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Fixed Deposit : How much will you get on investing Rs 1 lakh in FD? These 10 big banks are giving so much interest

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Fixed Deposit : How much will you get on investing Rs 1 lakh in FD? These 10 big banks are giving so much interest
Fixed Deposit : How much will you get on investing Rs 1 lakh in FD? These 10 big banks are giving so much interest

Fixed Deposit: Fixed deposits remain the preferred savings instrument for many Indians. It is considered a safe investment option. Let us know how much return these 10 big banks are giving in three years on an investment of Rs 1 lakh.

Fixed Deposit: When it comes to your hard-earned money, you would want to invest your money in multiple financial instruments that not only protect your capital but also provide assured returns. Fixed deposits remain the preferred savings instrument for many Indians. Mainly because they offer guaranteed returns that do not depend on market volatility. It is a handy tool that allows you to diversify your portfolio while providing modest returns.

Fixed deposit is a safe option for investment

Fixed deposits are considered a safe investment option as the principal amount is safe and the returns are predetermined. This makes it a low-risk investment compared to other financial instruments. FDs provide some degree of certainty about returns. Thus attracting conservative investors who prioritize stability over the potentially high returns that are often associated with risky investments.

Another factor increasing the popularity of FDs is that they are easy to understand and easy to operate. Investors deposit a lump sum for a fixed period and receive interest at a predetermined rate on the principal amount. The simplicity of this investment makes it accessible to a wide range of individuals, including those with limited financial knowledge.

Investing in fixed deposits is not as risky as the stock market.

Whereas FD has a fixed tenure. Banks and financial institutions often provide some degree of liquidity through premature withdrawal options. Although this may involve reduction in penalties and interest rates, there should be flexibility to access money in case of emergencies.

An important feature especially for older investors. Fixed deposits provide a stable and predictable source of returns in times of economic uncertainty or market volatility. This stability is attracting risk-averse investors who want to protect their funds from market fluctuations.

Banks, post offices, other financial institutions can open fixed deposit accounts.
You can open a fixed deposit account in any bank, post office and other financial institutions across India. Banks often offer additional interest rates to senior citizens. That makes fixed deposits an attractive option for retirees or those looking for a stable income source during their post-employment years.

names of banks FD interest rate Tenure How much money will you get on investment of one lakh rupees
Bank Op Baroda 7.25 3 year Rs 1,24,055
Axis Bank 7.10 3 year Rs 1,23,508
HDFC Bank 7.00 3 year Rs 1,23,144
Punjab National Bank 7.00 3 year Rs 1,23,144
ICICI Bank 7.00 3 year Rs 1,23,144
Canara Bank 6.80 3 year Rs 1,22,420
SB I 6.75 3 year Rs 1,22,239
Union Bank 6.50 3 year Rs 1,21,341
Bank of India 6.50 3 year Rs 1,21,341
Indian Bank 6.25 3 1,20,448

Above are the interest rates of 10 big banks on fixed deposits. If you invest Rs 1 lakh here for three years, you will get this much money as per the data given above. Data compiled by BankBazaar.com on February 5, 2024.

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