SBI vs Bank of Baroda vs Bank of India: Best 5-year FD returns for seniors and general citizens on Rs 8 lakh investment
SBI, Bank of Baroda, and Bank of India offer 5-year fixed deposits (FDs) with different interest rates. Each has its benefits, helping one grow savings securely over five years. Let’s find out what general and senior citizens get on Rs 8 lakh investments in a 5-year FD scheme.
When it comes to investing your hard earned money securely, a Fixed Deposit (FD) is a popular choice. Among the top banks in India, SBI, Bank of Baroda, and Bank of India offer attractive 5-year FD schemes. These FDs provide a safe investment option with fixed returns. Each bank offers different interest rates, tax benefits, and other features, giving you the flexibility to choose based on your financial goals. Whether you’re saving for a future goal or looking for a low-risk investment, these banks offer reliable options.
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(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)
What is FD?
A fixed deposit (FD) is a type of investment where you invest money for a fixed period. You get a maturity amount on the completion of the scheme.
Investment in the 5-year FD
Investment in the 5-year FD provides tax benefits under Section 80C of the Income Tax Act, of 1961.
SBI 5-year general citizen FD interest rate
The interest rate is 6.50 per cent for general citizens. (Data source: Paisabazaar.com)
SBI 5-year senior citizen FD interest rate
The interest rate is 7.50 per cent for general citizens.
BOB 5-year general citizen fixed deposit rate
The bank offers a 6.50 per cent interest rate to general citizens in its 5-year FD
BOB 5-year senior citizen FD interest rate
The Bank of Baroda is offering a 7.40 per cent interest rate to senior citizens in the 5-year FD.
BOI 5-year general citizen fixed deposit rate
The Bank of India offers a 6 per cent interest rate to general citizens in its 5-year FD
BOI 5-year senior citizen fixed deposit rate
It offers a 6.75 per cent interest rate to senior citizens in its 5-year FD.
SBI 5-year FD: Maturity amount for general citizens on Rs 8 lakh investment
An estimated corpus of Rs 11,04,336 will be generated on the investment of Rs 8 lakh in the 5-year fixed deposit.
SBI 5-year FD: Maturity amount for senior citizen on Rs 8 lakh investment
An estimated corpus of Rs 11,59,958 will be generated on the investment of Rs 8 lakh in the 5-year fixed deposit for senior citizens.
BOB 5-year FD: Maturity amount for general citizens on Rs 8 lakh investment
At a 6.5 per cent interest rate, general citizens can accumulate an estimated corpus of Rs 11,04,336 in Bank of Baroda’s 5-year FD.
BOB 5-year FD: Maturity amount for senior citizen on Rs 8 lakh investment
With a 7.40 per cent interest rate, senior citizens can accumulate an estimated corpus of Rs 11,54,279 in BOB 5-year fixed deposit scheme.
BOI 5-year FD: Maturity amount for general citizens on Rs 8 lakh investment
The estimated corpus will be Rs 10,77,484, and the estimated returns will be Rs 2,77,484.
BOI 5-year FD: Maturity amount for senior citizens on Rs 8 lakh investment
The estimated corpus will be Rs 11,17,999, and the estimated returns will be Rs 3,17,999.