SBI 1 year FD vs HDFC Bank 1 year FD vs Canara Bank 1 year FD: Which one offers the highest returns for seniors at Rs 4 lakh, Rs 8 lakh, and an investment of Rs 12 lakh?

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SBI 1 year FD vs HDFC Bank 1 year FD vs Canara Bank 1 year FD: Which one offers the highest returns for seniors at Rs 4 lakh, Rs 8 lakh, and an investment of Rs 12 lakh?

SBI 1 year FD vs HDFC Bank 1 year FD vs Canara Bank 1 year FD: Senior citizens who need regular, consistent income from their investments invest in fixed deposit (FD) schemes.

It keeps their money relatively safe compared to many linked market programs.

At the same time, guaranteed benefits entice them to see their money grow steadily.

Banks offer higher FD interest rates to senior citizens as compared to what they offer to general citizens.

Among traditional FDs, 1-, 3-, and 5-year FDs are popular among investors.

Those who invest in 5 year FD also get tax benefits under Section 80C of Income Tax, 1961.

Senior citizens who want return on their investment in short term also choose 1 year FD for investment.

As of this writing, know what interest rates State Bank of India (SBI), HDFC Bank, and Canara Bank are offering to senior citizens on their one-year FD schemes, and what they will gain on maturity if they invest Rs. 4 lakh, Rs 8 lakh, and Rs 12 lakh on the guaranteed return plan.

SBI 1 year FD: Interest rate for adults

The interest rate for adults on SBI FD for one year is 7.30 percent.

HDFC Bank 1 year FD: Interest rate for senior citizens

The largest private sector bank is offering 7.10 percent interest to senior citizens on its one-year FD.

Canara Bank 1 year FD: Interest rate for senior citizens

PSU bank’s interest rate for adults on its one-year FD is 7.35 percent.

SBI 1 year FD: Return on Rs 4 lakh investment

The average return on it will be Rs 30,009.12, and the estimated maturity will be Rs 4,30,009.12.

SBI 1 year FD: Return on Rs 8 lakh investment

Senior citizens will get a nominal interest of Rs 60,018.24 and a nominal maturity value of Rs 8,60,018.24.

SBI 1 year FD: Return on Rs 12 lakh investment

The estimated interest that one will get from this investment will be Rs 90,027.36 and the estimated maturity will be Rs 12,90,027.36.

HDFC Bank 1 year FD: Return on Rs 4 lakh investment

The estimated interest on an investment of Rs 4 lakh in HDFC FD will be Rs 29,165.14, and the estimated corpus will be Rs 4,29,165.14.

HDFC Bank 1 year FD: Return on Rs 8 lakh investment

The estimated interest that one will get on this amount will be Rs 58,330.27, and the estimated maturity will be Rs 8,58,330.27.

HDFC Bank 1 year FD: Return on Rs 12 lakh investment

Senior citizens will get an estimated return of Rs 87,495.41 and an estimated maturity value of Rs 12,87,495.41.

Canara Bank 1 year FD: Return on Rs 4 lakh investment

The estimated interest rate on an investment of Rs 4 lakh in Canara Bank’s 1 year FD will be Rs 30,220.31, and the estimated maturity will be Rs 4,30,220.31.