This bank is offering an impressive return of up to 8.60% on its special FD; how much will you earn on an investment of ₹10 lakh?

If you are considering opening a secure Fixed Deposit (FD) with a bank, this news is for you. With the festive season in mind, one bank is offering an interest rate of 8.60% on investments of less than ₹3 crore. Let’s look at how you can take advantage of this.

Which bank is offering the higher interest rate?
This particular bank is Suryoday Small Finance Bank. The bank has launched a special FD scheme tailored for senior citizens, offering an interest rate of 8.60% on a 5-year investment.

What is the benefit for senior citizens?
If a senior citizen (an individual aged 60 or above) opens an FD of ₹10,00,000 for a tenure of 5 years, they will earn interest at an annual rate of 8.60%.

Total Interest: Over 5 years, you will earn ₹5,30,268 in interest alone.
Total Amount at Maturity: After 5 years, your initial investment of ₹10 lakh will grow to a total of ₹15,30,268.
What about the benefits for others?
If you are under 60 years of age and open an FD of ₹10 lakh under this scheme, you will receive an annual interest rate of 8.25%.

Total Interest: At this rate, you will earn ₹5,04,264 in interest over 5 years.
Total Amount at Maturity: After 5 years, your money will grow to a total of ₹15,04,264.

What offer is the bank providing? Please note that if you do not wish to open a fixed deposit (FD) for a 5-year tenure, you may opt for other available tenures:

30-month FD: Offers an interest rate of 8.10% for general citizens and 8.25% for senior citizens.
18-month FD: Offers an interest rate of 8.01% for general citizens and 8.16% for senior citizens.

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