FD Interest Rates for 3 Years

There are multiple banks and NBFCs that offer competitive FD rates ranging between 6-10% p.a. For instance, you can potentially earn a payout of over ₹22,000 in 3 years with an interest rate of 7% p.a.

 

You can use these funds to achieve most of your financial objectives over the course of time. To start investing in FDs, find out more about the applicable interest rates from various partner and non-partner issuers here:

The Fixed Deposit Calculator can help you calculate interest rates according to the specified tenor, the provided investment amount, and the applicable interest rate.

You can also use the following to manually determine the interest rates:

• Simple Interest 

Here is the formula for calculating simple interest -

 

SI = (Principal x Rate of Interest x Time Period) / 100

 

For instance, if you deposit ₹1 Lakh at an interest rate of 7% p.a. for 3 years, then the interest  can be calculated in the following manner:

 

1,00,000 x 7 x 3 = ₹21,00,000

21,00,000/100 = ₹21,000

 

This means that you can earn an interest of ₹21,000 on your FD amount in 3 years. 

• Compound Interest

The formula for calculating compound interest is the same as that of simple interest. However, the principal amount is increased every year due to the addition of the previous year’s interest amount, as it is considered to be an increased yield. 

 

For instance, the interest amount on depositing ₹1 Lakh at a rate of 7% p.a. for a tenor of 3 years can be calculated as follows:

 

For Year 1 - 

Multiply the principal amount by the interest rate and divide it by 100

1,00,000 x 7 / 100 = 7,000

For Year 2 -

Add the previously calculated interest amount to the principal, multiply it by the interest rate and divide it by 100

1,07,000 x 7 / 100 = 7,490

 

This new return after the second year will then be added to your principal, bringing the total to ₹1,14,490. The interest can then be calculated in a similar way for the remaining 1 year, which is then added to the principal.

The table below shows an estimate of the interest payout you can potentially receive on a ₹1 Lakh fixed deposit and tenor of 3 years with various applicable interest rates -

Find out more about the interest you could earn on your fixed deposit of ₹1 Lakh with a tenor of 3 years with the help of the tables below:

Below are the FD rates offered by NBFCs for non-senior citizens along with the monthly interest amount and the total maturity payout on a tenor of 3 years:

*Disclaimer: The above-mentioned rates are subject to change as per the issuer’s discretion.

Here are the FD rates offered by NBFCs for senior citizens along with the monthly interest amount and the total maturity payout on a tenor of 3 years:

*Disclaimer: The above-mentioned rates are subject to change as per the issuer’s discretion.

Learn about the FD rates offered by banks along with the monthly interest amount and the total maturity payout for non-senior citizens on a tenor of 3 years:

*Disclaimer: The rates mentioned above are subject to change as per the issuer’s discretion.

Find out about the 3 year FD interest rates offered by banks along with the monthly interest amount and the total maturity payout for senior citizens:

*Disclaimer: The rates mentioned above are subject to change as per the issuer’s discretion.

With this, you may now have a better idea about your potential earnings on saving ₹1 Lakh in an FD. These funds can help you meet your short-term as well long-term financial requirements. Don’t wait any further. Book an FD today on Bajaj Markets!