There are many ways to invest, while some people invest in stocks and shares, some people choose safe investment options. Fixed Deposit (FD) in the bank is considered a safe and beneficial option for investment. Various banks in India provide FD facilities at different interest rates for 1 year, 3 years, and 5 years. If you want good returns with a safe investment, then this information is important for you. Let us know the interest rates of FD in the major banks of the country and how much profit will be available on an investment of 20 lakhs.
SBI
First of all, let’s talk about SBI i.e. State Bank of India, which gives its customers an interest of 7.30% in 1 year, 7.25% in 3 years, and 7.50% in 5 years. In such a situation, if you invest Rs 20 lakh, you can get a return of Rs 21,50,046 in 1 year, Rs 24,81,094 in 3 years, and Rs 28,99,896 in 5 years.
Bank of Baroda (BoB)
This bank gives its customers an interest of 7.35% in 1 year, 7.65% in 3 years and 7.40% in 5 years. In such a situation, if you invest in this bank, on Rs 20 lakh you get a return of Rs 21,51,102 in 1 year, Rs 25,10,496 in 3 years and Rs 28,85,697 in 5 years.
Punjab National Bank (PNB)
By investing in PNB’s FD, you get a return of 7.30% in 1 year, 7.50% in 3 years, and 7.00% in 5 years. In such a situation, if you invest Rs 20 lakh, you will get a return of Rs 21,50,046 in 1 year, Rs 24,99,433 in 3 years, and Rs 28,29,556 in 5 years.
Canara Bank
With this bank, customers will get an interest of 7.35% in 1 year, 7.90% in 3 years and 7.20% in 5 years. If you invest Rs 20 lakh, you will get a return of Rs 21,51,102 in 1 year, Rs 25,29,033 in 3 years, and Rs 28,57,496 in 5 years.
ICICI Bank
ICICI Bank gives its customers an interest rate of 7.20% in 1 year, 7.50% in 3 years, and 7.50% in 5 years, under which an investment of Rs 20 lakh gives a return of Rs 21,47,935 in 1 year, Rs 24,99,433 in 3 years and Rs 28,99,896 in 5 years.
HDFC Bank
With this bank, you get an interest rate of 7.10% in 1 year, 7.50% in 3 years and 7.50% in 5 years. Talking about the return on an investment of Rs 20 lakh, you will get Rs 21,45,826 in the first year, Rs 24,99,433 in the third year, and Rs 28,99,896 in 5 years.
Axis Bank
With this bank, customers get interest of 7.20% in 1 year, 7.60% in 3 years and 7.75% in 5 years. Under this, on an investment of Rs 20 lakh, you will get Rs 21,47,935 in 1 year, Rs 25,06,803 in 3 years and Rs 29,35,686 in 5 years.
Which bank is giving the highest interest
In 1 year FD, BoB, and Canara Bank are giving the highest returns with a 7.35% interest rate. At the same time, in 3-year FD, Canara Bank is giving the highest return with a 7.90% interest rate. Talking about a 5-year FD, Axis Bank is giving the highest return with a 7.75% interest rate.