Safe investment means fixed deposit. Guaranteed returns are available at the end of the term. Hard earned money is also safe. Recently, the stock market or mutual funds have become popular, but even today there is no alternative to fixed deposits for customers.
HDFC, one of the largest private banks in the country, has come up with a 35-month special fixed deposit scheme. In this scheme, general customers are being given an interest rate of 7.35 percent. And senior citizens are getting an interest rate of 7.85 percent.
35 months means 2 years and 11 months. If someone invests 1 lakh taka in this term, how much return will they get. The calculation says that at an interest rate of 7.35 percent, a return of 21,307 taka will be available in 35 months. That is, the investor will get 1,21,307 taka in hand, including interest and principal.
Return for Senior Citizens (35-Month FD)
If a senior citizen invests ₹1 lakh in this 35-month FD scheme, he gets a higher return because the interest rate is higher. At an interest rate of 7.85%, he earns ₹22,748 in 35 months. So, he gets a total of ₹1,22,748, including interest and principal.
Return in the 55-Month Special FD
- HDFC Bank also offers a 55-month special FD for long-term investors. In this scheme, the bank gives 7.40% interest to general customers and 7.90% interest to senior citizens.
- If a general customer invests ₹5,50,000, he earns ₹2,19,777 at 7.40% interest. So, he gets a total of ₹7,69,577 at maturity.
- A senior citizen gets a higher return. At 7.90% interest, he earns ₹2,37,074 on the same amount. So, he gets a total of ₹7,87,074, including interest and principal.
Short-Term or Long-Term — Which to Choose?
The bank deposits the interest money into the customer’s account at fixed times. At the end of the term, the customer gets the full amount, including interest and principal.
Those who want to invest for a short time can choose the 35-month FD, and those who want a longer investment can choose the 55-month FD scheme.