5 Best Bank FDs To Invest In 2023 With High Interest Rates & High Safety

Even as we usher in the new year 2023, it has been a good year for fixed deposit holders as interest rates have trended higher. Here are a list of bank fixed deposits that you could consider for 2023, which are high on safety and best on interest rates.

PNB 666 days deposit

The deposit offers an interest rate of 8.05% for super senior citizens and 7.75% for senior citizens and 7.25% for the general public. If you see and compare these rates with larger peers like State bank of India or ICICI Bank and HDFC bank, the interest rates are far better. Apart from this, the bank is also a majority government of India owned enterprise and hence the deposits are safe. We are not highlighting the other tenures for PNB Deposits as the interest rates are marginally lower. However, one thing to note before investing is that there is a possibility of interest rates falling in the next 1-2 years and hence invest for long-term tenures.

IDFC First Bank Fixed Deposits

If you look at the regular deposits for IDFC First, the tenure between 18 months - 1 day- 3years is the best tenure as they offer you the highest interest rates of 7.50%. The same rates are also applicable for senior citizens. We suggest investors to invest for the three year period as the interest rate of 7.5% is good and if interest rates fall, you are adequately protected for the next three years. The bank is a large private sector player and the safety is pretty good. The other tenures offer like 367 days - 18 months offer you a slightly lower interest rate of 7.25%, which is why the 3 year tenure of 7.5% is good.

IndusInd Bank Fixed deposit interest rates

For IndusInd Bank, the best interest rates are offered under the 2 Years up to 2 Years 1 Month tenure, where the interest rate is 7.25% for the general public. However, for senior citizens the interest rate goes upto as high as 7.85%, which is not bad at all. The interest rates on the other tenures are slightly lower, which means the highest and the best tenure is the one mentioned above. However, we would prefer investors look at longer term tenures, so as to make sure that they do not have to worry if interest rates fall in the short term.

Canara Bank 666 Fixed Deposits

Like PNB, Canara Bank also has a 666 Days deposits are much lower at 75 for regular deposits and 7.50% for senior citizens. Thus, in terms of interest rates, PNB is much better as they offer an interest rate of 7.25%, 7.75% and 8.05% for regular deposits, senior citizens and super senior citizens. Also, both being government of India owned banks there is complete safety. Having said that the deposits of 666 days means the tenure is for slightly less than 2 years, which is not something we would advise investor to choose. In the current context it is better to go for deposits of three years and beyond. Hence, choose accordingly.

Hdfc Bank Fixed deposits

We like the HDFC Bank fixed deposits is because unlike other bank deposits, the interest rates do not drop when you increase the tenure of the deposits. The tenure from 15 months to 10 years offer you an interest rate of 7% and upto 7.75% for senior citizens. This means should interest rates fall after a few years, you have locked in money for high interest rates of 7% to 7.75% depending on whether you opt for regular deposits or deposits for senior citizens.