Investing in the stock market entails a significant amount of risk. Similarly, that risk extends to mutual funds. Hence, millions of people looking for a safe investment vehicle, will then look to fixed deposits. Currently, public sector Canara Bank is offering a highest rate of 7.25% on term deposits below ₹2 crore.
Canara Bank is offering 4.00% on the FDs for 7 to 45 days. It offers a rate of 5.25% on the amount from 46 to 90 days. The amount of 5.50% applies to 91 to 179 days, and the amount of 6.15% is applicable for the term deposit for 180 to 269 days, and 6.25% is for 270 days to 1 year.
For FDs longer than 1 year, the bank has listed the amount of 6.85% on the 1 to 2 years period, a rate of 6.80% will be for 3 to 4 years, and 6.70% is offered on the term deposit for 5 years. The bank has also listed 6.70% on the FD for 5 to 10 years.
Apart from this, Canara Bank is offering interest at a rate of 6.70 percent on Tax Savings Fixed Deposit. However, the highest interest is available on fixed deposits with a tenure of 444 days, at a rate of 7.25 percent. Senior citizens are given an additional interest of 50 basis points.
How to Get ₹1.39 Lakh From Canara Bank FD
Now, if someone makes a fixed deposit of Rs 1 lakh for a tenure of 5 years, how much return will he get? According to the FD calculator, at a rate of 6.70 percent, he will get Rs 39,407 as interest. As a result, the total return including interest and principal will be Rs 1,39,407.
The maximum interest rate available is 7.25 percent for a tenure of 444 days. If someone makes a fixed deposit for this tenure, then according to the FD calculator, he will get Rs 23,144 as interest. Therefore, he will get Rs 1,23,144 as return.
If you make a fixed deposit for a period of one year and two years, you will get an interest of 40,439 taka at an interest rate of 6.85 percent. You will get a return of 1,40,439 taka. If you make a fixed deposit of 1 lakh taka for a period of three and four years, you will get a return of 1,40,094 taka at an interest rate of 6.80 percent.
