For the duration that has passed, fixed deposits (FDs) have been an absolutely safe and favorite option for Indians. Simultaneously, the investors earned good returns on schemes like mutual funds, PPF, NPS, etc., wherein an investor can earn strong profits. But when it comes to safe investment most people in India choose fixed deposits. In bank fd, investments are done for a fixed time period and guaranteed returns are given.
FD Return
According to the most competent advantage of investing in fd, all the time the banks initiate a match with any fds for its interest rate. However, for the last few years, these rates have been continuously shooting up. Well, it is good for investors. Now, all major banks are offering high-end very high returns to their customers on the investment. Let us know-.
Money will double to triple on 10-year FD-Most people prefer short-term FD investments by walking through. If you see that most people invest in FD for a period of one or two years. On the contrary, long-term fixed deposit investing pays off much more.
HDFC Bank and Axis Bank, which both belong to the private sector, are quoting 7 percent as the interest rate they offer to the retail investor on the 10-year long-term fixed deposit scheme. One best feature of this period investment in FD is, you can invest any amount of money along with this investment period in terms of 10 years and by the time it matures, your money will have doubled or tripled.
HDFC Bank
If you wish to invest in the aforementioned FD and that being the leading bank in India as per private sector, then you are going to become rich soon in his life. Let’s tell you that if you create a fixed deposit of Rs 10 lakh in HDFC Bank for 10 years, then at maturity you will get back Rs 20,01,463.
Let us tell you that HDFC Bank is giving 7.50 percentage to senior citizens on a 10-year fixed deposit scheme. In this scheme of FD, if a senior citizen invests an amount of Rs 10 lakh, then on maturity his money will become Rs 21,02,197.
Axis Bank FD Rate
If you want to select Axis Bank for putting up a fixed deposit and make an FD of Rs 10 lakh in the bank for 10 years, then you will have Rs 20,01,597, which is more than double this amount at maturity. By the way, it is worth noting that Axis Bank applies a different but important interest of 0.75 percent above general customers for senior citizens on a 10-year fixed deposit scheme.
In other words, 7.75 percent interest will be given to senior citizens. If this type of fixed deposit is made by a senior citizen for Rs 10 lakh, the maturity amount will be Rs 21,54,563, twice the amount invested.
