Banks with Highest Interest Rates on Fixed Deposits in India
Fixed deposits are one of the safest mediums of investment as they are not risky like shares. These deposits are usually preffered by middle class working people. Read this post to know about banks offering higher interest rates on fixed deposits in 2017.
Fixed deposits are good investment option for people who do not want to take the risk of spending money in mutual funds or shares. The fixed deposits give a guaranteed return and thus provide you the peace of mind. The interest rates on fixed deposits vary from one bank to another. In order to get the maximum return from fixed deposits, you should have updated information about the banks offering highest interest rates on fixed deposits.
Interest rates on Fixed Deposits in Different Banks
Here is the list of current interest rates. Note that the interest rates keep changing regularly and thus I have also added the link to official web page of the corresponding bank where you can get the updated interest rates.
Interesting things to note about the Fixed Deposit Interest Rates
There are a number of things to be kept in mind regarding FDs and their interest rates.
Here are some of the banks offering higher interest rates on Fixed deposits in India in 2017
1) Yes Bank- 18 months - 7.15 %
2) Union bank of India- 1 year - 7 %
3) Axis Bank - 14 months to 15 months - 7 %
4) HDFC Bank- 1 year - 6.95 %
5) Punjab National Bank- 6.90 5
6) Oriental Bank of Commerce - 6.90 %
7) Dena Bank - 6.80%
8) Kotak Bank - 6.75 %
9) ICICI - 6.75%
10) Allahabad Bank - 6.60 %
11) Central Bank of India- 6.60 %
12) Syndicate Bank - 6.50 %
13) State Bank of India - 6.25 %
14) Indian Bank - 6.25%
15) Citi Bank - 5.25%
How to Choose a Bank for FD
Now that we have discussed the interest rates for FDs in different banks, the question is whether we should consider only the interest option while opening the FD. In my opinion, one needs to consider some other factors as well. For instance, opening the FD in the same bank where you have the savings account will make the deposit and withdrawal easier. Also there is option to open a FD online in case of banks like SBI. This is useful for people who do not want to waste time in bank formalities.