Highest 555-day FD interest rates: Which bank offers highest return on Rs 5 lakh deposit?

555-ay FD Rates Compared: Special fixed deposit (FD) schemes continue to attract investors as several banks offer higher interest rates on these deposits compared to regular FDs. Among the popular special-tenure deposits, the 555-day FD has gained attention as banks are offering interest rates of up to 7.25 per cent to general customers.

Banks such as City Union Bank, Karnataka Bank, Indian Bank, Bank of Baroda, Union Bank of India and Canara Bank currently offer special 555-day FDs with competitive rates for general and senior citizens.

For investors looking to park Rs 5 lakh for 555 days, the choice of bank can make a difference in overall earnings.

Karnataka Bank

Karnataka Bank offers an interest rate of 7 per cent to general citizens and 7.40 per cent to senior citizens on a 555-day deposit. A Rs 5 lakh FD at 7 per cent can earn an estimated interest of around Rs 53,219 over the tenure, taking the maturity amount to about Rs 5.53 lakh.

Indian Bank

Indian Bank offers 6.80 per cent interest to general citizens and 7.30 per cent to senior citizens for the 555-day tenure. A Rs 5 lakh deposit at 6.80 per cent can earn an estimated interest of nearly Rs 51,699. The maturity value would be around Rs 5.52 lakh.

Bank of Baroda

Bank of Baroda recently launched its special 555-day retail term deposit scheme called the Bob Golden Goal Deposit Scheme. Under the callable FD option, general customers can earn 6.75 per cent interest per annum, while senior citizens are offered 7.25 per cent and super senior citizens 7.35 per cent.

A Rs 5 lakh deposit at 6.75 per cent can generate an estimated interest of about Rs 51,318 over 555 days, resulting in a maturity value of roughly Rs 5.51 lakh.

For customers choosing the non-callable option, the bank offers 6.80 per cent for general customers, 7.30 per cent for senior citizens and 7.40 per cent for super senior citizens.

Union Bank of India

Union Bank of India offers 6.65 per cent interest to general citizens and 7.15 per cent to senior citizens on its 555-day FD.

At 6.65 per cent, a Rs 5 lakh deposit can earn an estimated interest of around Rs 50,558 over the tenure. The maturity amount would be about Rs 5.51 lakh.

Canara Bank

Canara Bank offers 6.60 per cent interest to general citizens and 7.10 per cent to senior citizens on a 555-day FD. A Rs 5 lakh investment at 6.60 per cent can generate an estimated interest of around Rs 50,178, taking the maturity value to approximately Rs 5.50 lakh.

City Union Bank offers the highest rate

Among the banks compared, City Union Bank offers the highest interest rate of 7.25 per cent per annum to general citizens on a 555-day FD. Senior citizens can earn 7.50 per cent on the same tenure.

At the 7.25 per cent rate, a Rs 5 lakh deposit can generate an estimated interest of around Rs 55,120 over 555 days. The maturity value would be approximately Rs 5.55 lakh.

Estimated returns on Rs 5 lakh FD for 555 days

Note: Returns are estimated using simple interest for 555 days and are for illustration purposes. Actual maturity proceeds may vary depending on the bank's interest calculation and compounding method.

Based on the available rates, City Union Bank currently offers the highest interest rate among the listed banks for a 555-day FD. A Rs 5 lakh deposit can earn an estimated Rs 55,120 in interest over the tenure, making it the highest-return option in the comparison.