Fixed deposits provide liquidity and assured interest income at regular intervals. Here we are giving you a list of top 10 banks according to the latest interest rates, which offer the highest interest rates on FDs with a tenure of around 3 years.
New Delhi. Many banks have increased their interest rates on Fixed Deposits (FDs). This increase has happened in short term periods, such as 6 months to 3 years. Banks have taken this step after RBI increased the repo rate for three consecutive times. Small finance banks are at the forefront of giving high returns. After them foreign banks and then private banks. Public sector banks are far behind in giving returns. Based on the data collected by the bank market, the average return on FDs in the top 10 banks for 3 years is 7.2 percent.
Fixed deposits provide liquidity and assured interest income at regular intervals. Adequate liquidity means that when you need money, you will get it. Here we are giving you a list of top 10 banks according to the latest interest rates, which offer the highest interest rates on FDs with a tenure of around 3 years.
Fincare Small Finance Bank and Ujjivan Small Finance Bank offer 7.5 percent interest on FDs. Small finance banks are offering the best interest rates. This interest rate is applicable on fixed deposits of Rs 1 lakh in these banks. The investment tenure in Fincare Small Finance Bank is 1,000 days. Similarly, the investment tenure to earn the given interest rates in Ujjivan Small Finance Bank is 525 days and 990 days.
Suryoday Small Finance Bank gives 7.49 percent interest on FD of Rs 1 lakh. The investment period is 999 days.
Jana Small Finance Bank is offering 7.35 percent interest on FD of Rs 1 lakh. The investment tenure should be more than three years but less than five years.
Equitas Small Finance Bank is offering 7.32 percent interest on FD of Rs 1 lakh. The investment period is 888 days.
Deutsche Bank is offering the best interest rates among foreign banks. It gives 7 percent interest on FD of Rs 1 lakh. Investment period should be more than three years but less than four years.
Bandhan Bank and RBL Bank are offering the best interest rates among the private banks. Both these banks give 7 percent interest on FD of Rs 1 lakh. The investment tenure while investing in Bandhan Bank and RBL Bank is more than 1 year and less than 5 years, and 15 months respectively.
Small finance banks and small private banks are offering higher interest rates for raising fresh deposits. The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the central bank, guarantees investments in fixed deposits up to Rs 5 lakh. This data on FD interest is as of September 2, 2022, as given on the bank websites. While compiling the data, BankBazaar has considered the highest offered interest rate for a period of about 3 years.
