Thinking of getting FD? Wait! First know which bank between SBI and HDFC will give more interest on your money.

Best bank for FD: Whenever it comes to safe investment, the first name that comes to the mind of us Indians is ‘FD’ i.e. Fixed Deposit. Why don’t you trust it, after all you get guaranteed returns here. Also, your investment up to Rs 5 lakh remains completely safe, that is, even if something happens to the bank, your money will not be lost.

But wait! Do you know that blindly getting an FD anywhere can be a loss-making deal for you? Your one small mistake can cause a loss of thousands. Therefore, before investing money in FD, it is very important to compare the interest rates of different banks.

Come, today we will talk about the two largest banks of the country- State Bank of India (SBI) And HDFC Bank Let us compare and know that if you make an FD of Rs 5 lakh, then where will you get more benefit.

How much return will you get on FD of Rs 5 lakh in SBI Bank?

• For 1 year: SBI you 6.25% Is paying interest of Rs. That is, after depositing Rs 5 lakh, after one year you will get ₹5,31,990 Will get (Interest: ₹ 31,990).
• For 2 years: Interest rate on 2 year FD 6.45% Is. On depositing Rs 5 lakh you will get ₹5,68,260 Will get (Interest: ₹68,260).

For 3 years: Here the interest rate is a little lower, 6.30%Is. On depositing Rs 5 lakh you will get ₹6,03,131 Will get (interest: ₹ 1,03,131).

• for 5 years: SBI on 5 year FD 6.05%Is paying interest of Rs. On depositing Rs 5 lakh you will get ₹6,75,088 Will get (interest: ₹ 1,75,088).

How much return will you get on FD of Rs 5 lakh in HDFC Bank?

• For 1 year: HDFC also 6.25% It is giving interest of Rs., i.e. equal to SBI. 5 lakhs to you ₹5,31,990 Will get (Interest: ₹ 31,990).
• For 2 years: interest rate here also 6.45% Is, i.e. equal to SBI. 5 lakhs to you ₹5,68,260 Will get (Interest: ₹68,260).
• For 3 years: Here HDFC wins! On FD of 3 years you will get 6.45% You will get interest of Rs. On depositing Rs 5 lakh you will get ₹6,05,809 Will get (interest: ₹ 1,05,809), which is more than SBI.
• for 5 years: HDFC is better in long term also. This on 5 year FD 6.40% Is giving excellent interest. On depositing Rs 5 lakh you will get ₹6,86,822 Will get (Interest: ₹ 1,86,822).

So what is the verdict?

If you want to get FD for a short period like 1 or 2 years, then both SBI and HDFC are offering almost equal interest. But, if you are thinking of investing for a longer period like 3 years or 5 years, then HDFC Bank is giving you more profits.

conclusion: Next time you make an FD, do not just go in the name of the bank. Be sure to check the interest rates of different banks, because the right decision can give you a profit of thousands of rupees.