Fixed deposits (FDs) are a favoured investment choice, providing guaranteed returns and minimal risk. FDs offer a stable and secure way to accumulate wealth. To optimise returns, it's crucial to compare interest rates across various banks and financial institutions, as rates differ.
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 September 5. The rates are for resident, retail and non-senior citizens and we've calculated the returns on a Rs 1 lakh investment.
IndusInd Bank offers a 6.75 percent interest rate on a three-year fixed deposit, positioning it as a top choice among private banks. At this rate, a Rs 1 lakh FD would grow to Rs 1,20,250 in three years.
Axis Bank and ICICI Bank offer 6.6 percent interest rate on 3-year FD. With this rate, a Rs 1 lakh deposit will mature to Rs 1,19,800 after three years.
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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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State-owned Bank of Baroda and Union Bank of India offer an interest rate of 6.4 percent on FDs with a three-year tenor. A Rs 1-lakh FD would grow to Rs 1,19, 200. Among public sector banks, these banks offer the best rate.
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.
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Punjab National Bank and Canara Bank have a 6.25 percent rate on FDs with a tenor of three years. A Rs 1-lakh deposit will grow to Rs 1,18,750.
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The Deposit Insurance and Credit Guarantee Corporation, a RBI subsidiary, guarantees investments in fixed deposits of up to Rs 5 lakh.
