I have opened FD for 1 lakh rupees. How much interest will i get for 1 lakh fixed deposit?
Your concern regarding ‘how much interest for ₹1 lakh fixed deposit’ does not have a one-word answer, as the interest rate is not the same for everyone or every bank. It varies:
- From one bank to another.
- Based on age. If you belong to the senior citizen category, you usually get a higher rate, while the rate is slightly lower for the general public.
- Depending on the tenure you select.
Let me explain using examples:
For instance, if you book a ₹1 lakh FD in the State Bank of India for 2 years 5 months as a general user, you will get a 6.45% interest rate in the current fiscal year. For senior citizens, the interest rate is 6.95%.
Similarly, if you keep ₹1 lakh in Bank of Baroda in FD for the same tenure (2 years 5 months), you can get a 6.50% interest rate as a general customer and 7.10% if you fall under the super senior citizen category.
However, if you invest that ₹1 lakh amount in Suryoday SF Bank, you can get up to 8.40% interest annually. So, choose your bank wisely and earn more while investing the same amount in a fixed deposit.