look news india
News India Live, Digital Desk: Fixed Deposit: Who does not want to increase it while keeping your money safe? Fixed Deposit (FD) has always been the most preferred option of trusted and safe investment for Indians. Where there is no fear of market volatility, and a fixed return is found. In such a situation, if a government bank gives such a ‘bumper’ interest on your money, then who will refuse! One such government bank is giving tremendous interest of up to ₹ 74,729 at an FD of ₹ 1 lakh, which will increase your money very fast! This is no less than a jackpot for those who want to increase their money without risk.
So which is this ‘heart -winning’ government bank?
We are talking about the government sector KYC bank (Although the news is clearly not clearly mentioned in the news, it shows that a symbolic name or generalization has been used for a ‘public sector bank’. Readers should be advised to confirm from their banks). This bank is offering attractive interest rates on its FD schemes, so that investors can get good returns on their deposits.
How much interest will be available? (Understand complete maths):
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Basic Investment: ₹ 1 lakh
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Time period: If you do your ₹ 1 lakh FD for 10 years.
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Interest Rate (Potential): This is not clear in the information, but if ₹ 1 lakh gets ₹ 74,729 interest (then ₹ 1,74,729), it means that the annual interest rate is around 5.72% which is quite attractive in a government bank (it is a total of 10 years cumulative interest).
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Maturity Amount: After 10 years, your ₹ 1 lakh will increase to ₹ 1,74,729, with ₹ 74,729 as interest.
For whom is this opportunity? (Return and Risk):
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Risk -free investment: This is the best option for investors who do not want to risk stock market fluctuations and preserve their original capital (Principal Amount).
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Fixed returns: In this, you already know how much amount you will get on maturity, so that you can make financial plans for your future.
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Additional benefits for senior citizens: Government banks usually pay more interest to senior citizens up to 0.50% than regular customers. So if you are a senior citizen, then your FD of your ₹ 1 lakh will increase even more!
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Safe and reliable: Public sector banks are considered to be the safest due to being government, so that there is no concern about your money.
Why is there a smart choice even today?
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Financial goals: Whether it is children’s education, marriage or retirement, FD helps you meet your big financial goals.
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Liquidity: If needed, you can also take a loan on FD or break it, although it may take some penalty.
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Tax Benefits: Some special tax saving FD (with 5-year lock-in) also offers tax exemption under Section 80C of the Income Tax Act.