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Which bank is best for fixed deposit: Check out interest rates of top five banks

Fixed deposit are also called term deposits. This is because money is deposited with a bank for a fixed predetermined time period or term.

June 05, 2020 / 07:42 AM IST

The fixed deposit (FD) is a financial instrument provided by banks or NBFCs which offers investors a higher rate of interest than a regular savings account. The fixed deposit (FD) is one of the most popular investment avenues. The return earned from a bank FD is fixed and known at the time of investing unlike in the case of equity.

Fixed deposits are also called term deposits. This is because money is deposited with a bank for a fixed predetermined time period or term.

Here are the top five banks' fixed deposit interest rates

Tenure: 1 year
BankInterest rates
Ujjivan Small Finance Bank7.50%
IDFC First Bank7.25%
RBL Bank7.20%
Indusind Bank7.00%
DCB Bank6.75%
YES Bank7.00% and 7.5% for senior citizens
Tenure: 2 years
BankInterest rates
Ujjivan Small Finance Bank7.50%
IDFC First Bank7.25%
RBL Bank7.25%
DCB Bank7.20%
AU Small Finance Bank7.00%
YES Bank7.25% and 7.75% for senior citizens
Tenure: 3 years
BankInterest rates
RBL Bank7.50%
DCB Bank7.35%
IDFC First Bank7.25%
AU Small Finance Bank7.25%
Ujjivan Small Finance Bank7.25%
YES Bank7.00% and 7.5% for senior citizens
Tenure: 5 years
BankInterest rates
DCB Bank7.35%
IDFC First Bank7.25%
RBL Bank7.15%
AU Small Finance Bank7.00%
Ujjivan Small Finance Bank6.75%
YES Bank7.00% and 7.5% for senior citizens

Source: Bank websites

Data as on May 28, 2020
Faizan Javed
first published: Jun 1, 2020 05:43 pm

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