Quick Answer: Which Bank Gives Highest Interest Rate On FD For 5 Years?

Which bank is safe for FD?

3.

Compare Interest Rates from different BanksBANKNormal CitizensSenior CitizensAxis Bank3.50% – 7.60%3.50% – 8.25%Kotak Mahindra Bank3.50% – 7.30%4.00% – 7.80%IDFC Bank4.00% – 8.25%4.50% – 8.75%Bank of Baroda4.50% – 6.85%5.00% – 7.35%16 more rows•Nov 24, 2020.

Can I double my money in 5 years?

Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5). If your goal is to double your invested sum in 10 years, you should invest in a manner to earn around 7% every year. Rule of 72 provides an approximate idea and assumes one time investment.

Is Post Office FD safe?

Government-backed schemes like post office saving schemes and bank fixed deposits are safe and they also offer assured returns. However, the trouble with them is that they offer only modest returns. Often the post-tax returns fail to beat inflation. When that happens over a long period, your money loses its value.

Which scheme is best in Post Office 2020?

Sukanya Samriddhi AccountInstrumentInterest rate (%) from October 1, 2020Max amt (Rs)Senior Citizen Saving Scheme7.415 lakhSukanya Samriddhi Account7.61.50 lakhPublic Provident Fund7.11.50 lakh per annum5 Yr NSC-VIII Issue6.8No limit6 more rows

Which is better Bank FD or Post Office FD?

Post office time deposits The interest earned is fully taxable and to be added to one’s ‘Income from other sources’ as in the case of bank FD. There is complete safety as the entire amount in post office time deposit is backed by a government guarantee. Even the interest rate is higher than bank FD in most cases.

What is the interest of 1 lakh in post office?

Interest rates for senior citizens are higher than the normal rates and ranges upto 6.70%….RBI keeps Repo Rate unchanged at 4%TenureRatesMaturity Amount for ₹ 1 Lakh7 days to 1 year5.50% to 5.50%₹ 1,00,105 – ₹ 1,05,6143 more rows•Nov 25, 2020

Which post office scheme is best?

3. Comparison of the various Post office savings schemesSchemeInterest RatePost Office Monthly Income Scheme Account (MIS)7.6% per annum payable monthlySenior Citizen Savings Scheme (SCSS)8.6% p.a. (Compounded annually)15-year Public Provident Fund Account (PPF)7.9% p.a. (Compounded annually)5 more rows•Nov 4, 2020

Which bank FD rate is high 2020?

Fixed Deposit Interest Rates 2020BanksFD Interest RatesTenureHDFC2.50% – 5.50%7 days to 10 yearsPNB Housing Finance6.20% – 6.70%12 months to 120 monthsICICI Bank2.50% – 5.50%7 days to 10 yearsAxis Bank2.50% – 5.50%7 days to 10 years3 more rows•Nov 20, 2020

How can I double my money fast?

4 Simple Ways to Double Your MoneyInvesting. Investing is one of the best ways to grow your wealth because there’s a good chance your annual rate of return will outpace inflation, gradually increasing your net worth. … Use a high-yield savings account. … Start a side hustle. … Spend less to double your savings.

How can I double my money in 3 years?

The rule of 72 can help you build wealth without much risk The rule states that the amount of time required to double your money can be estimated by dividing 72 by your rate of return. 1 For example: If you invest money at a 10% return, you will double your money every 7.2 years. (72/10 = 7.2)

Is Yes Bank FD safe now?

Yes Bank raises Rs 15,000 Crores However, one of the most important things to remember is that deposits of upto Rs 5 lakhs are insured by the Deposit Insurance and Credit Guarantee Corporation and hence to that extent there is safety. At the moment there is little worries in investing in the fixed deposits of Yes Bank.

Does fixed deposit double in 5 years?

So, assuming the same for an investment of Rs 1 lakh in both SBI FD and Post Office Time Deposit Scheme for five years, Rs 1 lakh will become Rs 1,64,362 in SBI FD giving Rs 64,362 as interest after five years. … This means money will get almost doubled in the Post Office Time Deposit scheme.

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 6.95%, then the number of years in which your FD will get doubled is 72/6.95= 10.36.

Which type of FD is good?

List of 10 best FD schemes for 3 yearsFincare Small Finance Bank. Fincare offers better rates of interest when compared to other banks in the industry. … KTDFC. … Shriram City. … Mahindra Finance. … Sundaram Finance. … LVB. … ICICI Home Finance. … Yes Bank.More items…