New Delhi: Fixed Deposit (FDs) are preferred by cautious investors because they offer stability and guaranteed returns, unlike stocks which can be more unpredictable. Additionally, FDs have no maximum limit, allowing investors to deposit large sums of money. FDs come with fixed terms that can range from as short as 7 days to as long as 10 years or more. Banks typically offer higher interest rates for longer durations. Let’s explore how much interest you could earn on FDs of Rs 1 lakh, Rs 3 lakh, and Rs 5 lakh if you open these with HDFC Bank and ICICI Bank for a 5-year period.
HDFC Bank FD interest on 5 year FD
HDFC bank offer 7 per cent interest rate to general citizens and 7.50 per cent on FD maturing in 5 Years 1 day – 10 Years.
If a general citizen invests Rs 1,00,000, then interest earned on investment will be Rs 41,467.00. Senior citizens will be entitled to earn an interest of Rs 44,982 on their investment.
On an invested amount of Rs 3,00,000 general citizens will earn Rs 1,24,397. Senior citizens will earn an interest of Rs 1,34,944.
On an invested amount of Rs 5,00,000, the interest earned by general citizen on their investment is Rs 2,07,331. Senior Citizens will get Rs 2,24,911.
ICICI Bank FD interest on 5 year FD
ICICI Bank offers fixed deposit (FD) options across three different tenures. For tenures ranging from 2 years 1 day to 5 years, the bank provides an interest rate of 7.00 per cent for general citizens and 7.50 per cent for senior citizens. For longer terms extending from 5 years 1 day to 10 years, the rates are slightly lower at 6.90 per cent for general citizens and 7.40 per cent for senior citizens. Additionally, ICICI Bank offers a Tax Saver FD with a fixed tenure of 5 years, providing an interest rate of 7.00 per cent for general citizens and 7.50 per cent for senior citizens.
Here we are assuming the rate of interest to be 6.90 per cent for general citizens and 7.40 per cent for senior citizens, investors will be able to earn different interest amount as follows:
With an invested amount of Rs 1,00,000 the maturity amount is Rs 1,43,267, with total interest earned being Rs 43,267. For senior citizens earning 7.40 per cent, the maturity amount is Rs 1,46,127, with total interest earned amounting to Rs 46,127.
On an investment of Rs 3,00,000 total interest earned by a general citizen is Rs 1,24,906, while a senior citizen earns Rs 1,41,045 in total interest.
With an investment of Rs 5,00,000, a general citizen earns a total interest of Rs 2,16,335, whereas a senior citizen earns Rs 2,35,067 in total interest.
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HDFC Bank vs ICICI Bank FD Rates: FDs have specific durations that can vary from 7 days to over 10 years. Let’s see how much interest you can earn on 5-year FDs with HDFC Bank and ICICI Bank. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
