Public Sector Banks (PSU) in India, such as State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB), offer various fixed deposit (FD) schemes. These schemes are known as SBI Amrit Vrishti, BoB Utsav, and others. With an FD, you can invest a lump sum for a fixed period and earn a guaranteed return. They are considered a safe investment option, providing higher returns than savings accounts.
The article compares the interest rates and maturity amounts of SBI, PNB, and BoB on FDs of Rs 1 lakh and Rs 2 lakh for a 5-year tenure. SBI offers an interest rate of 6.50% for a 5-year FD, while senior citizens can earn 7.50%. BoB offers 6.80% interest for a 5-year FD, with senior citizens earning 7.40%. PNB offers 6.50% interest for a 5-year FD, with senior citizens earning 7.00%.
The article highlights the maturity amounts for Rs 1 lakh and Rs 2 lakh investments for each bank. For example, with a Rs 1 lakh investment, SBI yields Rs 1,38,042 for regular account holders and Rs 1,44,995 for senior citizens. With a Rs 2 lakh investment, the maturity amount is Rs 2,76,084 for regular account holders and Rs 2,89,990 for senior citizens. Similarly, the article outlines the maturity amounts for BoB and PNB.
These FDs offer a guaranteed return on investment, making them a popular option for those seeking a safe and relatively higher return on investment. With various options available, individuals can choose the best FD scheme suitable for their financial goals and profiles.