New Delhi: SBI Amrit Vrishti, a limited period special FD scheme with a 444-day tenure offer a 7.25 per cent rate of return on general category deposits and 7.75 per cent returns on senior citizen category deposits. Banks have entered a race to vie for retail deposits in a bid to raise funds as the Reserve Bank of India has kept the repo rate unchanged at 6.50 per cent.
These funds are used by banks to extend loans and keep the wheels of the economy moving. The interest earned from loans, among other sources of income, is used to repay the interest on retail FDs. The higher FD rates aim to incentivise longer-term deposits to strengthen the dry power that banks need to re-invest or extend loans. Here, we will show you the other 4000-day tenure FDs offered by banks and how they compare in terms of returns offered.
SBI Amrti Vrishti FD returns
If you invest Rs 1 lakh in SBI Amrit Vrishti Special FD scheme with 444-day tenure, you will earn an interest of
Rs 9,133 at 7.25 per cent on general category deposits.
You will earn Rs 9,787 at 7.75 per cent on senior citizen category deposits.
PNB 400-day tenure FD rate
Punjab National Bank, India’s second-largest PSU lender, hiked the interest rate on 400-day tenures to 7.30 per cent recently.
You will earn an interest of Rs 8,250 on a 400-day FD at this rate, on an investment of Rs 1 lakh.
Senior citizens will enjoy another 0.50 per cent interest on this tenure, earning 7.80 per cent returns. You will earn Rs 8,834 interest at this rate on Rs 1 lakh principal amount.
Bank of Baroda FD rates
If you invest RS 1 lakh in Bank of Baroda FDs for 400 days, you will earn Rs 7,901 interest at 7 per cent.
Senior citizens will earn an interest of Rs 8,483 at 7.50 per cent.
However, investors will gain more by parking Rs 1 lakh in the bob Monsoon Dhamaka Deposit Scheme of 399-day tenure by earning Rs 8,367 interest on Rs 1 lakh deposit at 7.40 per cent.
Senior citizens will receive Rs 8,951 interest on an investment of Rs 1 lakh at 7.90 per cent rate of return on a 399-day tenure under bob Monsoon Dhamaka Deposit Scheme.
Canara Bank 400-day FD returns
If you invest Rs 1 lakh in Canara Bank for 444 days, you will earn an interest of Rs 8,192 at 7.25 per cent on general deposits.
You will earn Rs 8,775 interest on Rs 1 lakh investment at 7.75 per cent for a 444-day tenure if you are a senior citizen.
400-day FD rates: How much interest will you earn on Rs 1 lakh investment in 400-day FD schemes offered by SBI, PB, Canara Bank and Bank of Baroda? Find out here. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
