People's Bank Fixed Deposit Calculator
Plan your savings growth with precision
How People's Bank Fixed Deposits Work
A Fixed Deposit (FD) at People's Bank is a secure investment vehicle designed for individuals looking for guaranteed growth on their capital. Unlike standard savings accounts, FDs lock in a specific Annual Yield for a predetermined Duration, ensuring that your wealth is protected from market volatility.
Key Features of People's Bank FDs
People's Bank offers various tiers for its depositors, often providing preferential returns for senior citizens. The duration can range from short-term (1 month) to long-term (60 months). Understanding the difference between Maturity Payouts and Monthly Payouts is crucial for cash flow management.
- At Maturity: The total yield is calculated and added to your principal at the end of the term. This maximizes the final maturity value.
- Monthly Payout: Useful for retirees or those needing supplementary income, where the earnings are credited to a linked account every 30 days.
Example Calculation
If you deposit LKR 500,000 for a period of 12 months with an Annual Yield of 12%:
- Total Gross Earnings: LKR 60,000
- Monthly Income: LKR 5,000
- Maturity Value: LKR 560,000
Note: In Sri Lanka, a Withholding Tax (WHT) of 5% is currently applicable on interest earnings for many accounts. Our calculator provides an estimate of this deduction to give you a more realistic net return figure.
Eligibility and Requirements
To open an account based on the rates calculated above, you generally need to be a Sri Lankan citizen or a resident holding a valid NIC or Passport. Minimum deposit requirements often start as low as LKR 5,000 for certain schemes, while special "Senior Citizen" rates apply to those over 60 years of age.