SBI Green Deposit 1777-Day FD vs PNB 5-year FD: What maturity amounts will general and senior citizens get on Rs 6 lakh and Rs 12 lakh investments in each scheme
SBI Green Deposit 1777-Day Special FD vs PNB 5-year FD: Special fixed deposit (FD) schemes are non-callable, where one gets maturity only on the completion of the scheme. On the other hand, banks run FDs such as 1-year, 3-year, and 5-year, where investors can get maturity on completion or interest on monthly, quarterly, or yearly bases.
SBI Green Deposit 1777-Day Special FD vs PNB 5-year FD: Banks run special fixed deposit schemes (FDs) for a limited period, where investors make a one-time investment and get maturity on the completion of the scheme. Special FDs are for limited duration, but the bank can extend the deadline for investors depending on the popularity of the FD. A normal FD, on the other hand, provides maturity on completion, but an investor can also opt for monthly, quarterly, or yearly withdrawals. FDs with an investment period of 5 years and over also provide tax benefits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961. In this write-up, we will discuss SBI Green Deposit 1777-day scheme and Punjab National Bank's (PNB) 5-year FD and will see how much general and senior citizen investors can get on maturity in they invest Rs 6 lakh or Rs 12 lakh in each scheme.
Photos: Unsplash/Pixabay
What is SBI Green Deposit 1777 Days FD?
Under the name of Green Deposit, SBI runs 3 special FD schemes- 1111-day, 1777-day, and 2222-day FDs.
SBI Green Deposit 1777 Days FD: Minimum and maximum investment
The minimum investment in the 1777-day FD is Rs 1,000, while there is no maximum limit.
SBI Green Deposit 1777 Days FD: Who is eligible to invest
Resident individuals, non-individuals, and NRI customers can invest in the special FD. As per the SBI website, in case of an NRI customer, the product shall be available in NRO and NRE deposit.
What is interest rate in SBI Green Deposit 1777 Days FD?
Retail category interest rate for general citizens
6.65 per cent
Retail category interest rate for senior citizens
7.15 per cent
Bulk category interest rate for general citizens
6.40 per cent
Bulk category interest rate for senior citizens
6.90 per cent
PNB 5-year FD rate for general citizens
The bank offers a 6.50 per cent interest rate to general citizens in its 5-year FD.
PNB 5-year FD rate for senior citizens
Punjab National Bank is offering a 7 per cent interest rate to senior citizens in 5-year FD.
PNB 5-year FD tax benefits
Deposits in the scheme will provide tax benefits up to Rs 1.50 lakh in a financial year.
SBI Green Deposit 1777 Days FD: Maturity for general citizens on Rs 6 lakh investment
The estimated interest on a Rs 6 lakh investment in the special FD will be Rs 2,27,180.31, and the estimated maturity amount will be Rs 8,27,180.31.
SBI Green Deposit 1777 Days FD: Maturity for senior citizens on Rs 6 lakh investment
Senior citizens will get estimated interest of Rs 2,47,213.20 and estimated maturity of Rs 8,27,180.31 on a Rs 6 lakh investment in the SBI special FD.
SBI Green Deposit 1777 Days FD: Maturity for general citizens on Rs 12 lakh investment
The estimated interest on a Rs 12 lakh investment in the SBI special FD will be Rs 4,54,360.62, and the estimated maturity amount will be Rs 16,54,360.62.
SBI Green Deposit 1777 Days FD: Maturity for senior citizens on Rs 12 lakh investment
Senior citizens will get estimated Rs 4,94,426.41 in interest and estimated Rs 16,94,426.41 in maturity.
PNB 5-year FD: Maturity amount for general citizens on Rs 6 lakh investment
The estimated interest that general citizens will get on a Rs 6 lakh investment will be Rs 2,28,252, while the estimated maturity will be Rs 8,28,252.
PNB 5-year FD: Maturity amount for senior citizens on Rs 6 lakh investment
On investing Rs 6 lakh in the SBI special FD, the estimated interest will be Rs 2,48,867 and the estimated maturity of Rs 8,48,867.
PNB 5-year FD: Maturity amount for general citizens on Rs 12 lakh investment
The estimated interest on a Rs 12 lakh investment in the special FD will be Rs 4,56,504, while the estimated maturity will be Rs 16,56,504.
PNB 5-year FD: Maturity amount for senior citizens on Rs 12 lakh investment
Senior citizens will get estimated interest of Rs 4,97,734, and the estimated maturity amount of Rs 16,97,734 on a Rs 12 lakh investment.