FDs are a top pick for low-risk investors seeking guaranteed returns. For a 3-year term, they provide steady wealth growth; compare rates to maximize 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 October 31. The rates are for resident, retail and non-senior citizens and we've calculated the returns on a Rs 1-lakh investment.
IndusInd Bank is giving 6.65 percent interest on 3-year FDs, a top rate among private banks. With this rate, a Rs 1 lakh FD would mature at Rs 1,19,950 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.
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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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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.
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Canara Bank and Punjab National Bank offers an interest rate of 6.25 percent for a three-year FD. It would mean that Rs 1 lakh becomes Rs 1,18,750 on the date of maturity.
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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.
