Dividend Stock News53 min ago
Rs 5 lakh Investment in Special FD: Here's what senior citizens can get on Rs 5,00,000 deposit in PSU banks' special fixed deposit schemes
- Written by Bhawna Gupta
Published: Zee Business| Updated: Zee Business
Fixed deposits (FDs), also called term deposits, provide a better interest rate to senior citizens and others than ordinary savings accounts. On the other hand, special FDs (fixed deposits) give a better interest rate than general FDs, and senior citizens usually get a higher interest rate from FDs than general citizens. Depending on your financial goals, investment horizon, and risk appetite, FDs can be a good investment option. In FDs, you invest a lump sum amount for a certain time to get a fixed interest rate. As FDs provide guaranteed returns, these are good for people who don't want to risk their capital and want a fixed income.
This article will talk about special FDs provided by PSU banks like State Bank of India (SBI), Canara Bank, Bank of Baroda (BoB), Punjab National Bank (PNB), and Central Bank of India. We will also calculate the maturity amount on an Rs 5,00,000 investment in these special FD schemes for senior citizens.
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SBI 5-year to 10-year FD scheme
1/10The PSU bank is currently offering a 7.05 per cent interest rate on its 5-10 year FD scheme to senior citizens.
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SBI: Maturity on Rs 5 lakh deposit
2/10On a deposit of Rs 5,00,000, senior citizens will get Rs 7,09,129.18 on maturity (in five years), as per the calculations.
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PNB 444-day FD scheme
3/10Punjab National Bank (PNB) is providing a 7.10 per cent interest rate on its 444-day FD scheme to senior citizens.
4/10
PNB: Maturity on Rs 5 lakh investment
4/10Senior citizens will get Rs 5,44,690.46 on an Rs 5,00,000 investment in PNB's special 444-day FD scheme, calculations show.
5/10
Canara Bank 555-day FD scheme
5/10Currently, senior citizens will get a 7.10 per cent interest rate from Canara Bank's 555-day FD scheme.
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Canara Bank: Maturity on Rs 5 lakh investment
6/10At its current interest rate, senior citizens will get Rs 556473.78 on a Rs 5,00,000 deposit, according to calculations.
7/10
BoB above 5 years and up to 10 years FD scheme
7/10In this FD scheme, senior citizens are currently getting a 7 per cent interest rate from the Bank of Baroda.
8/10
BoB: Maturity on Rs 5 lakh investment
8/10If a senior citizen deposits Rs 5,00,000 in BoB's special FD scheme, they will get Rs 707389.10 on maturity (in five years), calculations show.
9/10
Central Bank of India 333-day FD scheme
9/10The Central Bank is currently giving a 7.15 per cent interest rate on its 333-day FD scheme to senior citizens.
10/10
Central Bank of India: Maturity on Rs 5 lakh investment
10/10Senior citizens will get Rs 5,33,395.65 on maturity from the Central Bank of India's 333-day special FD scheme.
Our calculations are projections and not investment advice. Do your own due diligence or consult an expert for financial planning.
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