Best rates on Fixed Deposits: These are the top private and PSU lenders offering the most-attractive rates on FDs
Top banks offering high interest rates on one-year fixed deposits include IndusInd Bank at 7 percent, while Kotak Mahindra Bank and Bank of Baroda offer a rate of 6.60 percent per annum, based on data from BankBazaar.
One-year fixed deposits are a popular investment choice for those seeking guaranteed returns, offering a balance between returns and liquidity for short-term financial objectives.
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To maximize your fixed deposit earnings, it's essential to choose the right bank, as interest rates vary significantly. Here's a breakdown of top private and public sector banks offering high interest rates on FDs for one-year deposits up to Rs 1 crore, catering to resident, retail, and non-senior citizens. Let’s examine how an investment of Rs 1 lakh grows over this period. BankBazaar has compiled the data, as of September 5.
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IndusInd Bank stands out among private banks, offering a 7 percent interest rate on one-year fixed deposits, which would grow a Rs 1 lakh investment to Rs 1.07 lakh in a year.
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Kotak Mahindra Bank, Axis Bank and HDFC Bank offer a 6.60 percent interest rate on one-year fixed deposits, growing a Rs 1 lakh investment to Rs 1,06,600 at maturity.
ICICI Bank provides a 6.40 percent interest rate on one-year fixed deposits. With a Rs 1 lakh deposit, you'll earn interest and receive Rs 1,06,400 at maturity.
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Bank of Baroda and Punjab National Bank offer a competitive 6.60 percent interest rate on one-year fixed deposits, with a Rs 1 lakh investment maturing to Rs 1,06,600, representing the best rate among public sector banks.
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Canara Bank and Union Bank of India offer a competitive 6.50 percent interest rate on one-year fixed deposits, with a Rs 1 lakh investment maturing to Rs 1,06,500.
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State Bank of India’s one-year fixed deposit offers a 6.45 percent interest rate, growing a Rs 1 lakh investment to Rs 1,06,450 upon maturity.
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, guarantees the safety of fixed deposits of up to Rs 5 lakh.
