SBI Green Deposit 1777 Days vs Canara Bank 5-year FD Calculator: What will be maturity amount for general and senior citizens on Rs 6 lakh and Rs 12 lakh investments?
SBI Green Deposit 1777 vs Canara Bank 5-year FD: SBI Green Rupee Term Deposit is a special fixed deposit (FD) scheme that has 1111 Days, 1777 Days, and 2222 Days programmes under it. Canara Bank 5-year is a traditional FD that also provides tax benefits under Section 80C of the Income Tax Act.
SBI Green Deposit 1777 vs Canara Bank 5-year FD: Fixed deposit investments are non-market-linked. Investors with a low-risk appetite and those who want guaranteed returns on their investments invest in FDs. They make a one-time investment and get returns on that. They can withdraw this interest at the maturity period, or monthly, quarterly, or yearly. In the second case, they need to inform the bank at the time of investing in FDs. Banks offer extra interest rates to senior citizens compared to what they offer to general citizens. The duration of FDs can be from 7 days to 10 years. FDs which have a maturity period of 5 years and over provide tax benefits on deposits up to Rs 1.50 lakh in a financial year under Section 80C of the Income Tax Act, 1961.
Banks issue special FDs for a limited period. These special FDs can be callable and non-callable. Most special FDs offer extra interest rates to investors compared to their traditional FDs.
State Bank of India (SBI) runs Green Rupee Term Deposit as one of its special FDs. While Canara Bank offers a 5-year scheme among its various FDs. In this write-up, know about the interest rates that both banks are offering to general and senior citizens in their respective FDs, and what will be the maturity amount for them on investments of Rs 6 lakh and Rs 12 lakh, respectively.
Photos: Unsplash/Pixabay
SBI Green Rupee Term Deposit: Which are 3 schemes under special FDs?
There are 3 schemes under this special FD scheme- 1111 days, 1777 days, and 2222 days. All 3 FDs offer retail and bulk fixed deposits.
SBI Green Rupee Term Deposit: Interest rate for general citizens in 1777-day FD
General citizens get a 6.65 per cent interest rate in the 1777-day FD. (source: SBI Official website)
SBI Green Rupee Term Deposit: Interest rate for senior citizens in 1777-day FD
The interest rate for senior citizens is 7.15 per cent.
Canara Bank 5-year FD: Interest rate for general citizens
The interest rate for general citizens is 6.70 per cent. (Source: Paisabazaar.com)
Canara Bank 5-year FD: Interest rate for senior citizens
Senior citizens are getting a 7.20 per cent interest rate in the 5-year FD.
SBI Green Rupee Term Deposit: Maturity amount for general citizens on Rs 6 lakh investment
The estimated interest they will get will be Rs 2,27,180.31, while the estimated maturity amount will be Rs 8,27,180.31.
SBI Green Rupee Term Deposit: Maturity amount for general citizens on Rs 12 lakh investment
General citizens will get estimated Rs 4,54,360.62 in interest and estimated Rs 16,54,360.62 in maturity.
SBI Green Rupee Term Deposit: Maturity amount for senior citizens on Rs 6 lakh investment
The estimated interest on a Rs 6 lakh investment will be Rs 2,47,213.20, while the estimated maturity will be Rs 8,47,213.20.
SBI Green Rupee Term Deposit: Maturity amount for senior citizens on Rs 12 lakh investment
Senior citizens will get an estimated interest of Rs 4,94,426.41 and an estimated maturity of Rs 16,94,426.41.
Canara Bank 5-year FD: Maturity amount for general citizens on Rs 6 lakh investment
On a Rs 6 lakh investment, the estimated interest amount will be Rs 2,36,440.15, while the estimated maturity will be Rs 8,36,440.15.
Canara Bank 5-year FD: Maturity amount for general citizens on Rs 12 lakh investment
General citizens will get estimated interest of Rs 4,72,880.30, and estimated maturity of Rs 16,72,880.30.
Canara Bank 5-year FD: Maturity amount for senior citizens on Rs 6 lakh investment
Senior citizens will get estimated interest of Rs 2,57,248.65 and estimated maturity of Rs 8,57,248.65.
Canara Bank 5-year FD: Maturity amount for senior citizens on Rs 12 lakh investment
They will get estimated interest of Rs 5,14,497.30 and the estimated maturity of Rs 17,14,497.30.