Planning to invest in FDs? Check banks offering highest interest on deposits for less than 3 Years.
Banks are offering loans to borrowers at lower interest rates to lower interest rates and increase national spending. However, as inflation rises, banks have decided to raise interest rates, giving investors a good opportunity to open FD accounts.
TidingsTimes
In India, some investors rely on time deposits (FD) to save for the future. Investors can get a safe return on FD investment. Fixed deposit rates have become less attractive lately, but now some banks are raising FD rates to make them more popular with investors.
Banks are offering loans to borrowers at lower interest rates to lower interest rates and increase national spending. However, as inflation rises, banks have decided to raise interest rates, giving investors a good opportunity to open FD accounts.
Interest rates on fixed deposits vary depending on the investment period. Long maturity FDs usually offer better returns than shorter maturity FDs. Most banks offer time deposits with maturities ranging from 7 days to 10 years.
Another factor that determines the interest rate on a fixed deposit is the amount you want to invest. Generally, the interest rates offered by FD are divided into three segments. Less than 2 rupees, 2 to 5 rupees, 5 rupees or more.
Banks offering the highest FD interest rates for
less than 3 years
Bandhan Bank – 6.25 percent
IndusInd Bank – 6 percent
RBL Bank – 6 percent
DCB Bank – 5.50 percent
Axis Bank – 5.40 percent
HDFC Bank – 5.20 percent
State Bank of India (SBI) – 5.10 percent
Banks offer interest rates 50 basis points higher for senior citizens' investments. So, for example, if a senior invests in Bandhan Bank for about 3 years, the bank will provide a 6.25% return.
In addition, investors should be aware that interest earned on FDs is subject to tax withholding (TDS) and must provide PAN card details before making an investment.
