FD Rates: Almost all banks have been increasing interest rates on fixed deposits for the past few months. At present, senior citizens have got an opportunity to get interest rate of 9 percent and above on fixed deposits. Also, some banks are offering interest rates of over 9 percent to general customers. However, customers should keep one thing in mind before making fixed deposits in the bank. Your money up to Rs.5 lakh only gets insurance coverage through Deposit Insurance and Credit Guarantee Corporation under Reserve Bank of India. This means that no matter how much money you put in, you will get insurance up to Rs.5 lakh only (principal plus interest). Suryodaya Small Finance Bank (SSFB) has recently increased the interest rates on fixed deposits significantly. Much more compared to the big banks in the country. Senior citizens are offered a maximum interest rate of 9.60 percent on a 5-year tenure. If you invest Rs.3 lakh in this 5-year maturity deposit scheme, you will get Rs.4.82 lakh in your hand at the time of maturity, according to the fixed deposit calculator. It is subject to DICGC rules so your money is safe. You can invest money without any risk.
In this order, now let us know how much senior citizens invest in 5-year tenure special scheme (Suryoday Small Finance Bank).
In this order, now let us know how much senior citizens invest in 5-year tenure special scheme (Suryoday Small Finance Bank).
- Rs.50,000: A 5-year special scheme with an interest rate of 9.6 percent will yield Rs.80,347 on maturity.
- Rs.1 lakh: If you deposit Rs.1 lakh it will grow to Rs.1.6 lakh after 5 years.
- Rs.2 lakhs: In this scheme if you deposit Rs.2 lakhs you will get Rs.3.2 lakhs on maturity.
- Rs.3 lakhs: If you deposit Rs.3 lakhs in this scheme, you will get Rs.4.82 lakhs with 9.6% interest in 5 years.
- Rs.4 lakhs: Rs.6.42 lakhs after 5 years at 9.6% interest.
- Rs.5 lakhs: If you invest Rs.5 lakhs in this special scheme, you will get Rs.8 lakhs.
- Rs.6 Lakhs: Rs. If you invest 6 lakhs, you will get Rs.9.6 lakhs.
- Rs.8 lakhs: If you invest Rs.8 lakhs in this scheme, you will get Rs.12.85 lakhs.
- Rs.10 Lakhs: If you invest Rs.10 Lakhs in this scheme, you will get Rs.16 Lakhs at maturity.
Gold price slightly lower
- Read Latest Business News and Telugu News
