How much will you earn on an FD of ₹20,000 to ₹1 lakh? Understand the full breakdown.

FD Calculator: If you wish to invest your money in a Fixed Deposit (FD), you should know what kind of returns to expect. Here, you can understand the detailed calculations offered by various public sector banks.

FD Return Calculator: If market volatility worries you and you prefer a safe investment avenue, an FD is the right choice for you. People generally place a great deal of trust in FDs offered by public sector banks. Currently, some public sector banks are offering interest rates ranging from 6.45% to 6.75% on 444-day FDs. The question arises: if you invest ₹20,000, ₹50,000, or ₹1 lakh, how much money will you receive after 444 days? Let’s look at the detailed calculations.

Which bank offers the highest interest?

Among public sector banks, Central Bank of India is currently offering the highest interest rate on 444-day FDs at 6.75%. At this rate, depositing ₹20,000 yields approximately ₹1,697 in interest, meaning, after 444 days, your ₹20,000 investment grows to ₹21,697.

Similarly, if you deposit ₹50,000 with Central Bank of India, you will earn ₹4,242 in interest, bringing the total amount to approximately ₹54,242. If you open an FD of ₹1 lakh, you will earn ₹8,483 in interest, resulting in a maturity value of approximately ₹1,08,483.

What are the benefits with PNB and IOB?

Punjab National Bank (PNB) and Indian Overseas Bank (IOB) are also good options. Both banks are offering an interest rate of 6.60% on 444-day FDs. In other words, if you deposit ₹20,000 in this bank, you will earn ₹1,658 in interest over 444 days, bringing your total amount to ₹21,658.

If you deposit ₹50,000, you will earn ₹4,144 in interest, resulting in a total of ₹54,144 after 444 days. Similarly, if you deposit ₹1 lakh, you will earn ₹8,289 in interest, making your total balance ₹1,08,289.

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What returns does Canara Bank offer?

Canara Bank offers slightly lower returns. The bank provides an interest rate of 6.50% on a 444-day FD. If you deposit ₹20,000 here, you will earn approximately ₹1,632 in interest, bringing the total amount to around ₹21,632.

Meanwhile, depositing ₹50,000 yields ₹4,080 in interest, resulting in a total of about ₹54,080. Depositing ₹1 lakh earns approximately ₹8,159 in interest, making the maturity amount around ₹1,08,159.

What returns do SBI and Bank of Baroda offer?

Two of the country's major public sector banks—State Bank of India (SBI) and Bank of Baroda—offer even lower returns than Canara Bank. Both banks offer an interest rate of 6.45% on a 444-day FD. At SBI, this FD scheme is known as 'Amrit Vrishti,' while at Bank of Baroda, it is called the 'BoB Square Drive Deposit Scheme.' Depositing ₹20,000 in either of these banks for 444 days will earn you ₹1,619 in interest, bringing your total to ₹21,619. If you deposit ₹50,000, the interest earned will amount to ₹4,047, bringing the total value to ₹54,047 after 444 days. Similarly, if you deposit ₹1 lakh, you will receive a total of ₹1,08,094, which includes ₹8,094 in interest.

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Things to know before opening an FD
The advantage of investing in a Fixed Deposit (FD) is that you know beforehand exactly how much money you will receive upon maturity. However, you should not base your decision solely on the interest rate. You should also consider factors such as the interest earned and penalties applicable if the FD is closed prematurely, the method of interest payout, and tax-related rules.