SBI 3-Year FD vs PSB 999-day FD: Which can give higher amounts on Rs 7,77,777 and Rs 12,22,222 investments to general and senior citizens? Know here
SBI 3-Year FD vs PSB 999-day FD: Investors can invest a lump sum amount in fixed deposit schemes and get a return on maturity. State Bank of India (SBI) offers a 3-year FD among many of its other schemes. Punjab and Sind Bank (PSB) offers a 999-day special FD.
SBI 3-Year FD vs PSB 999-day FD: Fixed deposit (FD) are guaranteed return schemes where investors get a fixed interest rate. They can make a one-time investment and get the interest amount on maturity. They can also opt for monthly, quarterly, half-yearly, or yearly withdrawals. The duration of FDs can be from 7 days to 10 years. Banks and small banks offer regular FDs and special FDs. They launch special FDs for a limited duration and extend the deadline to invest based on the investor interest. Special FDs can be callable and non-callable. Investors show interest in special FDs as such schemes offer slightly higher interest rates of a nearly similar or a little higher duration. Among many of its regular FDs, State Bank of India (SBI) runs a 3-year FD. On the other hand, Punjab and Sind (PSB) runs a 999-day special FD. Know what interest rates these FDs offer to investors, and what will general and senior citizens get in these guaranteed return schemes if they invest Rs 7,77,777 and Rs 12,22,222, respectively.
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What is SBI 3-year FD?
State Bank of India's 3-year FD is a regular FD, where an investor can make a one-time investment and get maturity on completion. Investors can also ask the bank to credit interest monthly, quarterly, half-yearly, or yearly.
SBI 3-year FD interest rate for general citizens
General citizens get a 6.75 per cent interest rate in the 3-year FD.
SBI 3-year FD interest rate for senior citizens
The interest rate for the 3-year FD will be 7.25 per cent.
What is PSB's 999-day special FD?
The special FD offers callable and non-callable options.
PSB 999-day FD interest rate for general citizens
General citizens get 6.65 per cent in callable FD.
In a non-callable FD, the interest rate is 7.40 per cent.
PSB 999-day FD interest rate for senior citizens
Senior citizens will get a 7.15 per cent interest rate in the callable option.
They get a 7.90 per cent interest rate in the non-callable FD.
For our calculations, we will take only non-callable options.
SBI 3-year FD: Maturity for general citizens on Rs 7,77,777 investment
The estimated interest for general citizens on a Rs 7,77,777 investment will be Rs 1,72,972, while the estimated maturity will be Rs 9,50,749.
SBI 3-year FD: Maturity for general citizens on Rs 12,22,222 investment
The estimated return for general citizens will be Rs 2,71,814, and the estimated maturity amount will be Rs 14,94,036 if they invest Rs 12,22,222.
SBI 3-year FD: Maturity for senior citizens on Rs 7,77,777 investment
Senior citizens will get estimated interest of Rs 1,87,092 and the estimated maturity of Rs 9,64,869.
SBI 3-year FD: Maturity for senior citizens on Rs 12,22,222 investment
They will get an estimated return of Rs 2,94,002 and the estimated maturity of Rs 15,16,224.
PSB 999-day special FD: Maturity for general citizens on Rs 7,77,777 investment
The estimated interest general citizens will get will be Rs 172,854.18, while the estimated maturity will be Rs 950,631.18.
PSB 999-day special FD: Maturity for general citizens on Rs 12,22,222 investment
On investing Rs 12,22,222, the estimated interest for general citizens will be Rs 2,71,628.21, and the estimated maturity will be Rs 14,93,850.21.
PSB 999-day special FD: Maturity for senior citizens on Rs 7,77,777 investment
Senior citizens will get estimated interest of Rs 1,85,705.46 and the estimated maturity of Rs 9,63,482.46 on investing Rs 7,77,777.
PSB 999-day special FD: Maturity for senior citizens on Rs 12,22,222 investment
On an investment of Rs 12,22,222, senior citizens will get an estimated interest amount of Rs 2,91,823.10 and the estimated maturity of Rs 15,14,045.10.