The article discusses the various options for investing in India, with a focus on Fixed Deposits (FDs) in major banks. The article provides an overview of the interest rates offered by six banks – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, ICICI Bank, and HDFC Bank – for FDs of 1 year, 3 years, and 5 years, as well as the estimated returns on an investment of Rs 20 lakh.
The interest rates offered by these banks range from 7.00% to 7.90%, depending on the tenure of the FD. For a 1-year FD, SBI and BoB offer 7.30% interest, while Canara Bank and ICICI Bank offer 7.20%. For a 3-year FD, Canara Bank offers the highest interest rate of 7.90%, while SBI and PNB offer 7.50%. For a 5-year FD, Axis Bank offers the highest interest rate of 7.75%, while HDFC Bank and ICICI Bank offer 7.50%.
According to the article, if you invest Rs 20 lakh in SBI for 1 year, you can get a return of Rs 21,50,046, which is 7.30% of the principal amount. Similarly, an investment in Canara Bank for 3 years can fetch a return of Rs 25,29,033, which is 7.90% of the principal amount. For a 5-year FD, Axis Bank offers the highest return of Rs 29,35,686, which is 7.75% of the principal amount.
Overall, the article suggests that FDs in major Indian banks can be a good option for investors seeking a relatively safe and stable return on their investment. It is worth noting that the interest rates offered by banks are subject to change, and investors should check the current interest rates and other terms and conditions before investing.