If you are also looking for better options for investment, then this news can prove to be useful for you. This is because the Reserve Bank of India (RBI) has reduced the repo rate by 1% this year. The effect of this was that on one hand loans became cheaper, but on the other hand FD (Fixed Deposit) interest rates also reduced.
Nevertheless, public sector Canara Bank is offering attractive interest on FD to its customers. Let us know, if you invest one lakh rupees in Canara Bank today, then in how many days will you get fixed interest of Rs 14325?
Highest interest on FD of 444 days
In Canara Bank, customers can get FD for a period ranging from 7 days to 10 years. At present the bank is offering interest rates ranging from 3.25% to 7.20%. The most attractive scheme among these is 444 days special FD, in which general customers get the benefit of 6.50% interest, senior citizens get the benefit of 7.00% interest and super senior citizens get the benefit of 7.10% interest.
How much benefit will you get on 2 year FD?
If you are a normal customer and make an FD of Rs 1 lakh for 2 years, then on maturity you will get a total of ₹ 1,13,205. That means you will get fixed interest of ₹ 13,205. Whereas, if you are a senior citizen then this amount will become ₹ 1,14,325. That means you will get fixed interest of ₹ 14,325.
Why is FD beneficial?
The specialty of FD is that you get guaranteed interest after the fixed period. It is not affected by market fluctuations. This means that it is a better option for those who want a safe investment.