Fixed Deposit Rate: Many people still choose fixed deposits (FDs) for their investments today, and they’re a staple in most investment portfolios.
Despite having numerous other options like the stock market, ETFs, and mutual funds, many people still trust bank FDs the most because they provide guaranteed returns and help keep an investment portfolio balanced.
Among leading private banks, Axis Bank is currently offering the highest rate, while Union Bank of India provides the highest returns among public sector banks. Here is a list of some leading banks offering the highest returns on 3-year FDs, including both private and public sector banks. Check FD interest rates offered by ICICI Bank, HDFC Bank, State Bank of India (SBI) and Punjab National Bank (PNB) and more.
Highest FD Interest Rates on 3-Year deposit
The following banks offer competitive interest rates on 3-year tenure:
Axis Bank, ICICI Bank and Union Bank of India are at the top, each offering a rate of 6.60 per cent.
Bank of Baroda follows closely with an interest rate of 6.50 per cent .
HDFC Bank offers a slightly lower rate of 6.45 per cent .
Punjab National Bank follows with 6.40 per cent .
State Bank of India offers a rate of 6.30 per cent .
Canara Bank and Bank of India both offer an interest rate of 6.25 percent .
How To Double Your FD?
To find out how long it will take for an FD to double, you can use the “Rule of 72.” This simple formula states that the number of years needed to double your investment is 72 divided by the annual interest rate. For example, if your FD has an interest rate of 6.60 per cent, it would take approximately 10.9 years (72/6.6 = 10.9) to double your investment.