FD Calculator: Want to double your fixed deposit money? See how long it takes at top PSU banks

The FD (fixed deposit) interest rate depends on the RBI repo rate, liquidity in the banking system, credit demand, inflation, FD tenure, and other economic factors. After reaching its peak in 2024-25, FD rates are now moderated. Many banks have reduced FD interest rates by 10-50 basis points (bps) across select tenures. However, senior citizens continue to get a slightly higher interest rate than general citizens. If investors expect a fall in interest rates, they can lock in their money in an FD scheme for the longest period. Because FD rates remain the same till maturity, and changes in interest rates by the banks for the same scheme don't impact you if you have locked your FD amount. But if you are renewing your FD, then the new interest rate will apply.

In this article, we will look at the PSU banks' FD rate, which can double your FD money. Let's know which bank provides the highest interest rate and who can double their money in how many years. Take a look:

Currently, a couple of PSU banks - Bank of Baroda (BoB) and State Bank of India (SBI) are providing an offer where senior citizens can get 100 per cent of their invested amount in 10 years. However, the scheme does not apply to others.

SBI FD interest rate

In a 10-year FD scheme, SBI offers a 7.05 per cent interest rate to senior citizens.

BoB FD interest rate

BoB provides a 7 per cent interest rate to senior citizens on a 10-year FD scheme.

Understand with examples

If a senior citizen deposits Rs 5 lakh in these two banks' FD for 10 years, they will get:

SBI: Rs 10,05,728 (Rs 10.06 lakh)
BoB: 10,00,799 (Rs 10 lakh)

Similarly, if a senior citizen invests Rs 10 lakh, they will get:
SBI: Rs 20,11,457 (Rs 20.11 lakh)
BoB: 20,01,597(Rs 20.01 lakh)

In both examples, we can see that senior citizens have doubled their investment in the PSU banks.

FAQs

For how long can I invest in an FD?
An individual can invest in FDs for a minimum of seven days to a maximum of 10 years.

If I invest for a longer period, will it affect my interest rate?
It is not necessary, as different banks offer different interest rates on different FD schemes.

I am a senior citizen. Will I get a higher interest rate on an FD?
Yes, senior citizens get a higher interest rate in FDs.

Can I withdraw my money before maturity?
Yes, you can withdraw your money from an FD scheme before maturity. However, you may have to pay a penalty for that.

Can I open more than one FD in the same bank?
Yes, you can open multiple FDs in the same bank.

Our calculations are projections and not investment advice. Do your own due diligence or consult an expert for financial planning.