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Know Your FD Rates: What SBI, PNB, HDFC Bank, ICICI Bank, and Post Office are offering on Rs 5 lakh investment in 5-year fixed deposits? See calculations
- Written by Priya Vishwakarma
Published: Zee Business| Updated: Zee Business
Latest FD Interest Rates: If you are looking for an investment option that offers security and guaranteed returns then fixed deposits (FDs) can be a good choice. In an FD, people invest a lump sum amount in a bank for a fixed tenure at an agreed interest rate, and at the end of the tenure, they receive the amount invested along with compound interest.
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5-year FDs Eligible For Tax Deductions
1/12Many people are not aware that, despite offering a guaranteed interest rate and being a risk-free investment, deposits made in 5-year FDs are eligible for tax deductions of up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act.
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Latest FD Interest Rates
2/12Let’s take a look at the latest interest rates offered by top banks such as SBI, PNB, HDFC Bank, ICICI Bank, and the Post Office in 5-year FD. To illustrate, let’s consider an example where you invest Rs 5 lakh in a 5-year FD.
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SBI Interest Rates on 5-year FDs
3/12For general customers - 6.50 per cent For senior citizens - 7.50 per cent
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SBI FD Interest Rates: Example for Rs 5 lakh lump sum investment
4/12If you invest Rs 5 lakh as a lump sum in SBI's FD for 5 years then according to the calculations - As a general customer, you will receive Rs 6,90,210. - As a senior citizen, you will receive Rs 7,24,974.
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PNB Interest Rates on 5-year FDs
5/12For general customers - 6.50 per cent For senior citizens - 7.00 per cent
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PNB FD Interest Rates: Example for Rs 5 lakh lump sum investment
6/12If you invest Rs 5 lakh as a lump sum in PNB's FD for 5 years then according to the calculations - As a general customer, you will receive Rs 6,90,210. - As a senior citizen, you will receive Rs 7,07,389.
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HDFC Bank Interest Rates on 5-year FDs
7/12For general customers - 7 per cent For senior citizens - 7.50 per cent
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HDFC Bank FD Interest Rates: Example for Rs 5 lakh lump sum investment
8/12If you invest Rs 5 lakh as a lump sum in HDFC's FD for 5 years then according to the calculations - As a general customer, you will receive Rs 7,07,389. - As a senior citizen, you will receive Rs 7,24,974.
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ICICI Bank Interest Rates on 5-year FDs
9/12For general customers - 7 per cent For senior citizens - 7.50 per cent
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ICICI Bank FD Interest Rates: Example for Rs 5 lakh lump sum investment
10/12If you invest Rs 5 lakh as a lump sum in ICICI's FD for 5 years then according to the calculations - As a general customer, you will receive Rs 7,07,389. - As a senior citizen, you will receive Rs 7,24,974.
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Post Office Interest Rates on 5-year FDs
11/12The Post Office offers an interest rate of 7.50 per cent on 5-year FDs.
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Post Office FD Interest Rates: Example for Rs 3 lakh lump sum investment
12/12If you invest Rs 5 lakh in Post Office FD for 5 years then according to the calculations you will receive Rs 7,24,974 after 5 years.
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