SBI 3-Year FD vs HDFC 3-Year FD vs ICICI Bank 3-Year FD: Which FD will offer the highest return on an investment of Rs 3 lakh?

By Pune Media On Nov 1, 2024 14

Investing in fixed deposits (FDs) is a reliable way to secure your funds while earning interest. These deposits allow individuals to invest a lump sum amount for a fixed tenure, typically ranging from seven days to ten years. The interest rates offered can vary based on the bank, deposit amount, and the tenure selected, making it essential for investors to choose wisely.

Here’s a detailed look at the estimated returns for a three-year fixed deposit of Rs 3,00,000 with State Bank of India (SBI), HDFC Bank, and ICICI Bank for both general and senior citizens.

State Bank of India (SBI)

FD Interest Rates:
- General Citizens: 6.75% p.a.
- Senior Citizens: 7.25% p.a.
Returns Calculation:
- General Citizen:
  - Invested Amount: Rs 3,00,000
  - Estimated Returns: Rs 66,718
  - Total Value After 3 Years: Rs 3,66,718
- Senior Citizen:
  - Invested Amount: Rs 3,00,000
  - Estimated Returns: Rs 72,164
  - Total Value After 3 Years: Rs 3,72,164

HDFC Bank

FD Interest Rates:
- General Citizens: 7.00% p.a.
- Senior Citizens: 7.50% p.a.
Returns Calculation:
- General Citizen:
  - Invested Amount: Rs 3,00,000
  - Estimated Returns: Rs 69,432
  - Total Value After 3 Years: Rs 3,69,432
- Senior Citizen:
  - Invested Amount: Rs 3,00,000
  - Estimated Returns: Rs 74,915
  - Total Value After 3 Years: Rs 3,74,915

ICICI Bank

FD Interest Rates:
- General Citizens: 7.00% p.a.
- Senior Citizens: 7.50% p.a.
Returns Calculation:
- General Citizen:
  - Invested Amount: Rs 3,00,000
  - Estimated Returns: Rs 69,432
  - Total Value After 3 Years: Rs 3,69,432
- Senior Citizen:
  - Invested Amount: Rs 3,00,000
  - Estimated Returns: Rs 74,915
  - Total Value After 3 Years: Rs 3,74,915

Choosing the right fixed deposit scheme can significantly impact your savings. With SBI, HDFC Bank, and ICICI Bank offering competitive interest rates, investors can make informed decisions based on their financial goals and age group. Fixed deposits remain a safe investment option, providing steady returns and helping to grow your savings over time.

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