Canara Bank vs Indian Overseas Bank vs BoB FD: Which bank gives highest return in 1-year fixed deposit scheme on Rs 5 lakh, Rs 10 lakh, Rs 15 lakh investments
A fixed deposit (FD) is considered a safe investment option as it offers guaranteed returns. However, the interest rates on FDs depend on the type of plan and tenure you choose. FDs are less volatile in nature as returns are not affected by market risks. This is a good financial investment for a consistent monthly income without depleting your principal funds. You can simply deposit a significant amount of money that you will not need for a long and get monthly interest payments on your account.
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Canara Bank vs Indian Overseas Bank vs BoB FD
In this article, we will discuss interest rates of banks like Canara Bank, Indian Overseas Bank (IOB) and Bank of Baroda (BoB) on 1-year investment for general citizens.
Canara Bank FD rates
PSU lender Canara Bank provides a 6.85 per cent interest rate to general citizens on a 1-year investment.
Indian Overseas Bank FD rates
PSU lender Canara Bank provides a 7.10 per cent interest rate to general citizens on a 1-year investment.
BoB FD rates
Bank of Baroda (BoB) provides a 6.85 per cent interest rate to general citizens on a 1-year investment.
Maturity amount of Rs 5 lakh investment
General citizens can get Rs 5,35,140 on a one-year investment of Rs 5 lakh from both Canara Bank and BoB while they can get Rs 5,36,456 from Indian Overseas Bank.
Maturity amount of Rs 7 lakh investment
General citizens can get Rs 7,49,196 on a one-year investment of Rs 7 lakh from both Canara Bank and BoB while they can get Rs 7,51,039 from Indian Overseas Bank.
Maturity amount of Rs 10 lakh investment
General citizens can get Rs 10,70,280 in on a one-year investment of Rs 10 lakh from both Canara Bank and BoB while they can get Rs 10,72,913 from Indian Overseas Bank.
Maturity amount of Rs 12 lakh investment
General citizens can get Rs 12,84,336 on a one-year investment of Rs 12 lakh from both Canara Bank and BoB while they can get Rs 12,87,495 from Indian Overseas Bank.
Maturity amount of Rs 15 lakh investment
General citizens can get Rs 16,05,420 on a one-year investment of Rs 15 lakh from both Canara Bank and BoB while they can get Rs 16,09,369 from Indian Overseas Bank.
Maturity amount of Rs 20 lakh investment
General citizens can get Rs 21,40,560 on a one-year investment of Rs 20 lakh from both Canara Bank and BoB while they can get Rs 21,45,826 from Indian Overseas Bank.