Fixed deposit (FD) has long held a sense of security among the common citizens of India as it is a safe bet. With an FD account, one gets access to greater flexibility of tenure and offers a wide range of investment options. In terms of a time frame, customers of banks can invest for their short-term, mid-term or even long-term financial purposes. Even with the fixed returns to invest and generated from this type of savings, it is still dependent on FD Rates What banks charge Most banks charge under two different umbrellas. The first category is for common citizens and the second is for senior citizens who get a higher rate of interest on their returns. Due to the flexibility of FDs, the tenure can be anywhere from a week to a decade.
FD rates have come down in recent times in the wake of the pandemic and damage to financial systems. Despite this, there are still some banks in India that offer good investment rates on their FDs to the customers. Here are the top 5 banks that offer the best 1-year fixed deposit rates.
Check Fixed Deposit Rates Offered by Top 5 Banks Here
state Bank of India: Being one of the leading commercial banks in the country, State Bank of India is offering its customers a discount of 2.9 percent to 5.4 percent for general citizens and 3.40 percent to 6.20 percent for senior citizens. It came into force on January 8, 2021.
HDFC bank: This bank implemented its new FD rates from May 21 this year. HDFC offers an interest rate of 2.5 percent to 5.5 percent for general public and 3 percent to 6.25 percent for senior citizens.
ICICI Bank: This bank offers its customer base a deposit rate of 3.00 percent to 6.30 percent to senior citizens while general citizens maintain an FD rate of 2.50 percent to 5.50 percent on the upper limit. This change in FD rate came into effect on October 21, 2020.
axis Bank: General public gets an interest rate of 2.50 percent to 5.75 percent for the upper limit on their FDs while senior citizens get an interest rate of 2.50 percent to 6.50 percent on the higher end for their FDs. It was made effective from June 22, 2021.
Yes Bank: Yes Bank offers customers a deposit rate of 3.25 per cent to 6.5 per cent for the general public category and 3.75 per cent to 7.25 per cent for the senior citizen demographic. The new interest rates were effective from June 3, 2021.
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