Currently, Equitas Small Finance Bank provides the highest returns on fixed deposits ranging upto 6.80% and hence, is one of the best banks for investing in a fixed deposit. You can invest in Equitas Small Finance Bank FD for a tenure ranging between 7 days to 10 years. It also provides attractive interest rates on fixed deposits to Senior Citizens at 7.30%.
|Banks||Bank FD Rate Of Interest||Senior Citizen FD Rates||Tenure|
|Equitas Small Finance Bank||3.60% – 6.80%||4.10% – 7.30%||7 days to 10 years|
|Jana Small Finance Bank||2.50% – 6.75%||3.00% – 7.25%||7 days to 10 years|
|India Post Office||5.50% – 6.70%||5.50% – 6.70%||7 days to 5 years|
Banks determine the FD Rates based on changes in RBI monetary policy such as repo rate, base rate, the internal liquidity position of banks, economic conditions and the level of credit demand.The fixed deposits interest rates also vary by deposit amount, deposit tenure and type of depositor.
You can invest in banks fixed deposits for a tenure ranging between 7 days to 10 years. Further, several banks offer the highest FD rates for a specific tenure. Thus, you must carefully determine the tenure of fixed deposits as per your financial goal. Here is a list of 10 top banks with the highest FD rates for a 5-year duration.
|Bank||FD Rate Of Interest||Senior Citizen FD Rates|
|Jana Small Finance Bank||6.00%||6.50%|
|Karur Vysya Bank||5.75%||6.15%|
|South Indian Bank||5.65%||6.15%|
|LIC Housing Finance||5.60%||5.85%|
|Standard Chartered Bank||5.35%||5.85%|
Currently, Jana Small Finance Bank offer highest FD rates ranging between 6.00% for a tenure of 5 years and can be considered the best choice to open FD for a 5 year period.
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