Which bank is giving the highest income on 3 year FD, here is the list

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These banks are giving highest interest on FD

Conservative investors often invest in fixed deposits (FD) as an investment with safe and fixed returns. But before investing your hard-earned money in fixed deposits, it is very important to know one thing that which bank is giving the highest returns on its FD. Generally, there is not much difference in FD interest rates of all banks and they remain within a limited range. However, even a small difference of 50 basis points can significantly increase your investment, especially when the amount invested is substantial and the tenure is long.

Let us try to understand this with an example. If 0.50 percent more interest is available on three FDs than any bank, then the investor’s earning on an FD of Rs 10 lakh will be Rs 15,000 more. If this FD is of Rs 20 lakh then the saving figure will reach Rs 30 thousand. Let us also tell you how much return the top commercial banks of the country are giving on fixed deposits….

These 7 banks are earning the highest on FD

  1. HDFC Bank: This bank gives 6.45 percent interest rate to common citizens and 6.95 percent interest rate to senior citizens on deposits with a tenure of three years. At the same time, this bank gives the highest interest rate for a period of 18 to 21 months.
  2. ICICI Bank: This private sector bank gives 6.6 percent interest rate to common citizens and 7.2 percent to senior citizens on its FD with a tenure of three years.
  3. Kotak Mahindra Bank: This bank gives 6.4 percent and 6.9 percent interest rates to general and senior citizens on a tenure of three years. However, for tenures ranging from 391 days to less than two years, this bank offers the highest interest rates of 6.7 percent and 7.2 percent.
  4. Federal Bank: This private sector bank gives 6.7 percent interest rate to common citizens and 7.2 percent interest rate to senior citizens on deposits with a tenure of three years. These are the highest interest rates offered by the bank.
  5. State Bank of India (SBI): India’s largest bank gives 6.3 percent interest to regular citizens and 6.8 percent interest to senior citizens on its three-year FD. At the same time, the highest interest rates (6.45 percent and 6.95 percent) are given for a period of two to three years.
  6. Canara Bank: This government lender gives 6.25 percent interest to regular citizens and 6.75 percent interest to senior citizens on its three-year deposits. However, the highest interest rates (6.5 percent and 7 percent) are offered on a tenure of 444 days.
  7. Union Bank of India: This government lender gives 6.6 percent interest to regular citizens and 7.1 percent interest to senior citizens on its three-year FD.

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