FD rates: These banks offer up to 7.25% interest on 3-year deposits
Leading public and private sector banks such as Bank of Baroda, Axis Bank, HDFC Bank, SBI, Union bank of India, among others are offering the best interest rates on three-year FDs.
Fixed deposits offer liquidity and assured interest income at regular intervals. Thanks to the ample liquidity they promise, FDs can be useful while building an emergency corpus. Here are the top 10 banks by term deposit holdings considered for FDs with a tenure of three years. Bankbazaar has compiled the data.
2/10
The key parameter for identifying these banks is the term deposit holdings, the best rate for resident, retail, and callable 3-year FD under Rs 1 crore considered for non-senior citizens. The value is calculated based on quarterly compounding of interest.
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Bank of Baroda offers interest rates of up to 7.25 percent on three-year FDs. Among public sector banks, this bank offers the best interest rates. A sum of Rs 1 lakh invested here will grow to Rs 1.24 lakh in three years.
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Axis Bank offers interest rates of up to 7.10 percent on three-year FDs. Among private sector banks, this bank offers the best interest rates. A sum of Rs 1 lakh invested here will grow to Rs 1.24 lakh in three years.
HDFC Bank, Punjab National Bank, and ICICI Bank offer interest rates of up to 7 percent on three-year FDs. The sum of Rs 1 lakh invested here will grow to Rs 1.23 lakh in three years.
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Canara Bank offers interest rates of up to 6.80 percent on three-year FDs. The sum of Rs 1 lakh invested here will grow to Rs 1.22 lakh in three years.
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State Bank of India offers interest rates of up to 6.75 percent on three-year FDs. The sum of Rs 1 lakh invested here will grow to Rs 1.22 lakh in three years.
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Union Bank of India and Bank of India offer interest rates of up to 6.50 percent on three-year FDs. The sum of Rs 1 lakh invested here will grow to Rs 1.21 lakh in three years.
Indian Bank offers interest rates of up to 6.25 percent on three-year FDs. The sum of Rs 1 lakh invested here will grow to Rs 1.20 lakh in three years.
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The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
Hiral Thanawala is a personal finance journalist with over 10 years of reporting experience. Based in Mumbai, he covers financial planning, banking and fintech segments from personal finance team for Moneycontrol.
