SBI 1-year FD vs Post Office 1-year FD vs HDFC Bank 1-year FD: What general and senior citizens will get on Rs 10 lakh investment in each FD; see calculations
SBI 1-year FD vs Post Office 1-year FD vs HDFC Bank 1-year FD Calculator: Fixed deposit (FD) schemes provide guaranteed return, where investors can make one-time investment and get returns in the form of interest. Banks provide additional FD rates to senior citizens compared to what they offer to general citizens. State Bank of India (SBI), post office, and HDFC Bank offer the 1-year FD to general and senior citizens.
SBI 1-year FD vs Post Office 1-year FD vs HDFC Bank 1-year FD: Investors with low-risk appetite and seeking guaranteed return from their investments invest money in guaranteed return schemes. These non-market-linked investment options provide interest monthly, quarterly, yearly, or on maturity. Fixed deposit (FD) schemes are such investments where investors park their money for a certain period and get returns in the form of interest. FDs are for durations from 7 days to 10 years. There are special FDs, which provide additional interest rates to investors compared to traditional FDs.
The investor gets return on maturity, but if they want, they can also opt for monthly, quarterly, or yearly withdrawals. FDs are also popular among senior citizens as they use them to get regular income from their investments. In order to encourage senior citizens, banks offer them additional interest rates compared to what they offer to general citizens.
State Bank of India (SBI), post office, and HDFC Bank offer the 1-year FD to general and senior citizens. In this write-up, know what are the interest rates that SBI, post office, and HDFC Bank are offering to general and senior citizens and what will be the maturity amounts on investments of Rs 10 lakh in each of the schemes.
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SBI 1-year FD: Interest rate for general citizens
General citizens get 6.80 per cent interest rate in the 1-year SBI FD.
SBI 1-year FD: Interest rate for senior citizens
The interest rate for senior citizens, on the other hand, is 7.30 per cent.
HDFC Bank: Interest rate for general citizens
The interest rate for general citizens in the 1-year FD of HDFC Bank is 6.60 per cent.
HDFC Bank: Interest rate for senior citizens
The lender is offering a 7.10 per cent interest rate to senior citizens in the 1-year FD.
Post office 1-year FD: Interest rates for general citizens
Post office's FD is known as National Savings Time Deposit Account(TD), or Post Office Time Deposit Account (TD).
It offers a 6.9 per cent interest rate in its 1-year FD to general citizens.
Post office 1-year FD: Interest rates for general citizens
There is no difference in the FD rate for senior citizens. They also get a 6.9 per cent interest rate.
SBI 1-year FD: Maturity amount on Rs 10 lakh investment for general citizens
The estimated interest on a Rs 10 lakh investment will be Rs 69,754, and the estimated maturity will be Rs 10,69,754.
SBI 1-year FD: Maturity amount on Rs 10 lakh investment for senior citizens
Senior citizens will get estimated Rs 75,023 in interest and estimated Rs 10,75,023 in maturity.
HDFC Bank 1-year FD: Maturity amount on Rs 10 lakh investment for general citizens
The lender offers estimated interest of Rs 67,652, and an estimated maturity of Rs 10,67,652.
HDFC Bank 1-year FD: Maturity amount on Rs 10 lakh investment for senior citizens
Senior citizens will get estimated Rs 72,913 in interest and estimated Rs 10,72,913 in maturity.
Post office 1-year FD: Maturity amount on Rs 10 lakh investment for general and senior citizens
General and senior citizens will get estimated interest of Rs 70,806 and estimated maturity of Rs 10,70,806 each.