SBI 5-year FD vs HDFC Bank 55-month FD Calculator: What will be maturity amounts for general and senior citizens on Rs 7 lakh and Rs 14 lakh investments?
SBI 5-year FD vs HDFC Bank 55-month FD: Fixed deposit (FD) schemes are non-market-linked and provide guaranteed returns. A lot of investors with a low-risk appetite and seeking fixed returns invest in FDs. State Bank of India (SBI) runs a 5-year FD, while HDFC Bank has a 55-month special FD.
SBI 5-year FD vs HDFC Bank 55-month FD: A lot of investors across India consider fixed deposit (FD) as a much safer investment option compared to market-linked options. They are risk-averse, want guaranteed return, or see it as an important amount to complete their financial goals. Senior citizens invest in FDs since they want a monthly income post retirement and don't want to take much risk on their investments. Investors who have a large amount and need it after some years also park their money in FDs, where they get interest along with the principal amount. Many banks, including State Bank of India (SBI) and HDFC Bank run a lot of FD schemes. Among its various FDs, SBI runs the 5-year FD, investments in which bring tax benefits under Section 80C of the Income Tax Act, 1961, and HDFC Bank runs a special FD of 55 months. In this write-up, know what are the interest rates that these two banks are offering to general and senior citizens in these FDs, and what will they get on Rs 7 lakh and Rs 14 lakh investments in either of the FD.
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SBI 5-year FD: Interest rate for general citizens
General citizens get 6.50 per cent interest rate in SBI's 5-year FD.
SBI 5-year FD: Interest rate for senior citizens
The interest rate for senior citizens in the 5-year FD is 7.50 per cent.
HDFC Bank 55-month FD: interest rate for general citizens
The bank offers 7.40 per cent interest rate to general citizens.
HDFC Bank 55-month FD: Interest rate for senior citizens
Senior citizens get 7.90 per cent interest rate in its 55-month FD.
SBI 5-year FD: Maturity amount for general citizens on Rs 7 lakh investment
The estimated interest on a Rs 7 lakh investment in the FD will be Rs 2,66,293.84, while the estimated maturity will be Rs 9,66,293.84.
SBI 5-year FD: Maturity amount for general citizens on Rs 14 lakh investment
The estimated interest on a Rs 14 lakh amount will be Rs 5,32,587.68, while the estimated maturity will be Rs 19,32,587.68.
SBI 5-year FD: Maturity amount for senior citizens on Rs 7 lakh investment
Senior citizens will get estimated interest of Rs 3,14,963.62, and the estimated maturity of Rs 10,14,963.62.
SBI 5-year FD: Maturity amount for senior citizens on Rs 14 lakh investment
On a Rs 14 lakh investment, the estimated interest will be Rs 6,29,927.24, and the estimated maturity will be Rs 20,29,927.24.
HDFC Bank 55-month FD: Maturity amount for general citizens on Rs 7 lakh investment
General citizens will get estimated interest of Rs 2,79,603.48, and the estimated maturity of Rs 9,79,603.48.
HDFC Bank 55-month FD: Maturity amount for general citizens on Rs 14 lakh investment
General citizens will get estimated interest of Rs 5,59,206.95, and the estimated maturity of Rs 19,59,206.95.
HDFC Bank 55-month FD: Maturity amount for senior citizens on Rs 7 lakh investment
On a Rs 7 lakh investment in the scheme, general citizens will get estimated interest of Rs 3,01,880.98 and the estimated maturity of Rs 10,01,880.98.
HDFC Bank 55-month FD: Maturity amount for senior citizens on Rs 14 lakh investment
Senior citizens will get estimated Rs 6,03,761.95, and estimated Rs 20,03,761.95 in maturity.