No matter how popular Equity and Mutual Funds are. The last hope for guaranteed and risk-free returns is Fixed Deposit. Several state-owned banks have 444 Day Special FD Scheme. Several PSU banks like State Bank of India, Bank of Baroda, Indian Overseas Bank, Punjab & Sind Bank and Indian Bank have FDs of this special tenure. Where will you get the highest return if you invest Rs 5 lakh? This is discussed in this report.
Since the interest rate of ordinary FD is comparatively low, banks are offering a slightly higher interest rate by bringing short-term special FDs. That is why 444-day FDs have become popular quickly.
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State Bank of India is offering 6.45 percent interest to general customers for 444 days in its Amrit Vrishti Special Fixed Deposit scheme. Earlier, this scheme used to offer 6.6 percent interest, but now the rate has been reduced slightly. If you invest Rs 5 lakh at this rate, the estimated maturity value is around Rs 5.40 lakh. That is, you will get around Rs 40 thousand in your pocket without doing anything in a year.
Punjab & Sind Bank has recently increased the interest rate on its 444-day FD to 6.6 percent. Bank of Baroda is offering the same rate to general customers in its Square Drive Deposit scheme and Indian Bank in its 444-Day Fixed Deposit scheme. If you invest Rs 5 lakh in all these three banks, the estimated return at the end of the tenure can be around Rs 5.41 lakh.
However, Indian Overseas Bank is currently offering the highest interest rate on the list. IOB is offering 6.7 percent interest to general customers in its 444-Day Special FD. At this rate, an investment of Rs 5 lakh can result in an estimated maturity value of around Rs 5.42 lakh, which is the highest among the PSU banks given in this report.
Overall, it can be seen that Indian Overseas Bank is currently offering the highest return in the 444-day Special FD scheme. However, interest rates may change over time. Therefore, it is important to check the current interest rate of the respective bank before investing. Keeping tax issues and personal financial goals in mind, it is the safest decision to consult a financial advisor if necessary.
Disclaimer: The returns mentioned here are given for informational purposes. Do not forget to check the interest rate by discussing with the bank representative before investing.
Avijit
A digital media professional with 4 years of experience, skilled in online content creation, media and information work, his goal is to regularly bring updates on government projects, scholarships and jobs to his readers.
