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FDs are a reliable and safe investment option that offers fixed returns.  Yes, various banks are offering excellent returns on a ₹5 lakh investment in a 3-year FD. So, let's find out the FD details of SBI, HDFC, ICICI, Axis, Canara, and BOB.

Whenever safe investment is discussed, Fixed Deposits (FDs) are often the first choice for people. The biggest reason for this is that the entire amount invested in an FD is completely safe and secure, and it offers a pre-fixed return. Unlike the stock market or mutual funds, there is no risk of fluctuations. This is precisely why salaried individuals, retired people, and risk-averse investors value FDs.

In fact, different banks in India offer different interest rates on their FDs. The tenure of FDs also varies, such as 1 year, 2 years, 3 years, or more. In such a situation, it becomes important for investors to know which bank's FD is offering good interest rates so that they can get higher returns in a limited time. So, today we are telling you about the interest rates of 3-year FDs of famous banks in the country and the estimated returns on an investment of ₹5 lakh.

• First, let's talk about the country's largest government bank, State Bank of India (SBI).
• SBI offers investors an annual interest rate of approximately 6.30 percent on its 3-year FD.
• If an investor invests ₹5 lakh in an FD, they can get approximately ₹6,03,131 on maturity after 3 years.
• Being a government bank, SBI is considered a trustworthy bank.

HDFC Bank FDs will make you money

Now let's talk about the country's large private bank, HDFC Bank.

HDFC Bank offers an interest rate of approximately 6.45% on a 3-year FD. At this rate, investing Rs 5 lakh yields a maturity amount of approximately Rs 6,05,809.
Despite being a private bank, HDFC Bank is considered one of the strong and reliable banks.

What about ICICI Bank and Axis Bank?

ICICI Bank and Axis Bank also offer an interest rate of approximately 6.45 percent on 3-year fixed deposits.
In these banks too, a Rs 5 lakh FD yields almost the same return as HDFC Bank.
This provides investors with good options.

Money from FD in Canara Bank

Canara Bank offers approximately 6.25 percent interest on its 3-year FD.
On investing Rs 5 lakh, the investor receives approximately Rs 6,02,241 at maturity.

Bank of Baroda (BOB) 3-year FD

Bank of Baroda (BOB) also offers 6.25 percent interest on a 3-year FD.
Here too, an investment of Rs 5 lakh will yield approximately Rs 6,02,241.
This is considered a safe FD for investment.

3-year FD: Interest Rate and Estimated Return on ₹5 Lakh

Note: Interest rates may change from time to time; please confirm with the respective bank's official website or branch before investing.

Conclusion

Overall, it is clear that if you want to make a completely safe investment for 3 years, then an FD can be a good option. By investing your hard-earned money in an FD, you can remain completely stress-free. Yes, it is always beneficial to compare the interest rates of different banks and choose the right bank according to your needs before investing in an FD scheme. Yes, it is better to invest only after understanding the correct interest rates and maturity fund.

Important Questions Related to the Article (FAQs)

Q1 Why is FD considered the safest investment?

The money in an FD remains safe and it offers a pre-determined interest rate, so there is no market risk.

Q2 How much return can I get on investing ₹5 lakh in a 3-year FD?

According to the bank, the maturity amount can range from ₹6.02 lakh to ₹6.06 lakh.

Q3 Which bank is offering the highest interest rate on a 3-year FD?

HDFC, ICICI, and Axis Bank are offering interest rates of approximately 6.45%.

Q4 Are government bank FDs more secure?

Yes, FDs from government banks like SBI, Canara Bank, and Bank of Baroda are considered very secure.

Q5 What factors should be considered before investing in an FD?

Be sure to consider the interest rate, tenure, the bank's reliability, and your own investment needs.