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BEST MONEY FIXED DEPOSIT SCHEME IN BANK AND POST OFFICE

Fixed Deposit (FD) is the safest option in our country. If you also want to FD your precious money, it is very important to know which bank is paying interest on FD. Let us know about the interest earned on some of the major banks and time deposit schemes in the country. 
Time deposit scheme
This is a type of Fixed Deposit (FD) in which you can take advantage of a fixed return and interest payment by investing money together for a fixed period of time. The Post Office Time Deposit Account offers interest rates ranging from 5.5 to 6.7 percent for a period of 1 to 5 years.

In how much time does the money double?

The time deposit scheme offers a maximum interest of 6.7 per cent. According to Rule 72, if you invest money in this scheme, it will take 10 years and 7 months for the money to double.

ICICI Bank
  • 5.55 per cent on 1 year FD
  • 5.75 per cent on 1 year to 2 year FD
  • 5.75 per cent on 2 year to 3 year FD
  • 5.75 per cent on 5-year FD
In what time does the money double? It is getting maximum interest of 5.75 per cent, and according to Rule 75, if you invest money in this scheme, it will take about 12 years and 5 months for the money to double.

HDFC Bank
  • 5.60 per cent on 1 year FD
  • 5.60 per cent on 1 year to 2 year FD
  • 5.75 per cent on 2 year to 3 year FD
  • 5.75 per cent on 5-year FD
How much money doubles in it: It has a maximum interest rate of 5.75 per cent and according to 75, if you invest money in this scheme, it will take about 12 years and 5 months for the money to double.

Bank of Baroda (BoB)
  • 5.55 per cent on 1 year FD
  • 5.55 per cent on 400 days to 2 years FD
  • 5.55 per cent on FDs from 2 years to 3 years
  • 5.70 per cent on 5-year FD
How long does it take to double the money: The maximum interest is 5.70 per cent and according to 75, if you invest money in this scheme, it will take about 12 years and 6 months for the money to double.

State Bank of India (SBI)
  • 5.10 per cent for less than 1 year to 2 years
  • 5.10 per cent for less than 2 years to 3 years
  • 5.30 per cent in less than 3 years
  • 4.20 per cent on 5-year FD
  • 5.40 per cent from 5 years to 10 years
How long it takes to double the money: It has a maximum interest of 5.40 per cent and according to 75, if you invest money in this scheme, it will take about 13 years and 3 months for the money to double.

RBL Bank and IDFC First Bank are offering maximum interest of 7.25% on FDs. If you invest money in it, the money will double 10 years ago.

What is Rule 72 ?
There is a special rule of finance Rule of 72. Experts consider it the most accurate rule, which determines how long your investment will double. You can understand it this way, if you have chosen a special scheme of the bank, where you get 8% interest annually.

Note: This is a rough estimate as the interest earned on FDs is reviewed periodically. Therefore, before opening any fixed deposit, one must visit that bank.

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