Fixed deposits are generally considered a safer way to invest your money compared to shares. The British introduced fixed deposit schemes in India to encourage saving habits among Indians. Since then, fixed deposits have remained in practice. The basic reasons behind its popularity are that it offers guaranteed returns, flexibility in terms of investment tenure, tax benefits, and more. Some of the popular government-owned banks like SBI, PNB & BoB are currently offering satisfactory interest rates on 3-year fixed deposits that may interest you. Therefore, let’s go through the article to find out what you will get from lump sum investments of Rs 8 lakh in these Banks.
What is fixed deposit?
Also known as a term deposit or time deposit, a fixed deposit is considered a safe investment scheme where you can deposit a lump sum for a fixed period at a predetermined interest rate, earning guaranteed returns. The interest rates are fixed in FDs at the time of deposit and remain the same throughout the tenure.
SBI 3-year FD interest rate for general citizens
The interest rate is 6.75 per cent for general citizens.
SBI 3-year FD interest rate for senior citizens
The interest rate is 7.25 per cent for senior citizens.
PNB 3-year fixed deposit rate for general citizens
The bank offers a 7 per cent interest rate to general citizens in its 3-year FD.
PNB 3-year FD interest rate for senior citizens
Punjab National Bank is offering a 7.50 per cent interest rate to senior citizens in its 3-year FD.
Bank of Baroda 3-year FD interest rate for general citizens
The interest rate is 7.15 per cent for general citizens.
Bank of Baroda 3-year FD interest rate for senior citizens
The interest rate is 7.65 per cent for senior citizens.
SBI 3-year FD: Maturity amount for general citizens on Rs 8 lakh investment
The estimated maturity amount will be Rs 9,77,914 in a 3-year fixed deposit for general citizens. The estimated return will be Rs 1,77,914.
SBI 3-year FD: Maturity amount for senior citizens on Rs 8 lakh investment
The estimated maturity amount will be Rs 9,92,437 in a 3-year fixed deposit for senior citizens. The estimated return will be Rs 1,92,437.
PNB 3-year FD: Maturity amount for general citizens on Rs 8 lakh investment
The estimated maturity amount will be Rs 9,85,151, and the estimated return will be Rs 1,85,151.
PNB 3-year FD: Maturity amount for senior citizens on Rs 8 lakh investment
The estimated maturity amount will be Rs 9,99,773, and the estimated return will be Rs 1,99,773.
Bank of Baroda 3-year FD: Maturity amount for general citizens on Rs 8 lakh investment
The estimated maturity amount will be Rs 9,89,517 and the estimated return will be Rs 1,89,517.
Bank of Baroda 3-year FD: Maturity amount for senior citizens on Rs 8 lakh investment
The estimated maturity amount will be Rs 10,04,198, and the estimated return will be Rs 2,04,198.
DISCLAIMER: Investments carry risk; seek professional guidance
