Best Fixed Deposits: Fixed Deposit (FD) is considered to be a great investment option. It is safe to invest in FDs and the risk is low. Although interest rates on FDs are currently low, there are some banks that offer interest rates of up to 7 per cent on FDs.
Most low-risk investors prefer to invest in fixed deposits. Fixed Deposit (FD) is considered to be a great investment option. It is safe to invest in FDs and the risk is low. The return is also guaranteed. Most investors do FDs in the same banks where they have a bank savings account. Meanwhile, some banks offer FD facility even in banks where you do not have a savings account.
When investing in any facility, you need to have the right information about the bank in which you are going to invest. Currently, interest rates on FDs have been reduced. As a result, consumers are looking for better rate FDs. There are some banks that offer interest up to 7 per cent on one-year FDs. Let’s find out about these banks-
Private sector banks
1. IndusInd Bank – 7% interest rate
2. Yes Bank – 7% interest rate
3. RBL Bank – 6.85 per cent interest rate
4. DCB Bank – 6.50 per cent interest rate
5. Bandhan Bank – 5.74 per cent interest rate
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Foreign banks
1. Standard Chartered Bank – 6.3 percent interest rate
2. DBS Bank – 4.15 per cent interest rate
3. Deutsche Bank – 4 percent interest rate
4. HSBC Bank – 3.25 per cent interest rate
5. Citibank – 3% interest rate
According to bank market statistics, small banks pay higher interest on FDs made for one year. These banks offer higher interest rates than foreign banks. IndusInd Bank and Yes Bank are leading in this.
HDFC, ICICI and Axis, one of the largest banks in the country, offer interest rates on one-year FDs at 5.15, 5.10 and 5 per cent, respectively. SBI and Bank of Baroda, the largest public sector banks, offer 4.90 per cent interest on FDs for one year.
Investment in FDs up to Rs 5 lakh is guaranteed by RBI’s subsidiary Deposit Insurance and Credit Guarantee Corporation (DICGC). Private banks require an investment of at least Rs 100,000 to Rs 10,000. In foreign banks, the amount is between Rs 1,000 and Rs 20,000 per year.
