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On the savings and safe investment front, Fixed Deposit (FD) has always been the first choice of crores of middle class families and investors in the country. In recent times, when there is an environment of uncertainty in the financial market, many major government and private banks of the country have launched special fixed deposit schemes of a specific period i.e. 555 days in the market to attract their customers. Under this unique scheme, everyone from common citizens to senior citizens are getting the benefit of very attractive interest rates as compared to normal FD. In such a situation, the question that is coming to the mind of investors who have an amount like Rs 2 lakh as additional savings is that if they invest their money in this 555 day special FD, then what will be the total return they will get and how much will their Rs 2 lakh increase to after the completion of maturity. In today’s detailed financial analysis, we are going to explain to you in simple language the entire mathematics of interest rates and returns offered by banks.
Status of 555 day special FD schemes of various banks and complete mathematics of interest rates
These days, many big banks of the country are offering excellent interest rates to their customers through schemes with special tenures. Generally, compared to traditional FD, banks offer additional interest ranging from 0.25% to 0.75% on these special periods (like 555 days or 400 days). If we look at the current financial market data and rates of various banks, then the average interest rates on 555 day FD are around 7.25% to 7.80% for general citizens, whereas senior citizens are getting a hefty interest of 0.50% extra i.e. around 7.75% to 8.30% on the same period. This scheme of the bank is a great opportunity for those investors who want to earn sure and handsome profits on their capital without any market risk, because the returns in it are completely safe and guaranteed.
How much will your Rs 2 lakh become in 555 days, know the complete return calculation and maturity amount.
Now the biggest question is that if you invest your Rs 2 lakh in this 555 day special FD, then what will be the total amount in your hand in the end. Let us understand it on the basis of compound interest and simple calculations. Suppose you are getting an annual interest rate of 7.50% on this special scheme of 555 days of any bank. When you invest Rs 2 lakh for 555 days (i.e. a little over 1.5 years), the total interest earned during this period comes to around Rs 23,000 to Rs 25,000. Thus, when your FD tenure is over and the time of maturity comes, your initial Rs 2 lakh will be returned to your bank account by the bank, giving a total amount of around Rs 2,23,000 to Rs 2,25,000 (this amount can be more in case of senior citizens). This investment is extremely beneficial for those who want to grow their small savings in a safe manner over a period of time without any hassle.