PSU banks like State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) offer various fixed deposit (FD) schemes. These include special FDs like SBI Amrit Vrishti, BoB Utsav among others. In FD, you can invest a lump sum amount for a fixed period to receive interest. Because of their guaranteed return feature, FDs are considered a safe way of investment. They also give higher interest than savings accounts. In FDs, you can choose to receive interest on a monthly, quarterly, and half-yearly basis too.
In this article, we will talk about three PSU banks. These banks include SBI, PNB and BoB. Let’s see in which bank, you can get higher returns on Rs 1 lakh and Rs 2 lakh investment for five years.
SBI 5-year FD rate
SBI gives 6.50 per cent interest rate on 5-year FD. The senior citizens get 1 per cent higher interest rate i.e. 7.50 per cent interest rate in five years.
SBI: Maturity amount on Rs 1 lakh and Rs 2 lakh investment
On Rs 1 lakh investment, you will get Rs 1,38,042 on maturity while senior citizens will get Rs 1,44,995 on maturity. On the other side, if you invest Rs 2 lakh, your maturity amount will be Rs 2,76,084 and senior citizens will get Rs 2,89,990.
BoB 5-year FD rate
Bank of Baroda gives 6.80 per cent interest rate on 5-year FD. The senior citizens will get 7.40 per cent interest rate in five years.
BoB: Maturity amount on Rs 1 lakh and Rs 2 lakh investment
On Rs 1 lakh investment, you will get Rs 1,40,094 on maturity while senior citizens will get Rs 1,44,285 on maturity. If you invest Rs 2 lakh, your maturity amount will be Rs 2,80,188 and senior citizens will get Rs 2,88,570.
PNB 5-year FD rate
Bank of Baroda gives 6.50 per cent interest rate on 5-year FD. The senior citizens will get 7.00 per cent interest rate in five years.
PNB: Maturity amount on Rs 1 lakh and Rs 2 lakh investment
On Rs 1 lakh investment, you will get Rs 1,38,042 on maturity while senior citizens will get Rs 1,41,478 on maturity. If you invest Rs 2 lakh, your maturity amount will be Rs 2,76,084 and senior citizens will get Rs 2,82,956.
