Even today, in times of market fluctuations and uncertainty, Fixed Deposit (FD) is considered a strong option for safe investment. If you want guaranteed returns while staying away from risk, then the 3-year FD scheme of public sector Bank of India can prove beneficial for you. Let us know if you deposit Rs 2 lakh for three years, how much amount you will get on maturity.
For what period is FD opened?
FD account can be opened in Bank of India for a minimum period of 7 days to a maximum of 10 years. The bank is offering interest rates ranging from 3% to 7.35% to its customers, which depends on the tenure and category of investor.
How much interest on 3 year FD?
The bank is giving different interest rates to different categories on 3 year FD.
- 6.25% annual interest to ordinary citizens
- 6.75% annual interest to senior citizens
- 6.90% annual interest to very senior citizens
These interest rates decide the final return on your investment.
How much will you get by depositing Rs 2 lakh?
- Ordinary Citizen: If a normal investor deposits Rs 2,00,000 for three years at 6.25% interest rate, then on maturity he will get a total of Rs 2,40,897. That means interest benefit of about Rs 40,897.
- Senior Citizen: At 6.75% interest rate, this amount will increase to Rs 2,44,479 in three years. That means interest benefit of approximately Rs 44,479.
- Very Senior Citizens: By investing at the rate of 6.90%, the maturity amount will be Rs 2,45,563. That means interest benefit of up to Rs 45,563.
For whom is it a better option?
This FD scheme can be a good option for investors who want safe and fixed returns. Especially senior and very senior citizens get the benefit of extra interest rate, which makes their returns even better.
Latest Business News