Bank Account: It is crucial to set aside funds while there is an income. You need to set aside funds and channel them into investments. Nonetheless, numerous plans provide favorable returns on investments. Here, we should primarily discuss bank fixed deposits. For a set duration on deposits. Returns are influenced by particular interest rates. One could argue that there is no danger involved. Depositing money in top banks is secure.
Interest rates vary among banks
Interest rates vary among different banks. It can be stated that the interest rates vary based on the banks. In contrast to the general population, older adults receive greater interest. Typically, the interest is increased by as much as 50 basis points.
Best interest rates for a 3-year span
Interest rates for certain special deposits are elevated across all banks. Currently, what are the interest rates for three-year fixed deposits at the leading banks in the nation? Simultaneously, if you place a deposit of Rs. 10 lakhs, let’s determine how much you will receive at maturity.
Highest interest rate-8.05%
Among private banks, DCB Bank offers the highest interest rate at 8.05 percent. If you put in Rs. 10 lakhs here, you will receive Rs. 2,38,616 earned in interest over three years. In that case, the overall sum will be Rs. 12.38 lakh. HDFC Bank and ICICI Bank offer interest rates of 7.50 percent for a three-year tenure. Here, if you put in Rs. 10 lakhs, you will receive Rs. 2,22,316 in interest upon maturity. Though the interest rate at Axis Bank stands at 7.60 percent, should you deposit Rs. 10 lakhs, you will receive Rs. 12.38 lakhs over the span of three years. 2,25,292 interest will be obtained.
Disclaimer : For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.
Related Posts
Pritam Santra
Author at TimesBull covering breaking news and current affairs.
Related Stories
Business
Business
Business
Business
Business
Business
Business
Business
Business
Business