The article discusses the latest fixed deposit (FD) interest rates offered by top banks in India, including State Bank of India (SBI), ICICI Bank, and HDFC Bank, for both general customers and senior citizens. FDs are a popular investment option that offers a guaranteed interest rate and is considered a risk-free investment. What’s more, deposits made in 5-year FDs are eligible for tax deductions under Section 80C of the Income Tax Act, up to a maximum of Rs 1.5 lakh per year. This makes 5-year FDs an attractive option for investors seeking a tax-efficient investment.
The article provides a list of 5-year FD interest rates offered by top banks, with the following rates:
* SBI: 5.20% – 5.30% for general customers and 5.40% – 5.50% for senior citizens
* ICICI Bank: 5.20% – 5.30% for general customers and 5.40% – 5.50% for senior citizens
* HDFC Bank: 5.20% – 5.30% for general customers and 5.40% – 5.50% for senior citizens
Using the interest rates, the article provides calculations to show the maturity amounts that can be expected from an investment of Rs 7 lakh in a 5-year FD. For example, an investment of Rs 7 lakh in a 5-year SBI FD with a general customer interest rate of 5.25% would result in a maturity amount of approximately Rs 7,56,250. For a senior citizen, the same investment would result in a maturity amount of approximately Rs 7,65,875.
Overall, the article highlights the benefits of investing in 5-year FDs, including the guaranteed interest rate, risk-free investment, and tax-efficient returns. With the current interest rates offered by top banks, FDs can be a compelling option for investors seeking a secure and relatively high-yielding investment.