One-year fixed deposits (FDs) are a popular choice for investors seeking assured returns and liquidity, ideal for meeting short-term financial objectives.
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Here is a list of leading private and PSU banks offering the highest interest rates on FDs. The list takes into account the best rates offered by these banks on one-year FDs (up to Rs 1 crore) for resident, retail, and non-senior citizens. Let’s examine how an investment of Rs 1 lakh grows over this period. BankBazaar compiled the data as of October 31.
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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 1,07,000 at the time of maturity.
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Axis Bank, HDFC Bank and Kotak Mahindra Bank offer a 6.6 percent rate on one-year fixed deposits, growing a Rs 1 lakh investment to Rs 1,06,600.
ICICI Bank provides a 6.40 percent interest rate on one-year fixed deposits. For a Rs 1 lakh deposit, the maturity amount would be Rs 1,06,400.
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Bank of Baroda and Punjab National Bank offer 6.6 percent rate on one-year fixed deposits, with a Rs 1 lakh investment maturing to Rs 1,06,600, the highest among public sector banks.
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Union Bank of India and Canara Bank offer a 6.5 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 offers an interest rate of 6.45 percent on FDs with a tenure of one year. In one year, a Rs 1 lakh FD would grow to Rs 1,06,450.
