Which Bank Offers the Best Fixed Deposit Interest Rate?
Last Updated : May 8, 2020, 11:59 a.m.
There is less to no doubt about the fact that fixed deposits are one of the most popular investment assets around. Provided by leading banks and financial institutions, fixed deposits are considered to be the safest option for people who want to park their money safely and get a fixed and guaranteed interest on their deposits. The most important part about the fixed deposits scheme is the interest rate given on the amount deposited by you. The Fixed Deposit interest rates tend to change from one lender to another.
Also known as Term Deposits, Fixed deposits can be opened for tenure as short as 7 days and as long as 10 years. You have the freedom to choose the tenure as per your requirement. But there is a question that a lot of people ask about which bank offers the best interest rates on the fixed deposit? We want to tell you that the best bank may change from one individual to another. So, we will tell you about some of the top lenders who provide the best interest rates on their fixed deposit schemes. After knowing them, you can make the decision. This article will explain all about this. So, keep reading!
Top Banks Offering Best Fixed Deposit Interest Rates
To know which bank would offer you the best fixed deposit interest rates, we are providing you information about some of the top lenders that provide the same. You can choose the one according to your own requirement and other conditions. Interest rates of some of the top lenders are mentioned below in the table. You need to remember that interest rates can be affected by a number of factors such as the type of scheme you are choosing, tenure of your deposit, and the frequency at which you are earning the interest. Have a look!
| List of Banks | FD Interest Rates |
|---|---|
| DCB Bank | 5.00% to 7.35% per annum (7.85% for Senior Citizens) |
| YES Bank | 5.00% to 7.25% per annum (7.75% for Senior Citizens) |
| PNB HFL | 7.20 to 7.75% per annum (8% for Senior Citizens for the Deposits upto INR 1 crore) |
| RBL Bank | 5.00% to 7.25% per annum (7.75% for Senior Citizens) |
DCB Bank Fixed Deposit Scheme
Interest Rates – 5.00% to 7.35% per annum (7.85% for Senior Citizens)
You can open a DCB Bank Fixed Deposit account with a minimum amount of INR 10,000. Coming from one of the leading private banks of India, Fixed Deposit Interest rates of DCB Bank range from 5.00% to 7.85% per annum which is quite high seeing the current market scenario. And not this, if you are a senior citizen, you can get a 0.50% per annum interest rate on the deposits. You can choose the tenure ranging from 7 days to a maximum of 10 years according to your convenience.
With the DCB Bank Fixed Deposit Scheme, you will get flexible interest payment options on a monthly, quarterly, semi-yearly, or yearly basis. In case you are in need of some funds, you can also get the loan or overdraft facility against your fixed deposit upto 80% of the total value.
YES Bank Fixed Deposit Scheme
Interest Rates – 5.00% to 7.25% per annum (7.75% for Senior Citizens)
YES Bank is one of the top private lenders of our country that provide the best fixed deposit schemes. Available at interest rates of as high as 7.25% per annum and upto 7.75% for senior citizens, this could be one of the best investment options to get lucrative returns. The tenure of YES Bank fixed deposits range from 7 days to 10 years. You can also opt for the Overdraft facility in case you are in need of urgent funds at affordable interest rates.
PNB HFL Fixed Deposit
Interest Rates: 7.20% to 7.75% per annum (8.00% for Senior Citizens)
With a minimum deposit of INR 25,000, you can easily open a PNB HFL Fixed Deposit . This minimum amount of INR 25,000 is applicable to the monthly income scheme. For all other schemes, you can open an FD with the minimum amount of INR 10,000.
The interest rates can go upto 7.75% for common individuals. For Senior Citizens, it can go upto 8.00% per annum for deposits below INR 1 crore, giving them an additional 0.25% to grow their corpus in a systematic and disciplined way. You can also open a joint fixed deposit with a maximum of three individuals. The minimum tenure for PNB HFL deposits is fixed at 12 months and can go upto 10 years.
RBL Bank Fixed Deposit Scheme
Interest Rates – 5.00% to 7.25% per annum (7.75% for Senior Citizens)
With the help of RBL bank, you can choose from a wide range of Fixed Deposit schemes according to your convenience. With the help of Regular Fixed Deposit schemes, you can opt for a tenure of 7 days to as high as 20 years. RBL bank FD interest rates range from 5% to 7.25% per annum and for senior citizens, there will be an additional 0.50% reaching it to 7.75% per annum.