The article compares the returns offered by State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) on fixed deposits (FDs) for a five-year tenure. The comparison is based on a lump sum investment of Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh.
The yields on FDs vary depending on the bank and investment amount. For a five-year FD, SBI offers the highest returns, ranging from 5.30% to 6.30% for amounts between Rs 3 lakh to Rs 9 lakh. PNB offers a slightly lower yield, ranging from 5.20% to 6.20%. BoB offers the lowest returns, ranging from 5.10% to 6.10%.
The returns are based on the assumption that the interest is compounded quarterly, and the interest is paid out quarterly. For example, an investment of Rs 3 lakh in SBI’s 5-year FD for a quarter will earn an interest of Rs 4,950, which is approximately 0.65% of the principal amount.
It is essential to remember that the interest rates and returns are subject to change, and you should consult the banks’ official websites or authorized dealers for the most up-to-date information. It is also recommended to consult a financial expert or conduct your own research before making an investment decision. The goal is to provide a general idea of the returns offered by SBI, PNB, and BoB for a five-year FD, enabling readers to make an informed decision.