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