Up to 7.65% interest on 3-year FDs, know which bank is offering the highest returns

Know Which Bank Is Offering The Highest Returns: If you want to secure your hard-earned money while earning good returns, a fixed deposit (FD) is a reliable option. But when bank interest rates are low, even a small increase or decrease in FD rates can have a significant impact on your returns. Since FD interest rates are fixed at the time of investment, investors should always keep an eye on the latest FD rates from banks.

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Highest Interest Among Small Finance Banks

Among small finance banks, Utkarsh Small Finance Bank offers the highest interest rate of 7.65%. Slice Small Finance Bank and Jana Small Finance Bank offer 7.50% interest on 3-year FDs. Suryoday Small Finance Bank offers 7.25% and AU Small Finance Bank offers 7.10%. FDs up to ₹5 lakh in small finance banks are guaranteed by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Experts recommend that investors invest within this limit in these banks to ensure their principal and interest are protected in case of any unforeseen circumstances.

Rates Among Private Banks

Among private banks, RBL Bank offers 7.20% interest on 3-year FDs. SBM Bank India offers 7.10%, while Bandhan Bank, Yes Bank, and DCB Bank offer 7%. IndusInd Bank offers 6.90%, and ICICI Bank and Axis Bank offer 6.60%. HDFC Bank offers 6.45% interest on 3-year FDs.

Interest Rates at Public Sector Banks

Interest rates on 3-year FDs at public sector banks range from 6% to 6.60%. Union Bank of India offers the highest interest rate at 6.60%, followed by Bank of Baroda at 6.50%, Punjab National Bank (PNB) at 6.40%, and State Bank of India (SBI) at 6.30%.

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Summary

These rates clearly indicate that while public sector banks offer slightly lower interest rates, investors still prefer them due to their security and reliability.