Best Banks With Higher Interest Rates On FDs
Bank FD rates are calculated by fluctuations in the monetary policy of the RBI, such as the repo rate, the base rate, etc the banks’ internal liquidity status, economic circumstances and the extent of appetite of credit. The interest rates of fixed deposits often differ by deposit amount, tenure of deposit and type of investor i.e. general public or senior citizen, You can invest fixed deposits in banks with tenure periods ranging from 7 days to 10 years. In addition, the best FD rates for a specific span are provided by several banks. Therefore, as per your financial purpose, you should closely monitor the tenure of fixed deposits. Below are the top banks that are providing higher returns on 5-year FDs.
| Bank | ROI | ROI for senior citizens |
|---|---|---|
| Jana Small Finance Bank | 7.00% | 7.50% |
| Lakshmi Vilas Bank | 6.00% | 6.50% |
| Bandhan Bank | 5.75% | 6.50% |
| LIC Housing Finance | 5.60% | 5.85% |
| South Indian Bank | 5.50% | 6.00% |
| DBS Bank | 5.50% | 5.50% |
| Federal Bank | 5.50% | 6.00% |
| Axis Bank | 5.50% | 6.00% |
| Standard Chartered Bank | 5.50% | 6.00% |
| SBI | 5.40% | 6.20% |
FDs with higher interest rates for senior citizens
Senior citizens over 60 years of age can invest in Senior Citizen FD schemes. The interest rate provided on senior citizens’ FD schemes is 0.25 percent to 0.75 percent higher than a regular fixed deposit. Here is a list of top banks that are providing senior citizens FD schemes. Below are the banks that are offering higher returns on FD schemes for senior citizens.
| Bank | ROI | Tenure |
|---|---|---|
| Jana Small Finance Bank | 3.50 – 8.00% | 7 days to 10 years |
| Equitas Small Finance Bank | 4.10 – 7.50% | 7 days to 10 years |
| IndusInd Bank | 3.75 – 7.50% | 7 days to 10 years |
| Lakshmi Vilas Bank | 3.60 – 7.50% | 7 days to 10 years |
| Yes Bank | 4.00 – 7.75% | 7 days to 10 years |
NBFCs fixed deposits with higher interest rates
When it comes to NBFC (Non-Banking Financial Companies) FDs you must invest in high rated or AAA-rated fixed deposits in order to reduce the risk and get assured returns at the time of maturity. Whereas most NBFCs are AAA classified by highly regulated credit rating agencies, and thus offer higher returns on FDs if compared to banks. Below are the 5 best NBFCs FDs with higher interest rates:
| Bank | ROI for general public | ROI for senior citizens | Tenure |
|---|---|---|---|
| PNB Housing Finance | 6.20 – 6.70% | 6.45 – 6.95% | 12 months to 120 months |
| Bajaj Finserv | 6.10 – 6.60% | 6.35 – 6.85% | 12 months to 60 months |
| ICICI Home Finance | 6.00 – 6.50% | 6.25 – 6.75% | 12 months to 120 months |
| HDFC | 5.85 – 6.25% | 6.10 – 6.50% | 33 months to 66 months |
| LIC Housing Finance | 5.50 – 5.60% | 5.75 – 5.85% | 1 year to 5 years |
Best Small Finance Banks With Higher Interest Rates on FDs
Although banks are seen as a more stable choice for investing in schemes such as fixed deposits, investing in a Small Finance Bank FD is still a successful option for both general public and senior citizens. Numerous small finance banks are now authorized by the Deposit Insurance and Credit Guarantee Corporation (DICGC) depositor insurance programme. You should then invest in financial banks’ FD schemes that are listed below with higher interest rates:
| Bank | ROI for general public | ROI for senior citizens | Tenure |
|---|---|---|---|
| Jana Small Finance Bank | 3.00 – 7.50% | 3.50 – 8.00% | 7 days to 10 years |
| Equitas Small Finance Bank | 3.60 – 7.00% | 4.10 – 7.50% | 7 days to 10 years |
| AU Small Finance Bank | 3.75 – 6.75% | 4.25 – 7.25% | 7 days to 120 months |
| ESAF Small Finance Bank | 4.50 – 6.50% | 5.00 – 7.00% | 7 days to 3653 days |
| Fincare Small Finance Bank | 3.00 – 6.50% | 3.50 – 7.00% | 7 days to 84 months |
Best Tax Saving FD Schemes
Fixed deposits offer decent returns on your investment, but according to your Income Tax slab rate, you have to pay tax on your investment. Hence, by investing in tax saving FDs you can claim tax deductions up to Rs 1,50,000 on interest received against your investments. The tax-free FD qualifies for a minimum lock-in term of 5 years for you to invest. Below are the tax saving FDs that bid higher returns:
| Bank | ROI |
|---|---|
| Jana Small Finance Bank | 3.00% – 7.50% |
| Yes Bank | 3.50% – 7.00% |
| RBL Bank | 3.25% – 6.95% |
| AU Small Finance Bank | 3.75% – 6.75% |
| Bajaj Finserv | 6.10% – 6.60% |
Fixed deposits interest rates 2020
Jana Small Finance Bank currently has the highest fixed deposit returns of up to 7.50 per cent and is also one of the best banks to invest in a fixed deposit. For a period ranging from 7 days to 10 years, you can invest in Jana Small Finance Bank FD. It also offers senior citizens with lucrative interest rates on fixed deposits at 8.00 percent respectively.
| Banks | ROI for general public | ROI for senior citizens | Tenure |
|---|---|---|---|
| Jana Small Finance Bank | 3.00% – 7.50% | 3.50% – 8.00% | 7 days to 10 years |
| Equitas Small Finance Bank | 3.60% – 7.00% | 4.10% – 7.50% | 7 days to 10 years |
| IndusInd Bank | 3.25% – 7.00% | 3.75% – 7.50% | 7 days to 10 years |
| Lakshmi Vilas Bank | 3.60% – 7.00% | 3.60% – 7.50% | 7 days to 10 years |
| Yes Bank | 3.50% – 7.00% | 4.00% – 7.75% | 7 days to 10 years |
| DCB Bank | 4.75% – 6.95% | 5.25% – 7.50% | 7 days to 120 months |
| RBL Bank | 3.25% – 6.95% | 3.75% – 7.45% | 7 days to 20 years |
| AU Small Finance Bank | 3.75% – 6.75% | 4.25% – 7.25% | 7 days to 120 months |
| India Post Office | 5.50% – 6.70% | 5.50% – 6.70% | 7 days to 5 years |
| PNB Housing Finance | 6.20% – 6.70% | 6.45% – 6.95% | 12 months to 120 months |
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