Bank FD vs SCSS vs NSC:If you have Rs 10 lakh and you are thinking of getting better returns by keeping it in a safe investment option for the next 5 years, then this news can be useful for you. At present, there are many popular options for long-term investment like Bank FD, Post Office Small Saving Scheme. People who want safe investment and better returns, understand through the calculation here which option will give more benefit by keeping Rs 10 lakh for 5 years.
bank FD
There are many popular options among people for safe investment like bank FD, small savings scheme of post office. These days, private and government banks in the country are offering 5.75 to 7.40 percent annual returns on 5 year FD. Compared to private and government banks, small finance banks are giving interest at 6.25 to 8.25 percent per annum on 5 year FD. Returns on 5 year FD are different in different small finance banks and private and government banks of the country. Here you can check bank wise returns in the list.
| bank name | Annual interest rate (%) on 5 year FD |
| Small Finance Bank | |
| AU Small Finance Bank | 7.25 |
| Equitas Small Finance Bank | 7.25 |
| ESAF Small Finance Bank | 6.25 |
| Jana Small Finance Bank | 8.20 |
| NorthEast Small Finance Bank | 6.25 |
| Suryoday Small Finance Bank | 8.25 |
| Ujjivan Small Finance Bank | 7.20 |
| Unity Small Finance Bank | 8.15 |
| Utkarsh Small Finance Bank | 7.75 |
| private bank | |
| Axis Bank | 7.00 |
| Bandhan Bank | 5.85 |
| City Union Bank | 6.25 |
| CSB Bank | 5.75 |
| DBS Bank | 6.50 |
| DCB Bank | 7.40 |
| Federal Bank | 6.60 |
| HDFC Bank | 7.00 |
| ICICI Bank | 7.00 |
| IDFC First Bank | 6.75 |
| IndusInd Bank | 7.25 |
| Jammu & Kashmir Bank | 6.50 |
| Karur Vysya Bank | 7.00 |
| Karnataka Bank | 6.50 |
| Kotak Mahindra Bank | 6.20 |
| RBL Bank | 7.10 |
| SBM Bank India | 7.75 |
| South Indian Bank | 6.00 |
| Tamilnad Mercantile Bank | 6.50 |
| Yes Bank | 7.25 |
| government bank | |
| Bank of Baroda | 6.80 |
| Bank of India | 6.00 |
| Bank of Maharashtra | 6.50 |
| Canara Bank | 6.70 |
| Central Bank of India | 6.50 |
| Indian Bank | 6.25 |
| Indian Overseas Bank | 6.50 |
| Punjab National Bank | 6.50 |
| Punjab & Sind Bank | 6.00 |
| State Bank of India | 6.50 |
| Union Bank of India | 6.50 |
| Interest rates as of 27 November 2024 | |
,Note – This list related to 5 year bank FD rate has been prepared by Paisa Bazaar.com, which has updates till 27th November. Let us tell you that banks keep changing their rates from time to time, so before keeping money in any of the banks included in the list, get accurate information about FD rates of different tenures.)
Also read: Ayushman Card: 18 lakh Ayushman Vaya Vandana cards made in a month, if you are 70 years old, then apply like this to get free health coverage of Rs 5 lakh.
| On keeping Rs 10 lakh in a 5 year bank FD | ||||
| Government and private banks | Small Finance Bank | Small Finance Bank | ||
| interest rate (%) | 5.75 | 7.40 | 6.25 | 8.25 |
| principal amount | 10 lakh rupees | 10 lakh rupees | 10 lakh rupees | 10 lakh rupees |
| maturity value | Rs 13,27,089 | Rs 14,42,848 | Rs 13,60,186 | Rs 15,07,952 |
| interest income | Rs 3,27,089 | Rs 4,42,848 | Rs 3,60,186 | Rs 5,07,952 |
Post Office NSC Scheme
National Savings Certificate (NSC) is a government scheme with guaranteed returns. This 5-year government scheme can be started in post offices across the country. Investors can open an NSC account with a minimum of Rs 1000 in their nearest post office. There is no limit for maximum deposit. That means you can deposit Rs 10 lakh kept at home at one go.
Annual compounding interest of 7.7 percent is available on this scheme of the post office. In this scheme, interest is compounded annually and is payable on maturity.Read the calculation below to know how much return you will get on maturity.
Amount invested in NSC – 10 lakh rupees
interest rate – 7.7 percent annually
Maturity amount after 5 years – Approximately Rs 14.49 Lakh (Rs 14,49,034.8)
Earning from interest – Approximately Rs 4.5 Lakh (Rs 4,49,033.8)
,Note – Clear Tax’s digital calculator has been used in the calculation.)
The thing to note is that in the NSC scheme of the post office Tax is levied on interest income.
