SBI 444-day FD vs Indian Bank 444-day FD: Which PSU bank gives higher returns on special fixed deposit, compare maturity on Rs 2-5 lakh investments

PSU banks like State Bank of India (SBI), Canara Bank, Bank of Baroda (BoB), Indian Bank, Indian Overseas Bank, Central Bank of India, Bank of India, and Punjab National Bank (PNB) provide special fixed deposit (FD) schemes to general and senior citizens. The tenure of these FDs varies from bank to bank, and these are limited-period schemes. The best thing about FD is that you get the same interest rate till the time of maturity as at the time of deposit. This means market fluctuation does not impact FD interest rates.

This article talks about SBI and Indian Bank's 444-day special FD. We will compare their interest rates for general and senior citizens, and also see the maturity of Rs 2 lakh, Rs 3 lakh, Rs 4 lakh, and Rs 5 lakh investments.

SBI Amrit Vrishti Scheme

This special FD scheme by SBI offers a 7.10 per cent interest rate to senior citizens and a 6.60 per cent interest rate to others on its 444-day special FD scheme.

Maturity on Rs 2 lakh to Rs 5 lakh investments in the SBI Amrit Vrishti scheme

Rs 2,00,000 deposit
Senior Citizen: Rs 2,17,876
Others: Rs 2,16,577

Rs 3,00,000 deposit
Senior Citizen: Rs 3,26,814
Others: Rs 3,24,866

Rs 4,00,000 deposit
Senior Citizen: Rs 4,35,752
Others: Rs 4,33,154

Rs 5,00,000 deposit
Senior Citizen: Rs 5,44,690
Others: Rs 5,41,443

Indian Bank 444-day FD scheme

This PSU bank gives a 7.20 per cent interest rate to senior citizens and a 6.70 per cent interest rate to others on its 444-day special FD scheme.

Maturity on Rs 2 lakh to Rs 5 lakh investments in the Indian Bank's 444-day FD scheme

Rs 2,00,000 deposit
Senior Citizen: Rs 2,18,137
Others: Rs 2,16,837

Rs 3,00,000 deposit
Senior Citizen: Rs 3,27,205
Others: Rs 3,25,255

Rs 4,00,000 deposit
Senior Citizen: Rs 4,36,273
Others: Rs 4,33,673

Rs 5,00,000 deposit
Senior Citizen: Rs 5,45,342
Others: Rs 5,42,091

Conclusion

From the above calculations, we can see that Indian Bank gives a better interest rate than SBI to general and senior citizens on its 444-day special FD scheme. Therefore, the maturity amount is also higher in Indian Bank.