The article discusses the current fixed deposit (FD) rates offered by various public sector banks, private banks, and other financial institutions in India. The rates range from 6.50% to 7.40% for different tenures, with the highest returns available on 3-year and 5-year FDs. The article also provides a breakdown of the rates offered by SBI, Bank of Baroda (BoB), PNB, Canara Bank, and ICICI Bank, including their 1-year, 3-year, and 5-year FD rates.
For example, SBI is offering 6.80% for 1-year, 6.75% for 3-year, and 6.50% for 5-year FDs, which would result in a maturity amount of Rs. 7,48,828 for a 1-year FD, Rs. 8,55,675 for a 3-year FD, and Rs. 9,66,294 for a 5-year FD on a Rs. 7 lakh investment.
Similarly, Canara Bank is offering 6.85% for 1-year, 7.40% for 3-year, and 6.70% for 5-year FDs, which would result in a maturity amount of Rs. 7,49,196 for a 1-year FD, Rs. 8,72,229 for a 3-year FD, and Rs. 9,75,847 for a 5-year FD on a Rs. 7 lakh investment.
The article also mentions that FDs are considered a secure investment option as they offer guaranteed returns, capital protection, and a fixed interest rate that does not change with market fluctuations. It is important for investors to note that the rates and figures mentioned are subject to change and not investment advice, and individuals should conduct their own research or consult a financial expert before making an investment decision.