Best Fixed Deposit Interest Rates In India: If you are an investor or looking to invest some of your money for the future, what will be your best bet? Well, Fixed Deposits are the first thing that comes into mind. And why not? The results are a certain meaning that you will be getting interested in your money.
Keeping in mind that invested money upto 1.5 lacs can be claimed under section 80C of the income tax act for the deduction. But tax-saving FDs have a specific maturity period of 5 years where the investor cannot withdraw the amount before the FD has matured.
Well enter Covid-19 and people have lost jobs and money to this pandemic. Many of the common people are looking to invest their money so that they can get a good interest amount once the maturity period is completed.
Now they are investing in Bank FDs despite the lower interest rates in recent times. Here is some information about the interest rates provided by certain banks. NOTE ( FV = Future Value after 5 years, interest rates regarding 1.5 lac of investment )
Public Sector Banks
- Punjab and Sind Bank (Rate 5.55%) (Future Value- 197,597)
- State Bank Of India (Rate 5.40%) (Future Value- 196,140)
- Bank of Baroda (Rate 5.30%) (Future Value- 195,175)
- Canara Bank (Rate 5.30%) (Future Value- 195,175)
- IDBI Bank ( Rate 5.30%) (Future Value – 196,175)
Private Sector Bank
- DCB Bank (Rate 6.95%) (Future Value- 211,696)
- IDFC First Bank (Rate 6.75%) (Future Value- 209,625)
- IndusInd Bank (Rate 6.75%) (Future Value- 209,625)
- Yes Bank (Rate 6.75%) (Future Value- 209,625)
- RBL Bank (Rate 6.50%) (Future Value – 207,063)
This was the comparison, which one do you think is best, let us know your opinion in the comment section, for more posts and updates like this, stay tuned with us.