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Top 5 Banks Promising Up To 7.25% Interest On 5 Year Fixed Deposits
Fixed deposit investments under the debt category are a solid choice for both regular and elderly individuals who wish to earn a regular income, as well as the promise of deposit security, income tax benefits, reinvestment possibility, and so on if they stay invested for a long period of time, like 5 years. However, when it comes to investing for 5 years in a fixed deposit scheme, you can not make a premature withdrawal which is a key consideration you need to keep in mind apart from the goodies like fixed interest rate, tax benefits under section 80C, cumulative deposit option and so on. Hence, for risk-averse investors who have long-term financial goals, here we have compiled the top 5 banks that are currently promising good interest rates up to 7.25% on fixed deposits of 5 years or tax saving fixed deposits of less than Rs 2 Cr.
Jana Small Finance Bank
Amid the low-interest rate regime on fixed deposits of banks, Jana Small Finance Bank is now the only bank that offers the highest interest rates on fixed deposits thus incomparable with leading private sector or public sector banks. The reason behind my take can be seen below.
| Period | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7-14 days | 2.50% | 3.00% |
| 15-60 days | 3.00% | 3.50% |
| 61-90 days | 3.75% | 4.25% |
| 91-180 days | 4.50% | 5.00% |
| 181-364 days | 5.50% | 6.00% |
| 1 Year[365 Days] | 6.25% | 6.75% |
| > 1 Year - 2 Years | 6.50% | 7.00% |
| >2 Years-3 Years | 6.50% | 7.00% |
| > 3 Year- < 5 Years | 6.75% | 7.25% |
| 5 Years[1825 Days] | 6.50% | 7.00% |
| > 5 Years - 10 Years | 6.00% | 6.50% |
| Source: Bank Website, W.e.f. 07/05/2021 |
Suryoday Small Finance Bank
Suryoday Small Finance Bank is second in our list that is now offering the best returns on 5 year fixed deposits after Jana Small Finance Bank. With effect from 9th September 2021, Suryoday SFB has revised its interest rates on fixed deposits which are as follows.
| Period | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 4.25% | 4.25% |
| 91 days to 6 months | 4.75% | 4.75% |
| Above 6 months to 9 months | 5.25% | 5.25% |
| Above 9 months to less than 1 Year | 5.75% | 5.75% |
| 1 Year to 1 Year 6 Months | 6.50% | 6.75% |
| Above 1 Year 6 Months to 2 Years | 6.50% | 6.75% |
| Above 2 Years to less than 3 Years | 6.25% | 6.50% |
| 3 Years | 7.00% | 7.30% |
| Above 3 Years to less than 5 Years | 6.50% | 6.50% |
| 5 Years | 6.75% | 7.00% |
| Above 5 years to 10 years | 6.00% | 6.00% |
| Source: Bank Website, ( Effective: From September 09, 2021 ) |
North East Small Finance Bank
Among the small finance banks, North East Small Finance Bank is also promising good returns on fixed deposits of 5 years. For a deposit amount of less than Rs 2 Cr, North East Small Finance Bank is offering the following interest rates to both regular and senior citizens on deposits maturing in 5 years.
| Tenure | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7-14 Days | 3 | 3.5 |
| 15-29 Days | 3 | 3.5 |
| 30-45 Days | 3 | 3.5 |
| 46-90 Days | 3.5 | 4 |
| 91-180 Days | 4 | 4.5 |
| 181-365 Days | 5 | 5.5 |
| 366 days to 729 days | 6.75 | 7.25 |
| 730 days to less than 1095 | 6.75 | 7.25 |
| 777 days | 7 | 7.5 |
| 1096 days to less than 1825 days | 6.5 | 7 |
| 1826 days to less than 3650 days | 6.25 | 6.75 |
| Source: Bank Website, Effective from 19th April 2021 |
Equitas Small Finance Bank
For a deposit amount of less than Rs 2 Cr, Equitas Small Finance Bank has revised its interest rates with effect from 1st June 2021. Following are the bank's most recent interest rates on fixed deposits.
| Tenure | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7 - 14 days | 3.50% | 4.00% |
| 15 - 29 days | 3.50% | 4.00% |
| 30 - 45 days | 3.50% | 4.00% |
| 46 - 62 days | 4.00% | 4.50% |
| 63 - 90 days | 4.00% | 4.50% |
| 91 - 120 days | 4.75% | 5.25% |
| 121 - 180 days | 4.75% | 5.25% |
| 181 - 210 days | 5.25% | 5.75% |
| 211 - 270 days | 5.25% | 5.75% |
| 271 - 364 days | 5.25% | 5.75% |
| 1 year to 18 months | 6.35% | 6.85% |
| 18 months 1 day to 2 years | 6.25% | 6.75% |
| 2 years 1 day to 887 days | 6.35% | 6.85% |
| 888 days | 6.50% | 7.00% |
| 889 days to 3 years | 6.35% | 6.85% |
| 3 years 1 day to 4 years | 6.25% | 6.75% |
| 4 years 1 day to 5 years | 6.25% | 6.75% |
| 5 years 1 day to 10 years | 6.50% | 7.00% |
| Source: Bank Website, with effect from 1st June 2021 |
Ujjivan Small Finance Bank
With a deposit safety of up to Rs 5 lakhs provided by DICGC, Ujjivan Small Finance Bank is currently promising pretty good interest rates on fixed deposits of 5 years of tax saving fixed deposits. For a deposit amount of less than Rs 2 Cr, the bank is currently offering the below-listed interest rates to both regular and senior citizens.
| Tenure | Interest Rate (p.a.) |
|---|---|
| 7 Days to 29 Days | 2.90% |
| 30 Days to 89 Days | 3.50% |
| 90 Days to 179 Days | 4.25% |
| 180 Days to 364 Days | 4.75% |
| 1 Year to 2 Years | 6.00% |
| 2 Years and 1 Day to 3 years | 6.50% |
| 3 Years and 1 Day to 5 Years | 6.25% |
| 5 Years and 1 Day to 10 Years | 6.00% |
| Additional Interest Rate for Senior Citizens | 0.50% |
| Source: Bank Website, with effect from 16th August 2021 |
