Bank fixed deposits (FDs) are investments for all seasons for most in India. Investors love to park their money in these avenues, given that FDs are safe and returns are certain. During this crucial COVID-19 times, here are 10 banks that are providing best interest rates on tax saving FDs.
The private sector lender DCB Bank ranks the highest with an annual rate of interest of 7.35 percent. With an investment upto Rs. 1.5 lakh, the return after five years would be approximately Rs 2,15,897.
The second Bank in the list is IDFC First Bank with an annual interest rate of 7.25 percent. On an investment of Rs 1.5 lakh, the return after five years would be Rs 2,14,839. (Image: WIkimedia)
The RBL bank is offering an annual interest rate of 7.15 percent for which the return would be Rs 2,13,786 after five years. (Image: PTI)
The foreign lender Deutsche Bank is providing an annual interest rate of 7 percent. After an investment of minimum Rs 1.5 lakh, the returns after five years would be Rs 2,12,217.
The fourth in the list is the private lender Yes Bank and is sharing the same rate of interest as the foreign lender Deutsche Bank. (Image: Reuters)
The AU Small Finance bank is also competing with the private and foreign banks with an annual interest rate of 7 percent (Image: Wikipedia)
IndusInd Bank is offering an annual interest rate of 6.75 percent for which the return would be Rs 2,09,625 after five years.
Another small finance bank is eighth on the list. Ujjivan Small Finance is offering an annual interest rate of 6.25 percent. The return after five years would be Rs 2,04,531. (Image: Moneycontrol)
Karur Vysya Bank is offering an annual interest rate of 6.05 percent for which the return would be Rs 2,02,526 after five years. (Image: Justdial)
With an annual interest rate of 6.00 percent, Bandhan Bank is at number ten for providing highest tax saving interest rates. With an investment of Rs 1.5 lakh, return after five years would be Rs 2,02,028.
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