Debt investment is the most popular investment choice for risk-averse investors as it offers guaranteed returns. For decades, fixed deposits have remained extremely popular among Indians who wish to invest in vehicles that offer guaranteed returns. While FDs are a good investment choice, the interest rates have come down in the last couple of years which has taken some shine away from them. Before choosing an FD, you should compare the interest rates on offer.
Amid falling fixed deposit interest rates across all top lenders, a lot of people are looking to invest in bank fixed deposits (FDs) which offer considerably higher interests on their deposits.
- Yes Bank offers 7 per cent interest on three-year FDs for senior citizens. Among private banks, this bank offers the best interest rates. A sum of Rs 1 lakh invested grows to Rs 1.23 lakh in three years.
- RBL Bank offers 6.80 per cent interest in three-year FDs for senior citizens. Rs 1 lakh invested grows to Rs 1.22 lakh in three years.
- IndusInd Bank offers 6.50 per cent interest in three-year FDs for senior citizens. Rs 1 lakh invested grows to Rs 1.21 lakh in three years. The minimum investment required is Rs 10,000.
- DCB Bank offers 6.45 per cent interest in three-year FDs for senior citizens. Rs 1 lakh invested grows to Rs 1.21 lakh in three years. The minimum investment required is Rs 10,000.
- IDFC First Bank offers 6.25 per cent interest in three-year FDs for senior citizens. Rs 1 lakh invested grows to Rs 1.20 lakh in three years.
It is worth adding that smaller private banks and small finance banks offer higher interest rates to garner newer deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
The smaller private banks and small finance banks are offering higher interest rates to garner newer deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
