A fixed deposit is a financial scheme offered by banks and financial organisations that allows customers to deposit a lump sum of money for a certain period of time at a predefined interest rate. This interest rate is often higher than that given by traditional savings accounts.
The amount you invest in an FD is not subject to market risks. FDs provide capital protection and give a fixed rate of interest. For an amount of up to Rs 5 lakh, it adds an extra layer of security as this is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
In this article, we will compare SBI’s one year FD scheme with another PSU lender Central Bank of India’s (CBI) one-year FD plan. Take a look:
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SBI 1-year FD rate
The State Bank of India provides a 6.80 per cent interest rate on a one-year FD scheme.
Central Bank 1-year FD rate
Central Bank of India provides a 6.85 per cent interest rate on a one-year FD scheme.
Know your maturity amount on Rs 1 lakh investment in SBI FD?
If you invest Rs 1,00,000 for one year in SBI FD, your maturity amount will be Rs 1,06,975.
SBI FD: Maturity amount on Rs 2 lakh investment
If you invest Rs 2,00,000 for one year in SBI FD, your maturity amount will be Rs 2,13,951.
SBI FD: Maturity amount on Rs 3 lakh investment
If you invest Rs 3,00,000 for one year in SBI FD, your maturity amount will be Rs 3,20,926.
Know your maturity amount on Rs 1 lakh investment in CBI FD?
If you invest Rs 1,00,000 for one year in CBI FD, your maturity amount will be Rs 1,07,028.
SBI FD: Maturity amount on Rs 2 lakh investment
If you invest Rs 2,00,000 for one year in CBI FD, your maturity amount will be Rs 2,14,056.
SBI FD: Maturity amount on Rs 3 lakh investment
If you invest Rs 3,00,000 for one year in CBI FD, your maturity amount will be Rs 3,21,084.
