Fixed Deposit Rates: Fixed Deposit (FD) is a famous investment option in India. It gives safe and reliable returns to investors. Fixed deposits are popular among individuals who want to earn fixed interest without risking their financial resources. Depositing funds for a fixed period in FD earns a fixed interest rate, which is higher than savings accounts.
FD revised its interest rates
Due to the recent change in economic conditions, various banks have revised their FD interest rates in the month of November. This change will bring a new challenge for investors. Many private and government banks are trying to keep their FD rates competitive so that they can attract more and more investors.
Which bank gives the highest return?
In case of one-year deposits, Bandhan Bank and IndusInd Bank lead with rates of 8% and 7.75%, respectively. For three-year deposits, DCB Bank and RBL Bank offer the highest rates among private sector banks, while most other banks offer a base rate of around 7% for the same period.
Best Private Sector Bank Fixed Deposit Rates, According to Paisabazaar
1. Axis Bank
1-year: 6.70%
3-year: 7.10%
5-year: 7%
Highest rate: 7.25% (15 months – less than 2 years)
2. Bandhan Bank
1-year: 8.05%
3-year: 7.25%
5-year: 5.85%
Highest Rate: 8.05% (1 year)
3. DCB Bank
1-year: 7.10%
3-year: 7.55%
5-year: 7.40%
Highest rate: 8.05% (19-20 months)
4. HDFC Bank
1-year: 6.60%
3-year: 7%
5-year: 7%
Highest rate: 7.40% (55 months)
5. Indusind Bank
1-year: 7.75%
3-year: 7.25%
5-year: 7.25%
Highest rate: 7.75% (1-2 years)
6. RBL Bank
1-year: 7.50%
3-year: 7.50%
5-year: 7.10%
Highest rate: 8.10% (500 days)
7. Yes Bank
1-year: 7.25%
3-year: 7.25%
5-year: 7.25%
Highest rate: 8% (18 months)
These banks offer the flexibility to have FDs with and without premature withdrawal facility. However, FDs without the premature withdrawal option often offer slightly higher rates as the funds are locked for a certain period of time, allowing the bank to use these funds more effectively.
FD rates in public sector
Public sector banks such as Central Bank of India and Punjab & Sind Bank offer rates above 7% for some periods. Most banks offer higher interest rates to senior citizens, which provide them with good returns.
Top Public Sector Banks
1. Bank of Baroda
1-year: 6.85%
3-year: 7.15%
5-year: 6.80%
Highest Rate: 7.30% (400 Days – BOB Utsav)
2. Bank of Maharashtra
1-year: 6.75%
3-year: 6.50%
5-year: 6.50%
Highest rate: 7.40% (333 days)
3. Central Bank of India
1-year: 6.85%
3-year: 6.75%
5-year: 6.50%
Highest rate: 7.45% (444 days)
4. Punjab National Bank
1-year: 6.80%
3-year: 7%
5-year: 6.50%
Highest rate: 7.25% (400 days)
5. Union Bank of India
1-year: 6.80%
3-year: 6.70%
5-year: 6.50%
Highest rate: 7.40% (333 days)
Benefits to Senior Citizens
Most banks offer senior citizens a higher interest rate, usually 0.5% higher than the standard rate, offering better returns for those over the age of 60. This additional rate compensates for the often fixed-income nature of senior citizens’ investments.
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