FD Investment Scheme: When it comes to safe investments, the first thing that comes to most people’s minds is a Fixed Deposit (FD). The biggest reason for this is that the money invested in an FD is completely safe and provides a predetermined return. Unlike the stock market or mutual funds, there is no risk of fluctuations. This is why salaried individuals, retired people, and risk-averse investors consider FDs a reliable option.
In India, different banks offer different interest rates on their FDs. The duration of FDs also varies, such as one year, two years, three years, or more. Therefore, it becomes important for investors to know which bank offers the best interest rates. Keeping this in mind, here is information on the 3-year FD interest rates of major banks in the country and the estimated returns on investing ₹5 lakh.
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How much return will you get on an SBI FD?
State Bank of India, the country’s largest public sector bank, offers an annual interest rate of approximately 6.30 percent on a three-year FD. If an investor deposits ₹5 lakh, they can expect to receive approximately ₹6,03,131 at maturity after three years. Being a government bank, SBI is considered quite reliable for investment purposes.
Benefits of HDFC Bank FD
HDFC Bank, one of the country’s largest private banks, offers approximately 6.45 percent interest on a three-year FD. At this rate, an investment of ₹5 lakh would yield a maturity amount of approximately ₹6,05,809. Due to its strong financial position, HDFC Bank is also considered a safe option.
Returns from ICICI and Axis Bank
ICICI Bank and Axis Bank also offer approximately 6.45 percent interest on three-year FDs. The return on depositing ₹5 lakh in these banks is similar to that of HDFC Bank. This provides investors with good options in private banks as well.
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Canara Bank’s Three-Year FD
Canara Bank offers an interest rate of approximately 6.25 percent on its three-year fixed deposit. If you invest ₹5 lakh, you will receive approximately ₹6,02,241 at maturity. Being a government bank, it is also considered a safe investment.
Bank of Baroda FD Returns
Bank of Baroda also offers an interest rate of approximately 6.25 percent on its three-year fixed deposit. A ₹5 lakh investment here also yields a maturity amount of approximately ₹6,02,241. This bank is also considered a trustworthy option among investors.
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