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5 Best Fixed Deposits For 5 Years For Both Regular & Senior Citizens

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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

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.

BanksInterest rates for regular customersInterest rates for senior citizensW.e.f.
Union Bank of India5.40%5.90%01/09/2021
Punjab & Sind Bank5.30%5.80%16/09/2021
State Bank of India5.30%5.80%08.01.2021
Bank of Baroda5.25%5.75%16.11.2020
Canara Bank5.25%5.75%09.08.2021
Source: Bank Websites

5 Year Fixed Deposits of Top 5 Private Sector Banks
 

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:

BanksInterest rates for regular customersInterest rates for senior citizensW.e.f.
Nainital Bank6.35%6.35%10th September 2021
RBL Bank6.30%6.80%September 01, 2021
Yes Bank6.25%7.00%5th August 2021
IndusInd Bank6.00%6.50%July 23rd, 2021
DCB Bank5.95%6.45%17th August 2021
Source: Bank Websites

5 Year Fixed Deposits of Top 5 Small Finance Banks

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.

BanksInterest rates for regular customersInterest rates for senior citizensW.e.f.
Fincare Small Finance Bank6.75%7.25%25th October 2021
Suryoday Small Finance Bank6.75%7.00%September 09, 2021
Jana Small Finance Bank6.50%7.00%07/05/2021
Ujjivan Small Finance Bank6.25%6.75%16th August 2021
North East Small Finance Bank6.25%6.75%19th April 2021
Source: Bank Websites

Story first published: Monday, October 25, 2021, 12:54 [IST]
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