SBI vs PNB vs BoB 3-year FD: Which bank offers higher maturity amount on Rs 4 lakh, Rs 6 lakh, and Rs 12 lakh investments?
A 3-year Fixed Deposit (FD) is a suitable choice if you don’t need immediate access to your funds but want them within a few years. It also offers the option of receiving monthly interest payouts over the 3-year period.
SBI vs PNB vs BoB 3-year FD: A Fixed Deposit (FD) is a low-risk investment option that offers a stable return, making it a preferred choice across all age groups. With a fixed interest rate, FDs provide stable returns, allowing you to invest a lump sum for a duration ranging from 7 days to 10 years. The interest earned depends on the investment amount and tenure. You can choose to receive interest payouts monthly, quarterly, half-yearly, annually, or as a lump sum at maturity.
Now, let's explore the estimated returns on Rs 4 lakh, Rs 6 lakh, and Rs 12 lakh investments in fixed deposits offered by Punjab National Bank (PNB), State Bank of India (SBI), and Bank of Baroda (BOB).
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(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)
Why opt for a fixed deposit (FD)?
Fixed deposits offer a safe and stable investment option with stable returns. They provide higher interest rates compared to savings accounts and ensure financial security with minimal risk.
When should you start investing in FD?
Investing in an FD is better when you have surplus funds that you want to keep secure while earning a steady interest. It is recommended to start early to maximise returns through compounding.
Benefits of fixed deposits
- Guaranteed returns with no market risk
- Flexible tenure options
- Higher interest rates for senior citizens
- Loan facility against FD
SBI 3-year fixed deposit interest rate
State Bank of India (SBI) offers an interest rate of 6.75 per cent for general citizens on fixed deposits. For senior citizens, the interest rate is 7.25 per cent.
PNB 3-year fixed deposit interest rate
Punjab National Bank (PNB) is currently offering an interest rate of 7.00 per cent for general citizens on its 3-year fixed deposit. Senior citizens can avail of a higher interest rate of 7.50 per cent.
BOB 3-year fixed deposit interest rate
Bank of Baroda (BOB) offers an interest rate of 7.15 per cent for general citizens and 7.65 per cent for senior citizens on a 3-year fixed deposit.
SBI vs PNB vs BOB: Interest rate comparison
For a 3-year fixed deposit, the interest rates offered by these banks are:
- SBI: 6.75 per cent for general citizens, 7.25 per cent for senior citizens
- PNB: 7.00 per cent for general citizens, 7.50 per cent for senior citizens
- BOB: 7.15 per cent for general citizens, 7.65 per cent for senior citizens
. SBI 3-year FD: Maturity value on Rs 4 lakh, Rs 6 lakh and Rs 12 lakh
For an investment of Rs 4 lakh, the estimated maturity amount would be approximately Rs 4,88,957.19, with an interest earned of approximately Rs 88,957.19.
For an investment of Rs 6 lakh, the estimated maturity amount would be approximately Rs 7,33,435.78, with an interest earned of approximately Rs 1,33,435.78.
For an investment of Rs 12 lakh, the estimated maturity amount would be approximately Rs 14,66,871.56, with an interest earned of approximately Rs 2,66,871.56.
PNB 3-year FD: Maturity value on Rs 4 lakh, Rs 6 lakh and Rs 12 lakh
For an investment of Rs 4 lakh, the estimated maturity amount would be approximately Rs 4,92,575.73, with an interest earned of approximately Rs 92,575.73.
For an investment of Rs 6 lakh, the estimated maturity amount would be approximately Rs 7,38,863.59, with an interest earned of approximately Rs 1,38,863.59.
For an investment of Rs 12 lakh, the estimated maturity amount would be approximately Rs 14,77,727.18, with an interest earned of approximately Rs 2,77,727.18.
BOB 3-year FD: Maturity value on Rs 4 lakh, Rs 6 lakh and Rs 12 lakh
For an investment of Rs 4 lakh, the estimated maturity amount would be approximately Rs 4,94,758.61, with an interest earned of approximately Rs 94,758.61.
For an investment of Rs 6 lakh, the estimated maturity amount would be approximately Rs 7,42,137.92, with an interest earned of approximately Rs 1,42,137.92.
For an investment of Rs 12 lakh, the estimated maturity amount would be approximately Rs 14,84,275.84, with an interest earned of approximately Rs 2,84,275.84.