Most of us prefer low-risk investment instruments, and fixed deposits are one such scheme. From deposits of banks to non-banking financial companies deposits to time deposits of post offices, the investors today have a wide range of FD options to select from. Many factors make a fixed deposit scheme worthy to invest such as its rate of interest, its flexible tenure, and its safe nature for investing our hard-earned money in it. An important thing about fixed deposits of banks is that these deposits are safeguarded by the Deposit Insurance and Credit Guarantee Corporation.
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD+
However, due to the pandemic, the FD interest rates for this year have fallen. In such a situation, the best FD rates offered by some of the small financial banks and commercial banks are mentioned below:
The fixed deposit rates for commercial banks are:
Best FD Offers by Commercial Banks in India |
|||
Name of the Bank |
Interest Rate |
Tenure |
|
Regular People |
Senior Citizens |
||
DCB Bank |
6.95% |
7.45% |
36 months |
IDFC First Bank |
6.00% |
6.50% |
500 days |
IndusInd Bank |
7.00% |
7.50% |
One year to one year two days |
RBL Bank |
6.95% |
7.45% |
36 months to 36 months one day |
Yes Bank |
7.00% |
7.75% |
Two years to less than three years |
Note: The interest rates are updated on 18th November 2020.
Best FD Rates Offered by Small Finance Banks in India |
|||
Name of the Bank |
Interest Rate |
Tenure |
|
Regular People |
Senior Citizens |
||
Fincare Small Finance Bank |
6.50% |
7.00% |
36 months one day to 42 months |
Jana Small Finance Bank |
7.50% |
8.00% |
Less than two years to three years |
North East Small Finance Bank |
7.50% |
8.00% |
730 days to less than 1095 days |
Suryoday Small Finance Bank |
7.50% |
8.00% |
Five years |
Utkarsh Small Finance Bank |
7.00% |
7.50% |
700 days |
Note: The rates of interest are updated on 18th November 2020.
The above-mentioned FD interest rates are for different banks. Now we are going to provide a small description of these schemes.
You may like to Read: HDFC Bank FD Rates |
The Final Words!
These are some of the best fixed deposit schemes for the year 2023. You can choose a scheme as per your convenience and requirement.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ