Which are the banks that offer the highest interest rates on three-year FDs?
&imwidth=600&imheight=450&format=webp&quality=medium "Which are the banks that offer the highest interest rates on three-year FDs?")
People stand in queues at an ATM outside an SBI Bank branch in Surat. Photograph: (ANI file)
Punjab National Bank gives the most interest compared with other public-sector banks. Here's a look at how it compares with the FD rates of SBI, Axis Bank, Bank of Baroda, ICICI Bank, Union Bank and Canara Bank.
With financial education among the masses, mutual funds have become popular for financial growth. However, they are subject to market risks. Many times, mutual funds don't register growth because of financial uncertainties and political and geopoliticalconditions affecting the market. In such cases, fixed deposits becomethe financial instruments of choice. FDs are time-tested and safer investment options, which provide more interest than a savings account while keeping your investments safer relative to mutual funds. However, many FDs don't give robust returns. Here's a list of banks that provide the highest FD rates in India.
The first on the list is Axis Bank. It is providing an interest rate of 6.6 per cent for fixed deposits for a term of three years. This means that a Rs 1 lakh FD can grow to over Rs 1.19 lakh.
ICICI Bank, one of the largest private lenders in India, is also offering an interest rate of 6.6 per cent on a three-year FD.
IndusInd is another bank that is offering a good rate on FDs. If one invests Rs 1 lakh as a fixed deposit for three years, she would earn Rs 1,20,000 at an annual rate of 6.75 per cent.
For FD of three years, HDFC and Kotak Mahindra banks are an excellent option. They are providing an interest rate of 6.4 per cent on FDs of three years.
The Punjab National Bank offers a greater interest rate than HDFC and Kotak. It is offering 6.5 per cent per annum on fixed deposits with a three-year term.
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PNB's interest rates are the best among public sector banks.
Bank of Baroda and Union Bank both offer 6.4 per cent on FDs with a term of three years.
The State Bank of India(SBI), the country's largest lender, offers an interest rate of 6.3 per cent on a three-year fixed deposit. This means a sum of Rs 1 lakh will become close to Rs 1.19 lakh after three years.
Canara Bank's interest rates are a bit lower. It is offering 6.25 per cent interest for three years on FDs.