The SBI is currently offering 6.25 interest on deposits for 5-10 years.
In HDFC fixed deposit, Rs 5000 will grow to Rs 9526 in 113 months, Rs 10,000 to Rs 19,049 and Rs 1 lakh to Rs 190,490 in the same period, according to HDFC Bank Fixed Deposit calculator.
How many years FD will double?
Fixed Deposit: Currently, banks are offering an interest rate of around 6.25 per cent per annum on deposits with a maturity period of more than five years. Invest in an FD now and it will take 11 years for the money to double.
How can I double my money in 5 years?
This is the number of years it will take for your money to double. For example, if your money is earning an 8 percent interest rate, you’ll double your money in 9 years (72 divided by 8 equals 9). Or, if your money is earning a 5 percent interest rate, you’ll double it in 14.4 years (72 divided by 5 equals 14.4).
How long will it take to double my fixed deposit in SBI?
What is the interest of 1 lakh in SBI?
1 lakh in your SBI FD account for a period of 5 years. The applicable interest rate is 6.60% p.a. Upon maturity, you can earn Rs. 38,722 as interest, thereby bringing the maturity amount to Rs.