Where to get best rates on your FDs? Canara Bank, PNB offer 7.25% on 15 months duration

Trading at the stock market has been volatile since the Lok Sabha election results failed to meet the large-scale anticipation of the exit polls. With the BJP failing to muster a simple majority in the Lower House on its own and needing to forge a alliance government at the Centre, there is palpable fear among investors of coalition politics taking centerstage. According to investment advisors, there is bound to be short-term volatility and uncertainty in the markets. Risk-averse investors could scout for secure avenues such as short-term fixed deposits to park their funds. FDs 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 that offer the highest interest rates on fixed deposits with tenures of up to 15 months. Bankbazaar has compiled the data.

The key parameter for identifying these banks is their term deposit holdings. The best rates offered by these banks on fixed deposits (of up to Rs 1 crore) with tenures of up to 15 months for resident, retail, and non-senior citizens have been taken into account. The data is as of May 24, 2024.

Canara Bank offers an interest rate of 7.25 percent on FDs with a 444-day tenure. Among the public sector banks, this bank offers the best interest rates.

Punjab National Bank and Indian Bank offer interest rates of 7.25 percent on 400 day FDs.

Union Bank of India offers interest rate of 7.25 percent on FDs with tenure of 399 days.

ICICI Bank offers an interest rate of 7.2 percent on 15-month FDs. This is the best interest rate offered by a private bank at the moment.
Also explore: High-return FDs offered by trusted banks and NBFCs on the Moneycontrol app.

State Bank of India offers an interest rate of 7.1 percent on FDs with 400-day maturity period.

HDFC Bank offers interest of 7.1 percent with 15-month maturity.

Bank of Baroda offers an interest rate of 7.1 percent on FDs with a tenure of 360 days.

Bank of India's interest rate on offer for FDs with tenures of 12 months is 6.8 percent.

The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments of up to Rs 5 lakh in fixed deposits.