The significance of saving is well realised at the time of need and that is the time when we regret our ignorance. Saving done at the right time reap the sweetest fruits. Fixed deposits, one of the most reliable financial instrument serves the purpose of both saving and investment. It helps the person to earn regular income and accumulate interest on the deposited amount over the time. At maturity, the customer has the huge amount that includes both the principal amount and the interest accrued. So, once you have put your money in function over the period you will get the benefit of it. The selection of tenure is dependent on the customer’s financial objective. However, the banks and financial institutes offer the FDs for the time period ranging from 7 days to 10 years. Longer the tenure, the higher is the gain as your money is accruing interest throughout the investment period. Ideally speaking, saving is done not for immediate needs but for long-term goals and hence one must opt for the longest tenure.
Most Banks and financial institutions accept the deposit for the maximum tenure of 10 years and offer the decent rate of interest. The interest rates on fixed deposit depend on the amount of deposit, tenure and the category of the depositor. Usually, fixed deposit interest rates for senior citizens is higher in comparison to the regular depositors. The 10 year fixed deposit rates of top 10 banks is provided below:
10 Year Fixed Deposit Interest Rates of All Banks
The fixed deposit interest rates of top 10 Banks at the maturity slab of 10 years is given in the following table-
|Bank Name||On Amount Below ₹ 1 crore||On Amount Above ₹ 1 crore|
|Bank of Baroda||6.50||7.00||5.25||5.25|
|Bank of India||6.25||6.75||4.25||4.25|
10 Year FD Interest Rate Calculator
Using the fixed deposit calculator you can compute the maturity amount of the deposit made. It makes the calculation simple and anticipates the gain you will receive. Also, it helps in deciding the right investment amount as per your financial goal by revealing the final amount receivable at the end.
For Example – On deposit of ₹25,000 made for the period of 10 years the interest is paid at the rate of 7.00% p.a. and is quarterly compounded. The maturity value of the deposit will be ₹50,040.
Table Showing Opening Balance, Interest Earned and Closing Balance
|Year||Opening Balance (in ₹)||Interest Earned (in ₹)||Closing Balance (in ₹)|
Which Bank is Best for Fixed Deposit
Though most people select the bank to open the account on the basis of interest rate offered, that alone should not be the criteria. The Best Bank for fixed deposit should be chosen on factors such as reliability of the institution, market image and the accessibility to the branch. Also, the customer must read the terms and condition and check the penalty on premature withdrawal. And should compare the benefits offered by different banks.