5 Best Fixed Deposits For 5 Years For Both Regular & Senior Citizens
A fixed deposit is a low-risk debt product that allows regular and elderly citizens to maintain their investments at a fixed rate of interest that is better than savings account interest rates across all tenures. Banks and financial institutions enable residents the option of investing their funds for periods ranging from seven days to ten years, and because the interest rate and period of the deposit are fixed, you may plan your financial and retirement objectives with safety. Apart from the fixed and higher interest rates, the Deposit Insurance and Credit Guarantee Corporation (DICGC) would cover your deposits up to Rs 5 lakhs, which is tantamount to a slice of buttered toast for you. As a consequence, for investors with a five-year financial objective, here are the top five public, private, and small finance banks providing the highest interest rates on deposits of less than Rs 2 crore.
5 Year Fixed Deposits of Top 5 Public Sector Banks
Here are the top 5 public sector banks offering higher interest rates on fixed deposits of less than Rs 2 crore to both the general public and elderly persons for deposits maturing in 5 years.
Banks | Interest rates for regular customers | Interest rates for senior citizens | W.e.f. |
---|---|---|---|
Union Bank of India | 5.40% | 5.90% | 01/09/2021 |
Punjab & Sind Bank | 5.30% | 5.80% | 16/09/2021 |
State Bank of India | 5.30% | 5.80% | 08.01.2021 |
Bank of Baroda | 5.25% | 5.75% | 16.11.2020 |
Canara Bank | 5.25% | 5.75% | 09.08.2021 |
Source: Bank Websites |
5 Year Fixed Deposits of Top 5 Private Sector Banks
The top five private sector banks that are providing the highest interest rates on fixed deposits of less than Rs 2 crore to both regular citizens and the elderly for deposits maturing in five years are as follows:
Banks | Interest rates for regular customers | Interest rates for senior citizens | W.e.f. |
---|---|---|---|
Nainital Bank | 6.35% | 6.35% | 10th September 2021 |
RBL Bank | 6.30% | 6.80% | September 01, 2021 |
Yes Bank | 6.25% | 7.00% | 5th August 2021 |
IndusInd Bank | 6.00% | 6.50% | July 23rd, 2021 |
DCB Bank | 5.95% | 6.45% | 17th August 2021 |
Source: Bank Websites |
5 Year Fixed Deposits of Top 5 Small Finance Banks
For both regular and senior citizens, here are the top 5 small finance banks that are currently offering an interest rate of up to 7.25% on deposits of less than Rs 2 Cr maturing in 5 years.
Banks | Interest rates for regular customers | Interest rates for senior citizens | W.e.f. |
---|---|---|---|
Fincare Small Finance Bank | 6.75% | 7.25% | 25th October 2021 |
Suryoday Small Finance Bank | 6.75% | 7.00% | September 09, 2021 |
Jana Small Finance Bank | 6.50% | 7.00% | 07/05/2021 |
Ujjivan Small Finance Bank | 6.25% | 6.75% | 16th August 2021 |
North East Small Finance Bank | 6.25% | 6.75% | 19th April 2021 |
Source: Bank Websites |