Fixed Deposits (FDs) are the saving instrument.
The economy escalation has decreased, the real interest rates have increased.
Some banks are offering 8% interest on FD of one year.
Fixed Deposits (FDs) are the only thing that most of the individuals prefer as a saving instrument especially the senior citizens.
The fact that then economy escalation has decreased, the real interest rates have increased. Some banks are offering 8% interest on FD of one year.
The senior citizen will get up to 8.5% interest on their deposits.
Likewise, a three year FD gives 8.5% interest rates. A list of names of banks that proposes the best-fixed deposits rates for one year up to 5 years include
One year fixed deposit.
Banks like Indusland and RBL offers 8% interest rate whereas banks like Lakshmi Vilas Bank, Karnataka Bank, and City Union Bank offer a 7.60%, 7.50%, 7.35-7.60 % interest rates. However senior citizens get 50 basis points interest from over the prices mentioned above.
Two years fixed deposit.
AU Small finance Bank offers 8.25% interest rate, and it is the highest as compared to any other bank, RBL bank gives 8.05% interest rate, LVB and South Indian Bank offer a 7.60% each and Axis Bank gives a 7.50% interest rate in 2 year period.
Three years fixed deposit.
The depositor who deposits up to 1 crore, the AU Small Finance Bank offers a higher interest rate of 8.5% as compared to other banks. Again senior citizens will get 50 basis points on the prices mentioned above.
Five years fixed deposit.
IDFC bank offers the ultimate rate of 8.25%. AU Small Finance Bank follows the lead after IDFC bank with 8% interest rate. The least is being provided by RBL Bank that is 7.6% interest rate on five year FD.