How Many Years FD Will Double In HDFC Bank?

What is the interest of 1 lakh?

Currently, the interest rate on savings bank deposits on balance up to Rs 1 lakh is 3.5 per cent.

On balance above Rs 1 lakh, the interest rate is 3 per cent per annum, which is set at 2.75 per cent below RBI’s Repo Rate, with a minimum of 3 per cent for the entire balance..

How is FD maturity amount calculated?

The formula to determine FD maturity amountP is the principal amount that you deposit.r is the rate of interest per annum.t is the tenure in years.

Which scheme is best in post office?

Eight post office saving schemes, including fixed deposits, and public provident fund accounts, offer interest rates between 6.6% and 8.3%.Kisan Vikas Patra (KVP) … 15 year Public Provident Fund Account (PPF) … National Savings Certificates (NSC) … Sukanya Samriddhi Accounts. … Senior Citizen Savings Scheme (SCSS)More items…•

How many years FD will double in post office?

10 yearsIt can be purchased from any post office. The invested amount doubles every 124 months (10 years and 4 months). Investment is available in denominations of Rs. 1,000, Rs.

What is the fixed deposit rate in HDFC?

Domestic / NRO / NRE FIXED DEPOSIT RATE ​​​​​​​Period< 2 CroreInterest Rate (per annum)**Senior Citizen Rates (per annum)61 - 90 days3.00%3.50%91 days - 6 months3.50%4.00%6 mnths 1 days - 9 mnths4.40%4.90%15 more rows

Does fixed deposit double in 5 years?

So, assuming the same for an investment of Rs 1 lakh in both SBI FD and Post Office Time Deposit Scheme for five years, Rs 1 lakh will become Rs 1,64,362 in SBI FD giving Rs 64,362 as interest after five years. … This means money will get almost doubled in the Post Office Time Deposit scheme.

Which bank has highest FD interest rate?

FD Rates by Top Banks – A ComparisonHighest FD Rates* (p.a.)Bank/Tenure1 yearYES Bank6.75%7.25%ICICI Bank5.00%5.50%HDFC Bank5.10%5.60%15 more rows•May 11, 2020

How is FD double calculated?

Turns out there is- it is called the Rule of 72. Apply it, and you will know the number of years it will take for your money to double. The formula is simple, and the magic number is 72. Divide 72 by the annual rate of return on an investment to determine roughly how long it will take your to double your money.

What is the interest of 1 lakh in HDFC Bank?

HDFC Bank Fixed Deposit Calculator 2020TenureRatesMaturity Amount for ₹ 1 Lakh2 years 1 day to 3 years5.20% to 5.70%₹ 1,10,902 – ₹ 1,18,5063 years 1 day to 5 years5.35% to 5.85%₹ 1,17,302 – ₹ 1,33,6945 years 1 day to 10 years5.50% to 6.00%₹ 1,31,427 – ₹ 1,81,4029 more rows•Sep 11, 2020

Is Post Office FD safe?

However, post office term deposits are totally risk-free as they are backed by the government. Bank FDs are insured only up to R1 lakh. … If you are looking for a safe investment, bank FDs are suitable for you.

Is Icici better than HDFC?

ICICI Bank scored higher in 3 areas: Work-life balance, Culture & Values and % Recommend to a friend. HDFC Bank scored higher in 6 areas: Overall Rating, Career Opportunities, Compensation & Benefits, Senior Management, CEO Approval and Positive Business Outlook.

What is the FD rate in post office?

InstrumentInterest rate (%) from 01.07.2020Max amt (Rs)Time Deposit#5.50-6.70No limitPost Office Monthly Income Scheme6.60Single: 4.50 lakhPost Office Monthly Income Scheme6.60Joint: 9 lakhKisan Vikas Patra6.90No limit6 more rows•Sep 18, 2020

What interest rate do you need to double your money in 5 years?

14.4%For example if you wanted to double an investment in 5 years, divide 72 by 5 to learn that you’ll need to earn 14.4% interest annually on your investment for 5 years: 14.4 × 5 = 72. The Rule of 72 is a simplified version of the more involved compound interest calculation.

How can I earn 50 lakhs in 5 years?

How Can You make Rs. 50 lakh in 5 years?1.HDFC Small Cap Fund.2.L&T Emerging Businesses Fund.Parag Parikh Long Term Equity Fund.Mirae Asset India Equity Fund.The Moderate Investor.1.Invesco India Contra Fund.Axis Focused 25 Fund.3.Principal Focused Multicap Growth Fund.More items…•

Which investment gives highest return?

Here is a look at the top 10 investment avenues Indians look at while saving for their financial goals.Direct equity. … Equity mutual funds. … Debt mutual funds. … National Pension System (NPS) … Public Provident Fund (PPF) … Bank fixed deposit (FD) … Senior Citizens’ Saving Scheme (SCSS) … Real Estate.More items…•

Is HDFC Bank safe for FD?

Private Sector Banks are as safe as Public Sector Banks. It’s extremely safe to invest in fixed deposits of ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, IndusInd Bank and Kotak Mahindra Bank among others as they follow RBI rules and guidelines. Private Sector banks have lower NPAs compared to PSBs.

Which is better Post Office FD or bank FD?

Post office time deposits The interest earned is fully taxable and to be added to one’s ‘Income from other sources’ as in the case of bank FD. There is complete safety as the entire amount in post office time deposit is backed by a government guarantee. Even the interest rate is higher than bank FD in most cases.

Can I double my money in 5 years?

The Rule of 72 shows you how quickly you’ll double your money. All you have to do is divide 72 by the interest rate it’s earning. This is the number of years it will take for your money to double. … 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).

Is there any penalty for breaking FD in HDFC?

HDFC Bank charges a penalty of 1 per cent on the applicable rate in case of premature withdrawal of FD, as per the bank’s website.

What is the safest investment with the highest return?

9 Safe Investments With the Highest ReturnsHigh-Yield Savings Accounts.Certificates of Deposit.Money Market Accounts.Treasuries.Treasury Inflation-Protected Securities.Municipal Bonds.Corporate Bonds.S&P 500 Index Fund/ETF.More items…•

Which bank FD is safe?

If you invested your money with a bank, it is more than likely safe. This is because the Reserve Bank of India (RBI) has made deposit insurance compulsory for all banks. Your investment in a bank is insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, which covers your deposits up to Rs.