Bank FD Returns: With the current interest rates, it is not possible to double the money in 10 years in FD. SBI offers 6.5% interest on 10-year FD, which will make ₹1 lakh ₹1.87 lakh. To double the amount, 7.18% return will be required, which is higher than the current FD rates.
Bank FD Returns: If you want to double your money in the next 7 to 10 years, investing in equity may be your first choice. However, conservative investors prefer safe investment options like fixed deposits (FD). But can you double your money in 10 years by investing in FD? Let’s know.
The return on fixed deposits depends entirely on the period for which you have locked the money. For example, if you invest money for 10 years, the interest rate of India’s largest bank SBI is 6.5%. At the same time, 6.75% interest is available for a period of 3 to 5 years. However, to double the money, the investment will have to give a return of 7.18% in 10 years, 10.41% in 7 years or 14.87% in 5 years. But this is not possible considering the current interest rates.
Interest rates of banks
State Bank of India (SBI)
- 6.5% interest rate on 10-year FD.
- An investment of ₹1 lakh will become ₹1.87 lakh in 10 years.
HDFC Bank
- 7% interest rate on 10-year FD.
- An investment of ₹1 lakh will become ₹1.96 lakh.
- Senior citizens get 7.5% interest rate, which can make ₹1 lakh into ₹2.06 lakh.
ICICI Bank
- 6.9% interest rate on 10-year FD.
- ₹1 lakh investment will be ₹1.94 lakh.
Kotak Mahindra Bank
- Interest rate of 6.2% on 10-year FD.
- Investment of ₹1 lakh will be ₹1.82 lakh.
Punjab National Bank (PNB)
- Interest rate of 6.5% on 10-year FD.
- Investment of ₹1 lakh will be ₹1.87 lakh.
Bank of Baroda (BOB)
- Interest rate of 6.25% on 10-year FD.
- Investment of ₹1 lakh will be ₹1.83 lakh.
Doubling the amount in 10 years by investing in fixed deposits is not possible according to the current interest rates. Only senior citizens can get higher returns to some extent. Investors should consider other options like equity to get higher returns.
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