SBI 444-day FD Vs PNB 400-Day FD: Maturity Benefits For Rs 3.5 Lakh & Rs 7 Lakh Investments Explained
Banks regularly introduce special fixed deposit (FD) schemes to attract customers seeking higher returns than those offered by traditional FDs. These schemes are designed for specific tenures and come with competitive interest rates, especially for senior citizens. Two notable special FDs currently available are the State Bank of India’s 444-day Amrit Vrishti FD and Punjab National Bank’s 400-day FD. Both schemes offer attractive returns for general and senior citizens alike, with slight variations in their offerings. Here’s a breakdown of these special FDs to help you make an informed decision.
Key Features of SBI’s Amrit Vrishti FD
SBI launched its 444-day Amrit Vrishti FD on July 15, 2024, and it remains open for investment until March 31, 2025. This FD boasts the highest interest rate across all of SBI’s fixed deposits, making it an appealing choice for depositors.
- Interest Rates
- General citizens can earn a 7.25% interest rate.
- Senior citizens enjoy an additional benefit with a 7.75% interest rate.
- An investment of ₹3.5 lakh will earn interest of ₹31,967.38, leading to a maturity value of ₹3,81,967.38.
- Investing ₹7 lakh results in ₹63,934.77 as interest, with the maturity amount reaching ₹7,63,934.77.
- Senior citizens investing ₹3.5 lakh will receive ₹34,254.65 as interest, resulting in a maturity value of ₹3,84,254.65.
Punjab National Bank’s 400-day special FD is another attractive offering, designed to compete with SBI’s Amrit Vrishti scheme. This FD also targets senior citizens and super seniors, offering additional interest benefits for older customers.
- Interest Rates
- General citizens receive a 7.25% interest rate, similar to SBI’s FD.
- Senior citizens benefit from a 7.75% interest rate.
- Super senior citizens (aged 80 and above) enjoy the highest rate of 8.05%.
- Maturity Amounts for General Citizens
- Investing ₹3.5 lakh yields ₹28,673.27 as interest, leading to a maturity value of ₹3,78,673.27.
- A ₹7 lakh investment results in ₹57,346.55 as interest, with a maturity value of ₹7,57,346.55.
- For a ₹3.5 lakh deposit, senior citizens earn ₹30,715.49 in interest, maturing at ₹3,80,715.49.
- A ₹7 lakh investment brings ₹61,430.99 in interest, resulting in a maturity value of ₹7,61,430.99.
One significant advantage of PNB’s 400-day FD is its dedicated rate for super senior citizens. With an 8.05% interest rate, super seniors earn more than what SBI offers in any category. This makes it a standout option for individuals aged 80 and above, ensuring higher returns on their investments.
Choosing Between SBI and PNB: Which FD Suits You Best?
Both SBI and PNB offer the same interest rate of 7.25%. However, SBI’s 444-day tenure allows slightly higher maturity amounts due to its longer term.
Both banks provide a competitive 7.75% interest rate for senior citizens. The choice here may depend on the convenience of tenure and individual banking preferences.
PNB’s scheme is the clear winner, offering an unmatched 8.05% interest rate, which significantly boosts the maturity value.
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