
It keeps their money comparatively safer than many market-linked schemes.
At the same time, guaranteed returns attract them to see their money grow gradually.
Banks offer higher FD interest rates to senior citizens compared to what they offer to general citizens.
Among traditional FDs, 1-, 3-, and 5-year FDs are popular among investors.
Those who invest in the 5-year FD also get tax benefits under Section 80C of the Income Tax, 1961.
Senior citizens who want return on their investment in the short term also pick 1-year FD for the investment.
In this write-up, know what are the interest rates State Bank of India (SBI), HDFC Bank, and Canara Bank are offering to senior citizens in their 1-year FD schemes, and what will they get on maturity if they invest Rs 4 lakh, Rs 8 lakh, and Rs 12 lakh in the guaranteed return scheme.
SBI 1-year FD: Interest rate for senior citizens
The interest rate for senior citizens in the 1-year SBI FD is 7.30 per cent.
HDFC Bank 1-year FD: Interest rate for senior citizens
The largest private sector bank is offering 7.10 per cent interest rate to senior citizens in its 1-year FD.
Canara Bank 1-year FD: Interest rate for senior citizens
The PSU bank's interest rate for senior citizens in its 1-year FD is 7.35 per cent.
SBI 1-year FD: Return on Rs 4 lakh investment
The estimated return on it will be Rs 30,009.12, and the estimated maturity will be Rs 4,30,009.12.
SBI 1-year FD: Return on Rs 8 lakh investment
Senior citizens will get estimated interest of Rs 60,018.24 and the estimated maturity amount of Rs 8,60,018.24.
SBI 1-year FD: Return on Rs 12 lakh investment
The estimated interest one will get on this investment will be Rs 90,027.36 and the estimated maturity will be Rs 12,90,027.36.
HDFC Bank 1-year FD: Return on Rs 4 lakh investment
The estimated interest on a Rs 4 lakh investment in the HDFC FD will be Rs 29,165.14, and the estimated corpus will be Rs 4,29,165.14.
HDFC Bank 1-year FD: Return on Rs 8 lakh investment
The estimated interest one will get on this amount will be Rs 58,330.27, and the estimated maturity will be Rs 8,58,330.27.
HDFC Bank 1-year FD: Return on Rs 12 lakh investment
Senior citizens will get estimated return of Rs 87,495.41 and an estimated maturity amount of Rs 12,87.495.41.
Canara Bank 1-year FD: Return on Rs 4 lakh investment
The estimated interest amount on a Rs 4 lakh investment in the Canara Bank 1-year FD will be Rs 30,220.31, and the estimated maturity will be Rs 4,30,220.31.
Canara Bank 1-year FD: Return on Rs 8 lakh investment
Senior citizens will get estimated interest of Rs 60,440.62 and an estimated maturity of Rs 8,60,440.62.
Canara Bank 1-year FD: Return on Rs 12 lakh investment
Senior citizens will get estimated interest of Rs 90,660.93 and the estimated maturity amount of Rs 12,90,660.93.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.