3-Year FD in Bank of India: Complete Interest & Maturity Calculation Explained
₹2,00,000 Fixed Deposit in Bank of India: How Much Will You Get After 3 Years: If you are risk-averse and want guaranteed returns, the 3-year FD scheme from the public sector Bank of India could prove beneficial. Let’s know how much you will receive upon maturity if you deposit ₹2 lakh for three years.
How long does an FD last?
An FD account can be opened with Bank of India for a minimum period of 7 days to a maximum period of 10 years. The bank offers its customers interest rates ranging from 3% to 7.35%, depending on the period and investor category.
The bank offers different interest rates for different categories on 3-year FDs:
-General citizens get 6.25% annual interest
-Senior citizens get 6.75% annual interest
-Super senior citizens get 6.90% annual interest
These interest rates determine the final return on your investment.
How much will you get if you deposit Rs. 2 lakh?
General citizens: If an average investor deposits Rs. 200,000 for three years at an interest rate of 6.25%, they will receive a total of Rs. 240,897 upon maturity. That means an interest benefit of approximately Rs 40,897.
Senior citizens: At an interest rate of 6.75%, this amount will grow to Rs 2,44,479 in three years. That means an interest benefit of approximately Rs 44,479.
Very senior citizens: At an interest rate of 6.90%, the maturity amount will be Rs 2,45,563. That means an interest benefit of up to Rs 45,563.
Who is it a better option for?
This FD scheme can be a good option for investors who want safe and fixed returns. Senior and very senior citizens, in particular, benefit from an extra interest rate, which further improves their returns.
