SBI vs Canara Bank vs PSB 1-year FD Calculator: Which lender is offering highest return on Rs 10 lakh investment to general and senior citizens; see examples
SBI vs Canara Bank vs PSB FDs: A fixed deposit (FD) is a guaranteed return scheme where one can make a one-time investment and get return in the form of interest on maturity. Interest rates of the FDs of the same tenure may vary from bank to bank. Banks offer higher FD interest rates to senior citizens than they offer to general citizens.
SBI vs Canara Bank vs PSB FDs: Fixed deposit (FD) schemes are non-market-linked, guaranteed return schemes where investors can invest their money one-time and get returns in the form of interest. They get this interest on the maturity of the policy, but they can also opt for monthly, quarterly, half-yearly, and yearly payments. Investors with low-risk appetites and senior citizens who need regular income from their investment resources opt for FDs. Banks offer higher FD interest rates to senior citizens than they offer to general citizens. Investors who invest in FDs of 5-year duration and above get tax benefits under Section 80C of the Income Tax Act, 1961. In this write-up, we will tell what general and senior citizens will get on Rs 10 lakh investment in State Bank of India (SBI), Canara Bank, and Punjab and Sind Bank (PSB) 1-year FD schemes.
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SBI 1-year FD interest rates for general citizens
The bank is offering a 6.80 per cent interest rate to general citizens in its 1-year FD.
SBI 1-year FD interest rates for senior citizens
The bank's interest for senior citizens in the 1-year FD is 7.30 per cent.
Canara Bank 1-year FD interest rates for general citizens
The lender is offering 6.85 per cent interest rate to general citizens in the 1-year FD.
Canara Bank 1-year FD interest rates for senior citizens
The bank's interest for senior citizens in the 1-year fixed deposit scheme is 7.35 per cent.
PSB 1-year FD interest rates for general citizens
PSB is offering a 6.30 per cent interest rate to general citizens in the 1-year FD scheme.
PSB 1-year FD interest rates for senior citizens
The lender's interest for senior citizens in the 1-year FD is 6.80 per cent.
SBI 1-year FD: Maturity amount for general citizens on Rs 10 lakh investment
At a 6.80 per cent interest rate, the estimated interest amount in the FD will be Rs 69,754, and the estimated maturity will be Rs 10,69,754.
SBI 1-year FD: Maturity amount for senior citizens on Rs 10 lakh investment
At a 7.30 per cent interest rate, the estimated interest amount in the FD will be Rs 75,023, and the estimated maturity will be Rs 10,75,023.
Canara Bank 1-year FD: Maturity amount for general citizens on Rs 10 lakh investment
At a 6.85 per cent interest rate, the estimated interest amount in the FD will be Rs 70,280, and the estimated maturity will be Rs 10,70,280.
Canara Bank 1-year FD: Maturity amount for senior citizens on Rs 10 lakh investment
At a 7.35 per cent interest rate, the estimated interest amount in the FD will be Rs 75,551, and the estimated maturity will be Rs 10,75,551.
PSB 1-year FD: Maturity amount for general citizens on Rs 10 lakh investment
At a 6.30 per cent interest rate in the FD, the estimated interest amount will be Rs 64,504, and the estimated maturity will be Rs 10,64,504.
PSB 1-year FD: Maturity amount for senior citizens on Rs 10 lakh investment
At a 6.80 per cent interest rate, the estimated interest amount in the FD will be Rs 69,754, and the estimated maturity will be Rs 10,69,754.