Rs 10 Lakh FD for 444 Days: PNB, IOB, SBI, Canara Bank or Union Bank -- check interest and maturity

SBI offers a 6.95 per cent per annum interest rate to senior citizens and a 6.45 per cent per annum interest rate to general citizens on its Amrit Vrishti FD scheme. | ChatGPT generated/Representative Image

Fixed deposits (FDs) continue to be the favourite choice of investors who want to keep their money safe and want to earn a fixed return. These investors don't want to take any market risk therefore choose FD option to park their money. The main benefit of an FD is that you know how much interest you can earn while depositing your money, while this is not possible in market-linked investment schemes.

However, apart from the interest rate, it is also useful to check premature withdrawal rules, penalties, senior citizen benefits, and other terms. A slightly higher rate can make a noticeable difference when a large amount is invested, so comparing different banks can help investors choose a suitable option.

Banks offer fixed deposits for a wide range of tenures, and some also introduce special-duration schemes to attract depositors. One such tenure is 444 days, which is available across several public sector banks.

Punjab National Bank (PNB), Indian Overseas Bank (IOB), State Bank of India (SBI), Canara Bank and Union Bank are among the lenders offering FD options around this period. However, the interest rate can differ from one bank to another. Investors may therefore want to compare the rates, maturity value, and other terms before deciding where to put their money.

In this article, we will compare the maturity value on a Rs 10 lakh investment across different banks. Take a look:

SBI 444-day Amrit Vrishti scheme

The PSU bank offers a 6.95 per cent per annum interest rate to senior citizens and a 6.45 per cent per annum interest rate to general citizens on its Amrit Vrishti FD scheme.

SBI- Maturity value of Rs 10 lakh investment

If a senior citizen invests Rs 10,00,000 in SBI's 444-day FD scheme, they will get around Rs 10,87,450 on maturity, while others will get around Rs 10,80,944 on maturity, calculations show.

444-day FD scheme by Union Bank of India

The Union Bank of India offers a 7 per cent per annum interest rate to senior citizens and a 6.50 per cent per annum interest rate to general citizens on its 444-day FD scheme.

Union Bank of India- Maturity value of Rs 10 lakh investment

In Union Bank, if a senior citizen invests Rs 10,00,000 in the 444-day FD scheme, they will get around Rs 10,88,079 on maturity, while others will get around Rs 10,81,591 on maturity, calculations show.

Punjab National Bank's 444-day FD scheme

The PSU bank gives a 7.10 per cent per annum interest rate to senior citizens and a 6.60 per cent per annum interest rate to general citizens on its 444-day FD scheme.

PNB- Maturity value of Rs 10 lakh investment

If a senior citizen invests Rs 10,00,000 in PNB's 444-day FD scheme, they will get around Rs 10,89,381 on maturity, while others will get around Rs approx. 10,82,886 on maturity, calculations show.

Indian Overseas Bank 444-day FD scheme

Indian Overseas Bank provides a 7.10 per cent per annum interest rate to senior citizens and a 6.60 per cent per annum interest rate to general citizens on its 444-day FD scheme.

IOB- Maturity value of Rs 10 lakh investment

If a senior citizen invests Rs 10,00,000 in IOB's 444-day FD scheme, they will get around Rs 10,89,381 on maturity, while others will get around Rs approx. 10,82,886 on maturity, calculations show.

Canara Bank 444-day FD scheme

Canara Bank offers a 7 per cent per annum interest rate to senior citizens and a 6.50 per cent per annum interest rate to general citizens on its 444-day FD scheme.

Canara Bank 444-day FD scheme

In Canara Bank, if a senior citizen invests Rs 10,00,000 in the 444-day FD scheme, they will get around Rs 10,88,079 on maturity, while others will get around Rs 10,81,591 on maturity, calculations show.