look news india
In today’s era, where most of the banks have reduced their fixed deposit (FD) interest rates after the repo rate cut by the Reserve Bank of India (RBI), there are some banks which are still giving a great opportunity to their customers to make money.
If you are also looking for a safe investment where your money remains safe and you get good profits, then FD schemes of Canara Bank can be a great option for you. Canara Bank is offering attractive interest rates up to 7.10% to its customers, which is one of the best rates at present.
Get fixed interest up to ₹39,750 on FD of just ₹1 lakh!
In a special scheme of this government bank, you can earn up to ₹ 40,000 guaranteed interest in a fixed period of time by just depositing ₹ 1 lakh. This is a great opportunity for investors who want to earn good income without any risk.
Understand how much interest is being received in which scheme
Canara Bank is offering different interest rates on FD of different tenures, but two of its schemes are very special:
1. 444 days special FD scheme:
This is a short-term scheme in which the bank is offering tremendous interest.
- Common Citizen: 6.50%
- Senior Citizen (60+ years): 7.00%
- Super Senior Citizen (80+ years): 7.10% (Max)
2. 5 Year Tax Saver FD Scheme:
If you want to invest money for the long term, this is for you.
- Common Citizen: 6.25%
- Senior Citizens (60+ years): 6.75%
Complete mathematics of 5 year FD
If you make an FD of ₹ 1,00,000 in Canara Bank for 5 years, then how much benefit you will get, let us understand it in simple language:
- Common Citizen: You will get fixed interest of ₹36,354 on a deposit of ₹1,00,000. On maturity you will get a total return of ₹ 1,36,354.
- Senior Citizen: If your age is more than 60 years, you will get more benefits. You will get fixed interest of ₹39,750 on a deposit of ₹1,00,000. On maturity you will get a total return of ₹ 1,39,750.
Why is your money safe in Canara Bank?
The best thing is that in FD scheme, the interest amount is fixed on the first day itself and there is no fluctuation in it. Canara Bank is a government bank, so every single rupee of yours is completely safe here.
If you also want maximum and safe returns on your deposits, then this FD scheme of Canara Bank can prove to be a smart choice for you.