SBI 5-year FD vs Canara Bank 2222-day FD: Where will you get higher return on investments of Rs 4,54,545, Rs 6,76,767, and Rs 8,98,989?
SBI 5-year FD vs Canara Bank 2222-day FD: Banks offer fixed deposits (FDs) and special FDs for investors seeking guaranteed returns. Investors can make one-time investments and get a return on maturity or at a predetermined period such as monthly, quarterly, half-yearly, or yearly.
SBI 5-year FD vs Canara Bank 2222-day FD: Investors seeking guaranteed returns invest in non-market-linked investment tools such as fixed deposits. Banks offer FD schemes and special FD schemes. FDs range from 7 days to 10 years of durations, while special FDs are launched for a limited period. FDs and special FDs can be callable and non-callable and based on that, banks and small banks offer interest rates to general and senior citizens. Investors get the interest amount on the maturity of the FD, but if they want, they can also opt for monthly, quarterly, half-yearly, or yearly withdrawals. State Bank of India also offers a 5-year FD, investment in which, provides tax benefits under Section 80C of the Income Tax Act, 1961. Canara Bank offers a Green Deposit 1777-day FD. Know more about both FDs, their interest rates for general and senior citizens, and what maturity amounts they offer to investors on investments of Rs 4,54,545, Rs 6,76,767, and Rs 8,98,989.
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SBI 5-year FD
Also known as a tax saver FD, the 5-year FD from State Bank of India has a minimum investment of Rs 1,000, while there is no maximum limit.
However, if one deposits Rs 2 crore and more, it is classified as a bulk deposit.
The nomination is available in favour of the individual only.
SBI's official website says that interest on a term deposit is payable to the depositor quarterly from the date of issue or at maturity along with principal. But on request from the depositor, interest may be paid at monthly, half-yearly, or yearly intervals in case of term deposits fixed for a term of 12 months and above.
Investments up to Rs 1.50 lakh in a financial year in SBI's 5-year FD qualify for tax benefits under Section 80C of the Income Tax Act, 1961.
Canara Bank 2222-day FD
Canara Bank's 2222-day FD is known as Green Deposit. The FD targets customers who want to make a positive impact on the environment while growing their savings. The investments are allocated towards environmentally friendly initiatives and projects, as per Canara Bank's official website. Under the same scheme, Canara Bank has FDs for 1111-day and 3333-day durations.
SBI 5-year FD interest rate for general citizens
The interest rate for general citizens is 6.50 per cent.
SBI 5-year FD interest rate for senior citizens
They get a 7.50 per cent interest rate.
Canara Bank 2222-day FD interest rate for general citizens
The interest rate in this special FD is 6.65 per cent.
Canara Bank 2222-day FD interest rate for senior citizens
Senior citizens get 7.15 per cent interest rate in this FD.
SBI 5-year FD: Maturity for general citizens on Rs 4,54,545 investment
Estimated interest= Rs 1,72,918
Estimated maturity= 6,27,463
SBI 5-year FD: Maturity for general citizens on Rs 6,76,767 investment
Estimated interest= Rs 2,57,456
Estimated maturity= Rs 9,34,223
SBI 5-year FD: Maturity for general citizens on Rs 8,98,989 investment
Estimated interest= Rs 3,41,993
Estimated maturity= Rs 12,40,982
SBI 5-year FD: Maturity for senior citizens on Rs 4,54,545 investment
Estimated interest= Rs 2,04,522
Estimated maturity= Rs 6,59,067
SBI 5-year FD: Maturity for senior citizens on Rs 6,76,767 investment
Estimated interest= Rs 3,04,510
Estimated maturity= Rs 9,81,277
SBI 5-year FD: Maturity for senior citizens on Rs 8,98,989 investment
Estimated interest= Rs 4,04,498
Estimated maturity= Rs 13,03,487
Canara Bank 2222-day FD: Maturity for general citizens on Rs 4,54,545 investment
Estimated interest= Rs 2,24,575.61
Estimated maturity= Rs 6,79,120.61
Canara Bank 2222-day FD: Maturity for general citizens on Rs 6,76,767 investment
Estimated interest= Rs 3,34,368.13
Estimated maturity= Rs 10,11,135.13
Canara Bank 2222-day FD: Maturity for general citizens on Rs 8,98,989 investment
Estimated interest= Rs 4,44,160.65
Estimated maturity= Rs 13,43,149.65
Canara Bank 2222-day FD: Maturity for senior citizens on Rs 4,54,545 investment
Estimated interest= Rs 2,45,203.47
Estimated maturity= Rs 6,99,748.47
Canara Bank 2222-day FD: Maturity for senior citizens on Rs 6,76,767 investment
Estimated interest= Rs 3,65,080.73
Estimated maturity= Rs 10,41,847.73
Canara Bank 2222-day FD: Maturity for senior citizens on Rs 8,98,989 investment
Estimated interest= Rs 4,84,957.98
Estimated maturity= Rs 13,83,946.98