A 3-year fixed deposit (FD) is a secure investment option that provides a fixed return. It’s a popular choice among individuals of all ages, as it allows them to invest a sum of money for a fixed period, usually ranging from 7 days to 10 years. The interest earned depends on the amount invested and the duration of the investment.
For those who don’t need their money immediately, a 3-year FD can be a good option. One can also opt for monthly income for 3 years. Before investing, it’s essential to compare the interest rates offered by various banks. This article compares the interest rates of State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda for a 3-year FD.
The article also provides a comparison of the estimated maturity amount and estimated return for a principal amount of Rs 8 lakh for general and senior citizens. For SBI, the interest rates for general citizens are 6.75% and for senior citizens, it’s 7.25%. PNB offers 7% interest rate for general citizens and 7.50% for senior citizens. Bank of Baroda offers 7.15% for general citizens and 7.65% for senior citizens.
Using the interest rates mentioned above, the article estimates the maturity amount and estimated return for a principal amount of Rs 8 lakh. For SBI, the estimated maturity amount for general citizens is Rs 9,77,914, with an estimated return of Rs 1,77,914. For senior citizens, the estimated maturity amount is Rs 9,92,438, with an estimated return of Rs 1,92,438. Similarly, the article estimates the maturity amount and estimated return for PNB and Bank of Baroda 3-year FDs.
Overall, the article provides a comprehensive comparison of the interest rates and estimated returns for 3-year FDs from SBI, PNB, and Bank of Baroda, helping individuals make an informed decision about their investments.