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SBI FD vs Post office RD: Rs 6 lakh investment for 5 years, which can generate higher corpus?
- Written by Anamika Singh
Published: Zee Business| Updated: Zee Business
State Bank of India (SBI) offers a competitive interest rate to senior citizens in its 5-year FD. It also offers an attractive interest to the general public. In an SBI fixed deposit, the investor has to deposit a lump sum amount for a fixed period of time, which is 5 years in case of a 5-year FD. On the other hand, the Post Office Recurring Deposit (RD) is a savings scheme offered by India Post that allows individuals to deposit a fixed amount monthly for a specified tenure, ranging from 5 to 10 years. On that account, let’s find out the maturity amount of a Rs 6 lakh investment. Find out which can generate a higher corpus, FD or RD.
Photo source: Picxabay/Representational
1/12
SBI 5-year FD interest rate for general citizens
1/12The interest rate is 6.50 per cent for general citizens.
2/12
SBI 5-year FD interest rate for senior citizens
2/12The interest rate is 7.50 per cent for senior citizens.
3/12
SBI 5-year FD: Maturity amount for general citizens on Rs 6 lakh investment
3/12The estimated maturity amount will be Rs 8,28,251. The interest earned during that period will be Rs 2,28,251.
4/12
SBI 5-year FD: Maturity amount for senior citizens on Rs 6 lakh investment
4/12The estimated maturity amount will be Rs 8,69,968. The interest earned during that period will be Rs 2,69,968.
5/12
What is Post Office Recurring Deposit (RD)?
5/12Post Office RD is a savings scheme offered by India Post where individuals can make fixed monthly deposits for a specified tenure, ranging from 1 to 5 years.
6/12
How to open Post Office Recurring Deposit (RD) Account?
6/12An RD account can be opened in any post office through a savings account. It can be opened offline and online.
7/12
What is maturity period of post office RD?
7/12The maturity period of the post office RD is 5 years. The account can be extended for a further 5 years.
8/12
Who can open post office RD account?
8/12A single adult Joint Account (up to 3 adults) (Joint A or Joint B) A guardian on behalf of a minor A guardian on behalf of a person of unsound mind A minor above 10 years in his name.
9/12
What is minimum deposit amount in post office RD account?
9/12The minimum deposit amount in post office RD is Rs 100.
10/12
Interest rate of Post Office RD
10/12From 01.01.2024, interest rates are 6.7 per cent per annum (quarterly compounded).
11/12
Post office RD calculations:
11/12Total Investment = Rs 6,00,000 Tenure = 5 years = 60 months Monthly Investment = Total Investment / Tenure in months Rs 6,00,000 / 60 Monthly investment: Rs 10,000 Time period: 5 years
12/12
Post Office 5-year RD: Maturity amount on Rs 6 lakh investment
12/12The estimated corpus in 5-year RD will be Rs 7,13,659. The interest earned during that period will be Rs 1,13,659.
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