If you have money saved, then you must deploy it in the banking system or somewhere else that can make it grow. Leaving money lying idle in a savings bank account or at home is not the ideal way to manage your money. If your money is not working for you, its value is actually decreasing and that is what everyone should fight against. To make money grow without doing any work at all, you can use bank fixed deposits that have the capacity to provide high returns. And here we reveal the HDFC Bank FD interest rate that you may find suitable. Do remember, before investing money anywhere, research the instrument thoroughly and make sure that it suits your needs.
At HDFC Bank, you can get an interest rate of over 7%. And the HDFC Bank calculator shows you what you can earn from your investment. The general strategy is to find the best interest rate available for a tenure that is suitable for you and then make the investment of a certain amount of money. Thereafter, you can sit back and watch as your money balloons into a much larger sum.
As an assumption, to show you what we are talking about, let us say an investor has some Rs 5 lakh to invest. Leaving it in a savings bank account is not good at all. Therefore, you can invest this sum in a HDFC Bank FD. For assumption’s sake we will also take 60 months as the FD tenure.
After all the number crunching is done by the HDFC Bank FD calculator, you will find that the principal amount of Rs 5 lakh, has earned an interest of Rs 2,07,469. And all that the investor had to do was open a fixed deposit in his name.
Do remember that after the bank FD reaches maturity, you make sure that it is not auto-renewed. You must inform the bank that it transfers the entire maturity amount into your savings account. Auto-renewal facility can often lead to problems including of getting your money locked-in for another 60 months and that too at a much lower interest rate.
Note: These are estimated numbers and the actual interest and maturity amount will be available on the investor’s FD receipt.
A high HDFC Bank FD interest rate of 7% can provide over Rs 200000 in interest on your investment of Rs 5 lakh. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
