FD rates: Highest interest rates on 1-year fixed deposits from private and public sector banks
Banks offering the highest interest rates on 1-year fixed deposits include IndusInd Bank at 7% and Punjab National Bank at 6.8%, with varying returns on Rs 1 lakh investment.
Fixed deposits (FDs) are a popular investment choice for those seeking safety and assured returns. Among various tenures, one-year FDs strike an ideal balance, offering decent returns without locking funds for too long and it’s a reliable option for short-term financial goals.
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In FDs, banks are offering varying interest rates. So, choosing the right one can make a significant difference to your earnings. Here are leading private and public sector banks that offer the highest interest rates on FDs. The best rates offered by these banks on one-year FDs (of up to Rs 1 crore) for resident, retail, and non-senior citizens have been taken into account. Let’s examine how an investment of Rs 1 lakh grows over this period. BankBazaar has compiled the data, as of July 25.
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IndusInd Bank offers an interest rate of 7 percent on FDs with a tenor of one year. Among private banks, it’s the best rate. In one year, a Rs 1 lakh FD would grow to Rs 1.07 lakh.
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Axis Bank, HDFC Bank and Kotak Mahindra Bank offer an interest rate of 6.60 percent for a one-year FD, which will see Rs 1 lakh investment grow to Rs 1.07 lakh on the date of maturity.
ICICI Bank offers an interest rate of 6.25 percent on one-year FD. A deposit of Rs 1 lakh here will grow to Rs 1.06 lakh on the maturity date.
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Punjab National Bank offers an interest rate of 6.80 percent on FDs with a tenor of one year. Among public sector banks, it’s the best rate. In one year, a Rs 1 lakh FD would grow to Rs 1.07 lakh.
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Bank of Baroda, Canara Bank and Union Bank of India offer an interest rate of 6.60 percent for a one-year FD, which will see Rs 1 lakh investment grow to Rs 1.07 lakh on the date of maturity.
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State Bank of India (SBI) offers an interest rate of 6.45 percent on FDs with a tenor of one year. In one year, a Rs 1 lakh FD would grow to Rs 1.06 lakh.
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.
