SBI vs Canara Bank vs ICICI Bank 5-year FD: What general and senior citizens will get on investments of Rs 6 lakh and Rs 12 lakh; know here
SBI vs Canara Bank vs ICICI Bank 5-year FD: Fixed deposits are guaranteed return schemes where investors can make one-time investment and get return in the form of interest. Senior citizens get extra interest rates on FDs compared to what general citizens get.
SBI vs Canara Bank vs ICICI Bank 5-year FD Calculator: Fixed deposit (FD) schemes offer guaranteed return, providing maximum stability to investments. They have different durations, offering different interest rates. Investors can get return on maturity, or they can also opt for monthly, quarterly, half-yearly, and yearly withdrawals. But in the first case, what attracts investors to invest in FDs? They have minimum risk and are a good fit for investors with a low-risk appetite; people want to park their money in a scheme where the value of investment increases and they can use the maturity amount to complete a certain financial goal; they get higher interest compared to what they get in other fixed interest options such as government bonds and treasury bills; investment in a 5-year FD provides tax benefits under Section 80C of the Income Tax Act, 1961. Senior citizens also use FD investments to get monthly income post retirement.
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SBI vs Canara Bank vs ICICI Bank 5-year FD
In this write-up, know what the interest rates State Bank of India (SBI), Canara Bank, and ICICI Bank are offering to general and senior citizens in the 5-year FD. Also, know the estimated maturity amounts both will get on investments of Rs 6 lakh and Rs 12 lakh.
SBI 5-year FD: Interest rate for general and senior citizens
General citizens are getting 6.50 per cent interest rate. For senior citizens, it is 7.50 per cent.
ICICI Bank 5-year FD: Interest rate for general and senior citizens
General citizens get 7 per cent interest rate, while the interest rate for the senior citizen FD is 7.50 per cent.
Canara Bank 5-year FD: Interest rate for general citizens
The PSU bank offers 6.70 per cent interest rate to general citizens. The interest rate for senior citizens is 7.20 per cent.
SBI 5-year FD: Maturity amount for general citizens on Rs 6 lakh, Rs 12 lakh investments
General citizens will get estimated interest of Rs 2,28,251.86, and the estimated maturity of Rs 8,28,251.86 on investing Rs 6 lakh.
On investing Rs 12 lakh, they will get estimated interest of Rs 4,56,503.73, and the estimated maturity of Rs 16,56,503.73.
SBI 5-year FD: Maturity amount for senior citizens on Rs 6 lakh, Rs 12 lakh investments
If they invest Rs 6 lakh in the tax saver FD, they will get estimated interest of Rs 2,69,968.82 and the estimated maturity amount of Rs 8,69,968.82.
Canara Bank 5-year FD: Maturity amount for general citizens on Rs 6 lakh, Rs 12 lakh investments
General citizens will get estimated Rs 2,36,440.15 in interest and estimated Rs 8,36,440.15 in maturity on investing Rs 6 lakh.
A Rs 12 lakh investment will give them estimated Rs 4,72,880.30 in interest and estimated Rs 16,72,880.30 in maturity.
Canara Bank 5-year FD: Maturity amount for senior citizens on Rs 6 lakh, Rs 12 lakh investments
Senior citizens will get estimated Rs 2,57,248.65 in return and Rs 8,57,248.65 in maturity on investing Rs 6 lakh.
If they invest Rs 12 lakh, they will get estimated Rs 5,14,497.30 in interest and estimated Rs 17,14,497.30 in maturity.
ICICI Bank 5-year FD: Maturity amount for general citizens on Rs 6 lakh investment
A Rs 6 lakh investment will help them get estimated Rs 2,48,866.92 in interest and estimated Rs 8,48,866.92 in maturity.
ICICI Bank 5-year FD: Maturity amount for general citizens on Rs 12 lakh investment
On investing Rs 12 lakh, they will get estimated interest of Rs 4,97,733.83, and estimated R 16,97,733.83 in maturity.
ICICI Bank FD: Maturity amount for senior citizens on Rs 6 lakh investment
Senior citizens will get estimated Rs 2,69,968.82 in interest and estimated Rs 8,69,968.82 in maturity.
ICICI Bank FD: Maturity amount for senior citizens on Rs 12 lakh investment
If they invest Rs 12 lakh, they will get estimated Rs 5,39,937.63, the estimated Rs 17,39,937.63.