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Top 10 Banks Promising Best Interest Rates On 5-Year Fixed Deposits In 2021
For an ideal and secure investment, a fixed deposit is undoubtedly a good bet among the debt category. Risk-averse investors, especially senior citizens having financial goals ranging from short-term to long-term can invest in fixed deposits in order to welcome good returns in their portfolio and to enjoy tax benefits as well. Reasons for considering fixed deposits as a secure investment bet are, interest rates or returns are not influenced by the market behavior, and also your deposits held with any public sector, private sector, or small finance bank are insured up to Rs 5 lakhs by DICGC. Hence, by keeping the deposit insurance cover and guaranteed returns in mind, we have compiled here the top 10 public sector, private sector, and small finance banks that are currently promising best interest rates on 5-year fixed deposits in 2021.
Top 10 Private Sector Banks With Higher Interest Rates On Fixed Deposits
After research based on higher interest rates only, here we have compiled the top 10 private sector banks that are currently promising the best returns on fixed deposits.
| Sr No. | Banks | Regular FD Rates | Senior Citizen FD Rates | W.e.f. |
|---|---|---|---|---|
| 1 | RBL Bank | 6.50% | 7.00% | July 2, 2021 |
| 2 | DCB Bank | 6.50% | 7.00% | May 15, 2021 |
| 3 | Yes Bank | 6.25% | 7.00% | June 3, 2021 |
| 4 | IndusInd Bank | 6.00% | 6.50% | June 4, 2021 |
| 5 | IDFC First Bank | 5.75% | 6.25% | May 1, 2021 |
| 6 | Axis Bank | 5.40% | 5.90% | June 22, 2021 |
| 7 | ICICI Bank | 5.35% | 5.85% | October 21, 2020 |
| 8 | HDFC Bank | 5.30% | 5.80% | May 21, 2021 |
| 9 | Bandhan Bank | 5.25% | 6.00% | June 7, 2021 |
| 10 | Kotak Mahindra Bank | 5.25% | 5.75% | April 26, 2021 |
| Source: Bank Websites |
Top 10 Public Sector Banks With Higher Interest Rates On Fixed Deposits
Based on the higher interest rates only, here we have picked up the top 10 commercial or government banks that are promising higher interest rates on fixed deposits.
| Sr No. | Banks | Regular FD Rates | Senior Citizen FD Rates | W.e.f. |
|---|---|---|---|---|
| 1 | Union Bank of India | 5.50% | 6.00% | July 9, 2021 |
| 2 | Canara Bank | 5.50% | 6.00% | 08.02.2021 |
| 3 | Punjab & Sind Bank | 5.30% | 5.80% | May 16, 2021 |
| 4 | Bank of Baroda | 5.25% | 6.25% | 16.11.2020 |
| 5 | Indian Bank | 5.25% | 5.75% | 05.02.2021 |
| 6 | IDBI Bank | 5.25% | 5.75% | July 14, 2021 |
| 7 | Punjab National Bank | 5.25% | 5.75% | May 1, 2021 |
| 8 | Indian Overseas Bank | 5.20% | 5.70% | 09.11.2020 |
| 9 | Bank of India | 5.15% | 5.65% | 01.07.2021 |
| 10 | Central Bank of India | 5.00% | 5.50% | 10.07.2021 |
| Source: Bank Websites |
Top 10 Small Finance Banks Promising Higher Interest Rates On Fixed Deposits
Small finance banks are the banks that not only provide you higher interest rates on fixed deposits than private and public sector banks, but also your deposits maintained with them are insured by DICGC. Here are the top 10 small finance banks that are currently promising higher returns on 5-year fixed deposits.
| Sr No. | Banks | Regular FD Rates | Senior Citizen FD Rates | W.e.f. |
|---|---|---|---|---|
| 1 | Ujjivan Small Finance Bank | 6.75% | 7.25% | March 5, 2021 |
| 2 | Jana Small Finance Bank | 6.50% | 7.00% | 07.05.2021 |
| 3 | North East Small Finance Bank | 6.50% | 7.00% | April 19, 2021 |
| 4 | Suryoday Small Finance Bank | 6.25% | 6.50% | June 21, 2021 |
| 5 | Equitas Small Finance Bank | 6.25% | 6.75% | June 1, 2021 |
| 6 | Capital Small Finance Bank | 6.25% | 6.75% | June 3, 2021 |
| 7 | Fincare Small Finance Bank | 6.25% | 6.75% | May 17, 2021 |
| 8 | Utkarsh Small Finance Bank | 6.00% | 6.50% | July 1, 2021 |
| 9 | AU Small Finance Bank | 6.00% | 6.50% | June 23, 2021 |
| 10 | ESAF Small Finance Bank | 5.25% | 5.75% | 02.05.2021 |
| Source: Bank Websites |
