The maximum interest is getting 6.7% in the time deposit scheme
SBI FD is getting maximum interest of 5.4%
Investing in fixed deposits (FD) is a popular option in our country. In such a situation, if you also want to FD your money, then it is most important that you know which bank is paying how much interest on FD. We are telling you about the interest received on some major banks and time deposit schemes of the country so that you can invest your money in the right place according to your own.
Time Deposit Scheme
This is a kind of fixed deposit (FD) in which you can take advantage of fixed returns and interest payments by investing lump sum money for a fixed time. The post office time deposit account offers interest rates ranging from 5.5 to 6.7 per cent for a period ranging from 1 to 5 years. It has to invest a minimum of 1000 rupees. There is no maximum investment limit.
How much time will it take to double the money: Maximum interest is getting 6.7 percent in this, according to Rule 72, if you put money in this scheme, then it will take 10 years and 7 months to double the money.
ICICI Bank
- 5.55% on 1-year FD
- 5.75% on 1-year to 2-year FD
- 5.75% on FD of 2 years to 3 years
- 5.75% on 5-year FD
How much time will it take to double the money: Maximum interest is getting 5.75 percent in this, according to Rule 72, if you spend money in this scheme, it will take about 12 years and 5 months to double the money.
HDFC Bank
- 5.60% on 1-year FD
- 5.60% on 1-year to 2-year FD
- 5.75% on FD of 2 years to 3 years
- 5.75% on 5-year FD
Also Read: Investor will have to pay tax on dividend received this quarter, how to calculate
How much time will it take to double the money: Maximum interest is getting 5.75 percent in this, according to Rule 72, if you spend money in this scheme, it will take about 12 years and 5 months to double the money.
Bank of Baroda (BoB)
5.55 per cent on 1-year FD, 5.55 per cent on
400-day to 2-year FD, 5.55 per cent on
2-year to 3-year
FD, 5.70 per cent on 5-year FD
How much time will it take to double the money: Maximum interest is getting 5.70 per cent in this case, according to Rule 72, if you spend money in this scheme, it will take about 12 years and 6 months to double the money.
State Bank of India (SBI)
from 1 year to less than 2 years, 5.10 per cent from 2 years to less
than 3 years, 5.10 per cent from 3 years to less
than 5 years, 5.30 per cent to
5 years FD, 5.40 per cent to
5 years. 5.40 percent for 10 years
How much time will it take to double the money: Maximum interest is getting 5.40 percent in this, according to Rule 72, if you spend money in this scheme, then it will take about 13 years and 3 months for the money to double.
RBL Bank and IDFC First Bank – are giving maximum interest of 7.25% on FD. In such a situation, money will double before 10 years of putting money in it.
What is the rule of 72?
This special rule of finance is rule of 72. Experts consider it to be the most accurate rule, which determines how long your investment will double. You can consider it as such that if you have selected a special scheme of the bank, where you get 8% interest annually. In this case, you have to divide 8 out of 72 under Rule of 72. 72/8 = 9 years, ie under this scheme your money will double in 9 years.
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