Fixed Deposits (FDs) are a popular investment option, offering assured returns and low risk. For investors with a three-year investment horizon, FDs can provide a stable and secure way to grow their wealth. With interest rates varying across banks and financial institutions, it's essential to research and compare rates to maximize returns. A three-year FD can be a good option for those seeking a balance between liquidity and returns.
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Here's a list of top private and public sector banks offering the best rates on a three -year FD of up to Rs 1 crore. The list is based on data compiled by BankBazaar as of August 8. The rates are for resident, retail and non-senior citizens and we've calculated the returns on a Rs 1-lakh investment.
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IndusInd Bank is offering a competitive interest rate of 6.75 percent on fixed deposits with a three-year tenure, making it a top choice among private banks. With this rate, a Rs 1 lakh FD would mature at Rs 1,20,250 in three years.
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Axis Bank and ICICI Bank offer an interest rate of 6.6 percent for a three-year FD. A Rs 1-lakh deposit with them will grow to Rs 1,19, 800 on the date of maturity.
HDFC Bank and Kotak Mahindra Bank offer an interest rate of 6.4 percent for a three-year FD. It means that Rs 1 lakh will become Rs 1,19,200 on the date of maturity.
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Punjab National Bank offers an interest rate of 6.5 percent on a three-year FD. Among public sector banks, this is the best interest rate. In three years, a Rs 1-lakh FD would grow to Rs 1, 19, 500.
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Bank of Baroda and Union Bank of India offer an interest rate of 6.4 percent on FDs with a tenor of three years. A Rs 1-lakh FD would grow to Rs 1,19, 200.
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State Bank of India offers an interest rate of 6.3 percent for a three-year FD, which will see a Rs 1 lakh grow to Rs 1,18,900 on the date of maturity.
