A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date.
An FD may or may not require the creation of a separate account. Some banks also offer additional services to FD holders such as loans against FD certificates at competitive interest rates.
It is important to note that banks may offer lesser interest rates under uncertain economic conditions.
Even in these challenging times, there are many banks that are paying more interest on FDs than major banks. These banks provide you an interest rate of up to 7 percent on a 1-year fixed deposit. So, if you are planning to save money and earn from it here are some banks you can consider:
| Bank | Rate of interest(%) |
| IDFC First Bank | 7.25 |
| RBL Bank | 7.20 |
| IndusInd Bank | 7.00 |
| Ujjivan Small Finance Bank | 6.95 |
| DCB Bank | 6.75 |
| Yes Bank | 6.75 |
| AU Small Finance Bank | 7.05 |
| Standard Chartered Bank | 6.30 |
| Bandhan Bank | 6.25 |
| IDBI Bank | 5.70 |
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