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Top 5 Banks Offering Returns Up To 6.75% On 1 Year Fixed Deposits

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As fixed deposit investments have a variable tenure ranging from 7 days to 10 years, they can be used to meet a variety of personal financial goals, spanning short-term, mid-term, and long-term purposes. To ensure liquidity when it is needed, as well as renewing short-term fixed bank deposits once they mature. short-term fixed deposits are always the best option. The RBI, on the other hand, agreed not to alter the repo and reverse repo rates during its bi-monthly monetary policy review meeting on October 8, 2021. According to experts, the Reserve Bank of India (RBI) may hike repo rates in the near future if certain economic and financial conditions exist, such as high inflation, and it is recommended that you do not lock in your deposits for a long period of time at a lower rate, as this will expose you to interest rate risk.

 

In the current environment of low-interest rates on bank fixed deposits, it is preferable to initiate a fixed deposit investment for a short period of time, assume one year, and then wait for interest rates to rise in the future so that you can renew your deposits and reinvest for a longer period of time at higher rates. As a result, for investors looking to invest in one-year fixed deposits at higher rates, here are the top five banks, based on our own analysis, that are now offering returns of up to 6.75 percent with DICGC deposit insurance coverage of up to Rs 5 lakhs.

Jana Small Finance Bank

Jana Small Finance Bank

Jana Small Finance Bank, one of the small finance banks, is currently offering regular customers and senior citizens an interest rate of 6.25 percent and 6.75 percent on one-year deposits, respectively. On 07/05/2021, the bank officially modified its fixed deposit interest rates, which are as follows:

PeriodRegular FD Interest Rate (p.a.)Senior Citizen FD Interest Rate (p.a.)
7-14 days2.50%3.00%
15-60 days3.00%3.50%
61-90 days3.75%4.25%
91-180 days4.50%5.00%
181-364 days5.50%6.00%
1 Year[365 Days]6.25%6.75%
Source: Bank Website

Utkarsh Small Finance Bank
 

Utkarsh Small Finance Bank

This small finance bank is now promising an interest rate of 6.25% to the general public and 6.75% to senior citizens on their deposits maturing in 365 Days to 699 Days. For a deposit amount of less than Rs 2 Cr, the bank has last revised its interest rates on July 01, 2021 which is as follows.

PeriodRegular FD Interest Rate (p.a.)Senior Citizen FD Interest Rate (p.a.)
7 Days to 45 Days3.00%3.50%
46 Days to 90 Days3.25%3.75%
91 Days to 180 Days4.00%4.50%
181 Days to 364 Days5.75%6.25%
365 Days to 699 Days6.25%6.75%
Source: Bank Website

ESAF Small Finance Bank

ESAF Small Finance Bank

ESAF SFB is also offering an interest rate of 6.25% to non-senior citizens and 6.75% to senior citizens on their term deposits maturing in 365 days & 366 days. For a deposit amount of less than Rs.200 lakhs, the most recent interest rates on fixed deposits of the bank are listed below.

PeriodNormal Rate (%)Rate for Senior Citizens (%)
7 days to 14 days4.00%4.50%
15 days to 59 days4.50%5.00%
60 days to 90 days5.25%5.75%
91 days to 181 days5.50%6.00%
182 days5.00%5.50%
183 days to 363 days6.00%6.50%
364 days5.25%5.75%
365 days & 366 days6.25%6.75%
Source: Bank Website

RBL Bank

RBL Bank

RBL Bank is currently offering a 6.00 percent interest rate to the general public and 6.50 percent to senior citizens on deposits maturing in 12 months to less than 24 months. The bank's most current interest rates on fixed deposits for domestic, NRO, NRE, and Flexi Fixed Deposits are provided below.

Period of DepositInterest Rates p.a.Senior Citizen Interest Rates p.a.
7 days to 14 days3.25%3.75%
15 days to 45 days3.75%4.25%
46 days to 90 days4.00%4.50%
91 days to 180 days4.50%5.00%
181 days to 240 days5.00%5.50%
241 days to 364 days5.25%5.75%
12 months to less than 24 months6.00%6.50%
Source: Bank Website

IndusInd Bank

IndusInd Bank

IndusInd Bank is currently offering an interest rate of 6.00 percent to the general public and 6.50 percent to senior citizens on domestic/NRO/NRE/Senior Citizen Fixed Deposits maturing in 1 year to less than 1 year 6 months. The bank's current fixed deposit rates for deposits less than Rs 2 crore are mentioned below.

PeriodNormal Rate (%)Rate for Senior Citizens (%)
7 days to 14 days2.53
15 days to 30 days2.753.25
31 days to 45 days33.5
46 days to 60 days3.253.75
61 days to 90 days3.43.9
91 days to 120 days3.754.25
121 days to 180 days4.254.75
181 days to 210 days4.65.1
211 days to 269 days4.755.25
270 days to 354 days5.56
355 days to 364 days5.56
1 Year to below 1 Year 6 Months66.5
Source: Bank Website

Story first published: Saturday, October 16, 2021, 17:20 [IST]
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