If you have ₹5 lakh available and want to keep it in a relatively stable bank deposit while earning interest, a special-tenure fixed deposit can be worth examining. Several public sector banks are currently offering 444-day FD options with annual interest rates ranging from around 6.45% to 6.75% for regular customers.

A tenure of 444 days is roughly 14 and a half months, making these deposits suitable for investors who do not want to lock their money away for several years. However, the final return can differ depending on the bank and the interest rate offered.

For a ₹5 lakh investment, the maturity amount across the banks discussed here can be around ₹5.40 lakh to ₹5.42 lakh based on the stated rates and indicative calculations.

Here is a detailed comparison of what ₹5 lakh could potentially grow to in different public sector bank 444-day FD schemes.

What Makes a 444-Day Fixed Deposit Different?

Banks usually offer fixed deposits across standard tenures such as one year, two years, three years and five years. However, they sometimes introduce special-duration deposits for a limited period.

A 444-day FD falls into this category.

Such deposits may offer an interest rate that differs from the bank's regular FD slabs for nearby tenures. The objective is often to attract deposits by offering a special rate for customers willing to lock in money for the specified duration.

Since the tenure is fixed, investors should check whether they are likely to need the money before maturity. Premature withdrawal can be subject to bank-specific rules and penalties.

Central Bank of India Offers 6.75% on the 444-Day Tenure

Among the public sector banks covered in this comparison, Central Bank of India offers the highest stated rate for the 444-day deposit.

The annual interest rate is 6.75% for regular customers.

If ₹5 lakh is invested at this rate for the specified tenure, the estimated interest works out to around ₹42,400.

That would take the maturity value to approximately:

₹5,00,000 + ₹42,400 = ₹5,42,400

This makes Central Bank of India the highest-returning option among the banks mentioned here, based on the quoted rates.

PNB Offers 6.60% for 444 Days

Punjab National Bank is offering an annual interest rate of 6.60% on its 444-day FD, according to the stated figures.

A ₹5 lakh deposit at this rate could generate approximately ₹41,400 in interest over the tenure.

The estimated maturity amount would therefore be around:

₹5,41,400

The difference compared with the highest-rate option is relatively modest, but even a small difference in rates can matter when the deposit amount increases.

Indian Overseas Bank Also Offers 6.60%

Indian Overseas Bank is offering the same quoted interest rate as PNB on the 444-day tenure.

At 6.60% per annum, a ₹5 lakh deposit could also produce approximately ₹41,400 in interest based on the calculation provided.

The maturity amount would be close to:

₹5.41 lakh

Investors comparing these two banks may therefore need to look beyond the interest rate and consider other factors such as existing banking relationships, branch accessibility, online FD facilities and premature withdrawal rules.

Canara Bank Offers 6.50% on the Special Tenure

Canara Bank is offering a slightly lower annual rate of 6.50% for its 444-day FD.

On a ₹5 lakh investment, the estimated interest is approximately ₹40,800.

That means the investment could grow to around:

₹5,40,800

The return is slightly below PNB and Indian Overseas Bank, although the difference on a ₹5 lakh deposit remains relatively small.

SBI's 444-Day FD Comes Under Amrit Vrishti

State Bank of India offers its 444-day deposit under the Amrit Vrishti scheme.

The quoted annual interest rate for regular customers is 6.45%.

If ₹5 lakh is deposited under this scheme, the estimated interest over the 444-day tenure is around ₹40,500.

The maturity value would therefore be approximately:

₹5,40,500

SBI's quoted interest rate is lower than that of some other public sector banks mentioned in this comparison, but customers may still choose it depending on convenience and their existing banking arrangements.

Bank of Baroda Offers a Similar 6.45% Rate

Bank of Baroda is also offering an annual rate of approximately 6.45% on the 444-day deposit according to the stated figures.

A ₹5 lakh investment could earn around ₹40,500 during the tenure.

That would result in a maturity amount close to:

₹5,40,500

Therefore, based purely on the quoted rate, the return is similar to SBI's 444-day FD.

Which Bank Gives the Highest Return on ₹5 Lakh?

Based on the rates in this comparison, Central Bank of India offers the highest interest rate at 6.75%.

The indicative return comparison looks like this:

These figures are indicative and may vary depending on the bank's interest calculation and compounding method.

Senior Citizens May Get a Better Rate

Customers aged 60 or above should check the senior citizen FD rate before opening a deposit.

Many banks offer additional interest to senior citizens over and above the standard rate available to regular depositors.

As a result, the maturity amount on the same ₹5 lakh investment could be higher for eligible senior citizens.

The exact additional rate can differ from one bank to another, so customers should verify the applicable senior citizen rate directly with their chosen bank before investing.

Don't Compare Only the Headline Interest Rate

The interest rate is important, but it should not be the only factor used to choose a fixed deposit.

Investors should also check premature withdrawal penalties, auto-renewal conditions, nomination facilities, interest payout options and tax implications.

Interest earned from fixed deposits is generally taxable according to applicable income-tax rules. Banks may also deduct TDS when interest crosses the prescribed threshold, subject to the rules in force.

Therefore, the post-tax return may be lower than the headline maturity figure for some investors.

Final Takeaway

A ₹5 lakh investment in a 444-day public sector bank FD can potentially grow to around ₹5.40 lakh to ₹5.42 lakh based on the rates quoted in this comparison.

Central Bank of India offers the highest stated rate at 6.75%, followed by PNB and Indian Overseas Bank at 6.60%. Canara Bank offers 6.50%, while SBI and Bank of Baroda are at around 6.45%.

Before opening any special-tenure FD, investors should verify the latest rate directly with the bank because special deposit schemes and interest rates can be revised, extended or withdrawn. Senior citizens should also check whether they qualify for an additional interest benefit.