Many people typically invest in fixed deposits (FDs) for one or two years. However, it’s important to note that investing in FDs for a longer duration can yield higher profits.
Private sector banks like Axis Bank and HDFC Bank offer their regular customers 7% interest on FD schemes for ten years.
For instance, if you invest Rs. 10 lakhs in this scheme, you will receive Rs. 21 lakhs upon maturity. Let’s delve into the complete details.
Setting aside a portion of our income as savings or investments is imperative for a secure financial future, especially during retirement.
Employees should develop a habit of saving and investing a portion of their salary from early careers until retirement.
Post offices and banks in India offer various fixed deposit and deposit schemes to save money. Additionally, options such as mutual funds, stock markets, and bonds are available for those interested in investment.
Financial advisors recommend diversifying your savings and investments to ensure the growth and protection of your wealth.
While many prefer keeping their funds in bank fixed deposits due to the steady and guaranteed returns, exploring different investment avenues is essential to secure one’s financial future effectively.
Typically, people ask if their money can double with a 10-year fixed deposit. While most invest in FDs for 1 or 2 years, longer-term investments can result in higher profits. Axis Bank and HDFC Bank offer regular customers a 7% interest rate in their 10-year FD schemes.
You can invest as much money as you want at this interest rate, and upon maturity, after ten years, you will receive more than double the initial investment.
For instance, Axis Bank’s 10-year FD of Rs. 10,00,000 will grow to Rs. 20,01,597 upon maturity. Senior citizens can benefit further, with a 7.75% interest rate, resulting in Rs. 21,54,563 on an Rs. 10 lakh investment.
Similarly, in HDFC Bank, a 10-year FD of Rs. 10,00,000 will grow to Rs. 20,01,463 upon maturity. As HDFC Bank offers a 7.50% interest rate, senior citizens can earn even more, resulting in Rs. 21,02,197 on a Rs. 10 lakh investment.
The above information is for your understanding only. It is not financial advice. This website does not provide financial advice. This website is not responsible for your investment and financial decisions. Please consult with experts for financial matters.