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Fixed Deposit: Want to invest in FD, here is the information about which banks are offering the highest interest rates?
Fixed Deposit: Investing in fixed deposits is very popular among senior citizens, as it keeps liquidity always. This keeps on earning interest income from time to time. Most banks have reduced interest rates on FDs after the Reserve Bank of India (RBI) kept the key repo rate unchanged at a low of 4 per cent for over a year. Despite the fall in interest rates, small private companies offer interest rates of up to 7 per cent on three-year FDs for senior citizens, according to BankBazaar data. Here are the FDs of top five private banks, which are offering the highest interest rates on three-year FDs for senior citizens.
- Yes Bank offers 7 percent interest on three-year FDs for senior citizens. Among the private banks, this bank offers the best interest rate. An investment of Rs 1 lakh increases to Rs 1.23 lakh in three years.
- RBL Bank offers 6.80 percent interest in three-year FDs for senior citizens. The investment of Rs 1 lakh increased to Rs 1.22 lakh in three years.
- IndusInd Bank gives 6.50 percent interest on three-year FDs for senior citizens. The investment of Rs 1 lakh increased to Rs 1.21 lakh in three years. The minimum investment required is Rs 10,000.
- DCB Bank gives 6.45 percent interest on three-year FDs for senior citizens. The investment of Rs 1 lakh increased to Rs 1.21 lakh in three years. The minimum investment required is Rs 10,000.
- IDFC First Bank offers 6.25 percent interest on three-year FDs for senior citizens. The investment of Rs 1 lakh increased to Rs 1.20 lakh in three years.
- Small private banks are offering higher interest rates for raising fresh deposits. Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of RBI, guarantees investment in fixed deposits up to Rs 5 lakh.
- The data on FDs is as of 27 October 2021, as given on the respective websites and the interest rates given here are for senior citizens (deposit less than Rs 1 crore) in the age group of 60-80 years.
- All listed (BSE) public sector banks and private banks are considered for data compilation. Banks for which verifiable data is not available are not considered. For all FDs, quarterly compounding is assumed.
