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5 Best 1-Year Fixed Deposits To Invest

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A fixed deposit is an investment product offered by banks or non-bank financial companies that gives investors decent returns in the form of interest rates upon maturity. Fixed deposit investments have varying tenure periods that typically span from 7 days to 10 years. As a result, it is a safe investment for both short-term and long-term investors looking for guaranteed returns. Because of the safety and surety of returns, risk-averse investors may opt to invest in FDs. That being said, before investing in FDs, you must check the best interest rates and proper research of the bank. So if you are a short-term investor and want to invest in a fixed deposit for a tenure of only 1 year, then here are the 5 banks in the market that are currently offering higher interest rates.

Private Bank FDs

Private Bank FDs

On one-year FDs, private banks are giving 6.1 per cent interest rates. For example, RBL Bank offers 6.10 per cent and IndusInd Bank offers 6% on one-year fixed deposits. These rates of interest are higher than those given by the major public sector banks. As a result, the top five private sector banks are presently offering higher interest rates on one-year fixed deposits of up to Rs 2 crore are as follows:

BanksRegular FD RatesSenior Citizen FD RatesW.e.f.
RBL Bank 6.10% 6.60% 1 June, 2021
IndusInd Bank 6.00% 6.50% 4 June, 2021
Yes Bank 6.00% 6.50% 3 June, 2021
DCB Bank 5.70% 6.20% 15 May, 2021
Bandhan Bank 4.50% 5.25% 7 June, 2021
Source: Bank Websites

Public-sector bank fixed deposits
 

Public-sector bank fixed deposits

On one-year fixed deposits, public sector banks such as Union Bank and Canara Bank are giving higher interest rates. Leading banks, such as the State Bank of India (SBI), are giving 4.40% interest rates on one-year fixed deposits. Check the below-listed top 5 public-sector banks, which are now giving higher interest rates on 1-year fixed deposits for a deposit amount of less than Rs 2 Cr.

BanksRegular FD RatesSenior Citizen FD RatesW.e.f.
Union Bank 5.25% 5.75% 15.12.2020
Canara Bank 5.20% 5.70% 08.2.2021
Punjab & Sind Bank 5.15% 5.65% 16 May, 2021
Indian Overseas Bank 4.90% 5.40% 09.11.2020
Bank of India 4.50% 5.00% 1 June, 2021
Source: Bank Websites

Small Finance Bank Fixed Deposits

Small Finance Bank Fixed Deposits

Small finance banks provide higher interest rates than major private and public-sector banks. Here are the top 5 small finance banks which are now giving higher interest rates on 1 year fixed deposits for a deposit amount of less than Rs 2 Cr.

BanksRegular FD RatesSenior Citizen FD RatesW.e.f.
Utkarsh Small Finance Bank 6.75% 7.25% 19.10.2020
Ujjivan Small Finance Bank 6.50% 7.00% 5.03.2021
Equitas Small Finance Bank 6.35% 6.50% 1.06.2021
Jana Small Finance Bank 6.25% 6.75% 07.05.2021
Suryoday Small Finance Bank 6.25% 6.75% 15.02.2021
Source: Bank Websites

 

Read more about: fd fixed deposit
Story first published: Monday, June 14, 2021, 14:16 [IST]
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