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5 Best 3-Year Fixed Deposits For Both Regular & Senior Citizens
As a risk-averse investor, you may not be interested to invest in fixed deposits of banks due to the current low-interest rate regime. As a result, investors are searching for secure debt instruments with high interest rates, best-performing debt mutual funds and large-cap funds to get higher returns than fixed deposits. However, most of the debt instruments are for the long-term whereas mutual funds provide market-based returns which investors with a low-risk appetite and especially senior citizens may not consider investing.
So it would not be a major concern for them, as they can get higher interest rates than small finance banks on fixed deposits. These are the banks that not only provide higher returns than leading private and public sector banks but also fall under the guidelines of DICGC insurance coverage. So if you have a personal finance goal of 3 years and are hunting for a secure investment, then here are the banks that are currently promising best interest rates on 3-year fixed deposits of below Rs 2 Cr.
3-Year Fixed Deposits of Small Finance Banks
Among the small finance banks, Ujjivan Small Finance Bank followed by Jana Small Finance Bank are currently promising higher interest rates on 3-year fixed deposits. Here are the top 5 small finance banks that are offering higher interest rates on 3-year fixed deposits.
| Banks | 3 Year FD Rates For Regular Citizens | 3 Year FD Rates For Senior Citizens | W.e.f. |
|---|---|---|---|
| Ujjivan Small Finance Bank | 6.75% | 7.25% | 05.03.2021 |
| Jana Small Finance Bank | 6.50% | 7.00% | 07.05.2021 |
| Equitas Small Finance Bank | 6.35% | 6.85% | 1st June, 2021 |
| AU Small Finance Bank | 6.25% | 6.75% | 23.06.2021 |
| Suryoday Small Finance Bank | 6.25% | 6.50% | 21.06.2021 |
| Source: Bank Websites |
3-Year Fixed Deposits of Private Sector Banks
Among the leading private sector banks, IndusInd followed by DCB Bank and RBL Bank are currently promising the best interest rates on 3-year fixed deposits. Here are the top 5 private sector banks that are promising higher interest rates on 3-year fixed deposits.
| Banks | 3 Year FD Rates For Regular Citizens | 3 Year FD Rates For Senior Citizens | W.e.f. |
|---|---|---|---|
| IndusInd Bank | 6.50% | 7.00% | 04.06.2021 |
| DCB Bank | 6.50% | 7.00% | 15.05.2021 |
| RBL Bank | 6.10% | 6.60% | July 2, 2021 |
| Yes Bank | 6.00% | 6.50% | 03.06.2021 |
| Karur Vysya Bank | 5.50% | 6.00% | 08.07.2021 |
| Source: Bank Websites |
3-Year Fixed Deposits of Public Sector Banks
Union Bank of India and Canara Bank are among the top public sector banks in terms of offering interest rates on 3-year fixed deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, guarantees fixed deposit investments up to Rs 5 lakh. The top 5 commercial banks presently offering higher returns on 3-year fixed deposits are listed below.
| Banks | 3 Year FD Rates For Regular Citizens | 3 Year FD Rates For Senior Citizens | W.e.f. |
|---|---|---|---|
| Union Bank of India | 5.50% | 6.00% | 09.07.2021 |
| Canara Bank | 5.40% | 5.90% | 08.02.2021 |
| Axis Bank | 5.40% | 5.90% | 22.06.2021 |
| Bank of India | 5.15% | 5.65% | 01.07.2021 |
| State Bank of India | 5.10% | 5.60% | 08.01.2021 |
| Source: Bank Websites |
