Fixed deposits are primitive yet popular investment schemes that people are still fond of. They are considered a safe investment option that guarantees returns. The interest rates are determined by the banks, and individuals deposit a lump sum amount for a fixed period. Here, we will find out what you will get in a State Bank of India (SBI) 5-year FD and a Punjab National Bank (PNB) 5-year fixed deposit on a lump sum investment of Rs 3 to 10 lakh.
The history of fixed deposits dates back to time immemorial, specifically the British era. In the early 1900s, the British introduced fixed deposit schemes in India to encourage saving habits among Indians. Since then, fixed deposits have remained in practice. This ancient yet popular savings scheme is popular among middle-class citizens, senior citizens, and even the youth. The basic reasons behind its popularity are that it offers guaranteed returns, flexibility in terms of investment tenure, tax benefits, and more.
Similarly, popular government-owned banks like SBI and PNB are currently offering satisfactory interest rates on fixed deposits that may interest you. Therefore, let's explore this article to find out what you can expect from lump sum investments of Rs 3 lakh, Rs 7 lakh, and Rs 10 lakh in State Bank of India and Punjab National Bank.
What is fixed deposit?
As discussed above, a fixed deposit is a type of investment scheme where an individual can deposit a lump sum for a fixed tenure and earn a fixed interest rate. It is considered a safe investment option with a guaranteed return on investment.
SBI 5-year general citizens FD interest rate
The interest rate is 6.50 per cent for general citizens.
SBI 5-year senior citizens FD interest rate
The interest rate is 7.50 per cent for general citizens.
PNB 5-year general citizens FD interest rate
The interest rate is 6.50 per cent for general citizens.
PNB 5-year senior citizens FD interest rate
The interest rate is 7 per cent for general citizens.
SBI 5-year fixed deposit tax benefits
Tax saving fixed deposit of SBI allows individuals to earn a competitive rate of interest on lump-sum contributions while simultaneously providing tax benefits under Section 80C of the Income Tax Act.
PNB 5-year fixed deposit tax benefits
Deposits in the scheme may provide tax benefits up to Rs 1.50 lakh in a financial year.
SBI 5-year FD: What will be maturity amount for general citizens on Rs 3 lakh investment
The estimated maturity amount will be Rs 4,14,125. The estimated return will be Rs 1,14,125.
SBI 5-year FD: What will be maturity amount for senior citizens on Rs 3 lakh investment
The estimated maturity amount will be Rs 4,34,984. The estimated return will be Rs 1,34,984.
PNB 5-year FD: What will be maturity amount for general citizens on Rs 3 lakh investment
The estimated maturity amount will be Rs 4,14,125. The estimated return will be Rs 1,14,125.
PNB 5-year FD: What will be maturity amount for senior citizens on Rs 3 lakh investment
The estimated maturity amount will be Rs 4,24,433. The estimated return will be Rs 1,24,433.
SBI 5-year FD: What will be maturity amount for general citizens on Rs 7 lakh investment
The estimated maturity amount will be Rs 9,66,293. The estimated return will be Rs 2,66,293.
SBI 5-year FD: What will be maturity amount for senior citizens on Rs 7 lakh investment
The estimated maturity amount will be Rs 10,14,963. The estimated return will be Rs 3,14,963.
PNB 5-year FD: What will be maturity amount for general citizens on Rs 7 lakh investment
The estimated maturity amount will be Rs 9,66,293. The estimated return will be Rs 2,66,293.
PNB 5-year FD: What will be maturity amount for senior citizens on Rs 7 lakh investment
The estimated maturity amount will be Rs 9,90,344. The estimated return will be Rs 2,90,344.
SBI 5-year FD: What will be maturity amount for general citizens on Rs 10 lakh investment
The estimated maturity amount will be Rs 13,80,419. The estimated return will be Rs 3,80,419.
SBI 5-year FD: What will be maturity amount for senior citizens on Rs 10 lakh investment
The estimated maturity amount will be Rs 14,49,948. The estimated return will be Rs 4,49,948.
PNB 5-year FD: What will be maturity amount for general citizens on Rs 10 lakh investment
The estimated maturity amount will be Rs 13,80,419. The estimated return will be Rs 3,80,419.
PNB 5-year FD: What will be maturity amount for senior citizens on Rs 10 lakh investment
The estimated maturity amount will be Rs 14,14,778. The estimated return will be Rs 4,14,778.
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