Fixed Deposits (FD) have long held a sense of security amongst the general citizens of India as it is a safe bet. With an FD account, one gains access to much more flexibility of tenure and give a wide range of investment options. In terms of a timeframe, customers of banks can invest for their short-term, mid-term or even long-term financial purposes. Even with all this room to invest and the fixed returns that this type of savings generate, it is still dependent on the FD rates that the banks charge. Most banks charge under two separate umbrellas. The first category is for the general citizens and the second is for senior citizens who get a higher rate of interest on their returns. Thanks to the flexibility of FD, the tenure can range anywhere from a week to a decade.
In recent times FD rates have been plummeting in the wake of the pandemic and the blows that the financial systems have suffered. Despite this, there are still some banks in India that offer customers good investment rates on their FD. Here are the top 5 banks that offer the best 1-Year Fixed Deposit Rates.
Check the Fixed Deposit Rates Offered by the Top 5 Banks Here
State Bank of India: Being one of the country’s leading commercial banks, the State Bank of India is giving its customers a 2.9 per cent to 5.4 per cent to general citizens and 3.40 per cent to 6.20 per cent to the senior citizens. This came into practice on January 8, 2021.
HDFC Bank: This bank put its new FD rates into motion from May 21 of this year. HDFC offers general citizens an interest rate of 2.5 per cent to 5.5 per cent to the general public and 3 per cent to 6.25 per cent to senior citizens.
ICICI Bank: This bank gives its customer base a deposit rate of 3.00 per cent to 6.30 per cent to senior citizens while general citizens retain an FD rate of 2.50 per cent to 5.50 per cent at the upper limit. This FD rate change came into function on October 21, 2020.
Axis Bank: The general public get an interest rate of 2.50 per cent to 5.75 per cent towards the upper limit on their FDs while senior citizens get 2.50 per cent to 6.50 per cent on the higher end for their FDs. This was made effective as of June 22, 2021.
Yes Bank: Yes Bank offers customers a deposit rate of 3.25 per cent to 6.5 per cent to the general public category and 3.75 per cent to 7.25 per cent to senior citizens demographic. The new interest rates were effective from June 3, 2021.