If you want to get better returns with safe investment, then fixed deposit (FD) can be a reliable option. HDFC Bank, one of the largest private banks in the country, is offering attractive interest rates to its customers on FD schemes of different tenures. In such a situation, if you invest ₹ 55,000 in the bank’s 55 month FD scheme, then how much return you will get on maturity and how much interest will be added on it, we can easily understand it on the basis of a calculation here, so that you can understand the pattern of returns you get on investment.
How much interest is being received on 55 month FD?
According to the official website, at present, 6.40% interest rate is being offered to general customers on HDFC Bank’s FD scheme of 55 months or 4 years and 7 months, while senior citizens are being offered 0.50% more i.e. 6.90% interest. This interest rate is for FDs up to amount less than Rs 3 crore. You can deposit money in FD for a period ranging from 7 days to 10 years. Interest rates are different for different periods.
Understand the mathematics of return on FD of ₹55,000
If you are a normal customer and you make an FD of Rs 55,000 in HDFC Bank for 55 months or 4 years and 7 months, then according to the calculation based on 6.40 percent interest, you will get a total of ₹ 18,594 as return on maturity. Including this amount received as interest, you will then have a total fund of ₹ 73,594. If you are a senior citizen, then according to the calculation based on 6.90 percent interest, you will get ₹ 20,273 as return. That means in the end you will have a total of ₹ 75,273.
SK Sharma is a content writer who writes on news, entertainment, and lifestyle topics. She has over four years of experience and is known for conveying information in simple and clear language.
