Fixed deposits are appropriate for you in the debt category if you are a risk-averse investor searching for consistent returns over a period ranging from 7 days to 10 years. Fixed income alternatives in the debt category, such as fixed deposits, provide consistency to your portfolio by offering guaranteed returns in both the short and long term. If you wish to invest for three years, you may choose from a variety of options such as savings accounts, liquid funds, gold investment, treasury bills, fixed maturity plans, and so on. However, among all of these alternatives, we prefer investing in fixed deposits for three years. The rationale for this is that you will not only receive higher assured returns but your deposits will also be insured by DICGC up to Rs 5 lakhs. So investors, especially senior citizens who want to invest for a short-term goal of 3 years, here are the top 5 banks promising higher interest rates on fixed deposits.