Fixed deposits (FD) are often recommended by investment advisors for their stable and predictable returns. FDs hold special significance for senior citizens since banks offer higher interest rates for them compared to those customers who are yet to reach 60.
Let’s see what FDs with HDFC Bank would fetch for senior citizens for some specific tenure and deposit amounts.
HDFC Bank FD rates
The interest rate HDFC Bank offers on FDs for 1 year maturity period is 7.1%. If a person who is aged more than 60 invests Rs 3 lakh in it, he/she would get an interest of Rs 21,854. The amount payable on maturity will be Rs 3,21,854.
With Rs 5 lakh investment, the interest that the FD will earn will become Rs 36,423. The amount payable on maturity will be Rs 5,36,423.
If the amount invested in FD is increased to Rs 10 lakh, the amount payable to the customer on maturity would expand to Rs 10,72,845. The interest component will be Rs 72,845.
HDFC Bank FDs rates for 3-year tenure
The interest rate HDFC Bank offers on FDs for 3-year maturity period is 7.5%. If a senior citizen invests Rs 3 lakh, he/she would earn an interest of Rs 74,889. The amount payable on maturity will be Rs 3,74,889. If the investment becomes Rs 5 lakh, the interest will rise to Rs 1,24,816. The amount payable on maturity will be Rs 5,24,816.
If the amount invested in FD rise to Rs 10 lakh, the amount payable to the customer on maturity would become Rs 12,49,634 and interest component Rs 2,49,634.
HDFC FDs rates for 5-year tenure
The interest rate HDFC Bank offers on FDs for 5-year maturity period is 7.5%. If a person who is aged more than 60 invests Rs 3 lakh in it, he/she would earn an interest of Rs 1,34,953. The amount payable on maturity will be Rs 4,34,953.
If the investment is Rs 5 lakh, the interest that the FD will earn will rise to Rs 2,24,926. The amount payable on maturity will be Rs 7,24,926. For an investment of Rs 10 lakh, the interest will rise to Rs 4,49,853 and the maturity payment to Rs 14,49,853.
HDFC Bank is the largest private sector bank in India and boasts of a customer base of 12 crores, more than the combined population of France and Spain. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
