FD or SCSS or NSC: There are many savings schemes running in the country with a maturity of 5 years, in which the benefit is available at different interest rates. The most popular 5-year savings scheme in the country is fixed deposit.
FD or SCSS or NSC: There are many savings schemes running in the country with a maturity of 5 years, which offer benefits at different interest rates. The most popular 5-year savings scheme in the country is fixed deposit, which is available in government banks, private banks and post offices. Some companies and NBFCs also provide FD facilities.
At the same time, the National Savings Certificate Scheme and Senior Citizens Savings Scheme of the post office are also popular among investors, which are offering high interest rates. Keep in mind that the Senior Citizens Savings Scheme is only for senior citizens, but you can also open an account in the name of your parents. If you want to make a risk-free investment for 5 years, then you should understand where you will get more profit.
Calculator
Senior Citizens Savings Scheme is currently giving 8.2 percent annual interest, which is paid on quarterly basis. If you deposit Rs 10 lakh in lump sum in this scheme, then the amount received on maturity of 5 years will be Rs 14,10,000. Keep in mind that on depositing Rs 10 lakh, interest of Rs 20,500 will be received every 3 months. If this interest is not withdrawn, the maturity amount will be Rs 14,10,000. But the final amount will be reduced if the interest is withdrawn. Another thing is that interest is not paid on interest in this. Interest will be received only on the principal amount.
- Lump sum deposit: Rs 10,00,000
- Annual interest: 8.2 per cent
- Maturity period: 5 years
- Quarterly interest: Rs 20,500
- Amount on maturity: Rs 14,10,000
NSC Calculator
Post Office Savings Scheme 5-year National Savings Certificate Scheme is getting 7.7 percent annual compounding interest. In this scheme, interest is compounded annually and is payable on maturity. If you deposit Rs 10 lakh in lump sum in this scheme, then the amount received on maturity of 5 years will be Rs 14,49,034. This will have an interest of Rs 4,49,034.
- Lumpsum investment: Rs 10,00,000
- Annual interest: 7.7% compounded annually
- Maturity period: 5 years
- Amount on maturity: Rs 14,49,034
- Interest benefit: Rs 4,49,034
FD Calculator
In bank’s Fixed Deposit, general citizens and senior citizens get different interest rates. Senior citizens usually get 50 basis points i.e. half percent more interest than the general public.
In the major public and private banks of the country, while ordinary citizens are getting a maximum of 7.10 percent interest, senior citizens are getting 7.60 percent annual interest. If we calculate senior citizens at 7.60 percent interest, then they will get Rs 14,57,081 in return of Rs 10 lakh deposit, in which Rs 4,57,081 will be the benefit of interest. However, ordinary citizens will get less interest.
- Lumpsum investment: Rs 10,00,000
- Annual interest: 7.7% compounded annually
- Maturity period: 5 years
- Amount on maturity: Rs 14,57,081
- Interest benefit: Rs 4,57,081
