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4 Best 1-Year Fixed Deposits To Invest
Making secure investments for personal financial goals is always preferred as the risk-free instruments of your choice tend to give your fixed returns till the maturity period. And when it comes to secure investments, fixed deposits are widely considered to invest by both regular and senior citizens. Among the debt category, fixed deposit instruments are the most secure as they are not linked to market-based returns. Along with the assured returns, fixed deposits also provide flexible tenure which ranges from 7 days to 10 years. This implies that you can invest for your short-term, mid-term, and long-term personal finance goal. And if you are an investor having a short-term goal, let's assume about 1 year, then here are the 4 best and secure fixed deposits which you can pick to achieve your short-term goals.
1-Year Fixed Deposits of Small Finance Banks
Amid the current low-interest-rate regime, small finance banks are providing higher interest rates than leading commercial and private sector banks. For 1-year fixed deposits, here are the top 5 small finance banks that are currently promising interest rates up to 6.75% and are also insured up to 5 lakhs by DICGC.
| Banks | 1-Year FD Rates For Regular Citizens | 1-Year FD Rates for Senior Citizens | W.e.f. |
|---|---|---|---|
| Utkarsh Small Finance Bank | 6.75% | 7.25% | July 1, 2021 |
| Ujjivan Small Finance Bank | 6.50% | 7.00% | March 5, 2021 |
| ESAF Small Finance Bank | 6.50% | 7.00% | May 2, 2021 |
| Suryoday Small Finance Bank | 6.50% | 6.75% | June 21, 2021 |
| Equitas Small Finance Bank | 6.35% | 6.85% | June 1, 2021 |
1-Year Fixed Deposits of Private Sector Banks
Here are the top 5 private sector banks which are currently providing the best interest rates on 1-year fixed deposits for a deposit amount of less than Rs 2 Cr.
| Banks | 1-Year FD Rates For Regular Citizens | 1-Year FD Rates for Senior Citizens | W.e.f. |
|---|---|---|---|
| RBL Bank | 6.10% | 6.60% | July 2, 2021 |
| Yes Bank | 6.00% | 6.50% | June 3, 2021 |
| IndusInd Bank | 6.00% | 6.50% | June 4, 2021 |
| DCB Bank | 5.70% | 6.20% | 15 May, 2021 |
| Karur Vysya Bank | 5.25% | 5.75% | 08.07.2021 |
1-Year Fixed Deposits of Commercial Banks
Here are the top 5 public sector banks which are currently providing the best interest rates on 1-year fixed deposits for a deposit amount of less than Rs 2 Cr.
| Banks | 1-Year FD Rates For Regular Citizens | 1-Year FD Rates for Senior Citizens | W.e.f. |
|---|---|---|---|
| Union Bank | 5.25% | 5.75% | 15.12.2020 |
| Canara Bank | 5.20% | 5.70% | 08.02.2021 |
| Punjab & Sind Bank | 5.15% | 5.65% | 16.05.2021 |
| State Bank of India | 4.40% | 4.90% | 08.01.2021 |
| Bank of India | 4.35% | 4.85% | 01.07.2021 |
Post Office Time Deposit Account
Among the small savings schemes of India Post, post office time deposit is similar to fixed deposits of banks. In this fixed deposit account of post office, one can start investing with a minimum contribution of Rs 1000 and in multiples of Rs 100 with no upper limit. Investors can open a single account, joint account up to 3 adults, or on behalf of minors. One can open a post office time deposit account at any post office for a deposit tenure of 1 to 5 years. Recently, the government kept the interest rates unchanged of small savings schemes till the quarter ending in September 2021. For a period of 1 to 3-year deposits one can get an interest rate of 5.5%. Whereas for a deposit period of 5-years one can get an interest rate of 6.7% annually.
