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.