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Top 5 Banks With Higher Interest Rates On 1-2 Year Fixed Deposits

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For investors who do not want to take a risk or do not have much exposure to market-based returns, fixed deposit (FD) investments are the most secure bet. Due to the guaranteed interest rates across the maturity period, a flexible tenure which generally ranges from 7 days to 5 years, high liquidity, DICGC insurance cover up to Rs 5 lakhs, additional interest rates to senior citizens, overdraft facility and so on, a fixed deposit investment is more appealing for investors who have both short-term and long-term goals. And when it comes to short-term goals of the customers, some banks are now currently offering higher interest rates than small savings schemes on short-term fixed deposits. So if you are an investor with a risk-averse attitude and want to invest for short-term, then here are the top 5 banks that are currently providing higher interest rates in the market on 1-2 year fixed deposits but for a deposit amount of less than Rs 2 Cr.

1-2 Year Fixed Deposits of Small Finance Banks

1-2 Year Fixed Deposits of Small Finance Banks

Generally, small finance banks provide higher and decent returns on fixed deposits than public and private sector banks. Here are the top 5 small finance banks with higher interest rates on 1-2 year fixed deposits.

Banks1-year FD rates for regular customers1-year FD rates for senior citizens2-year FD rates for regular customers2-year FD rates for senior citizensW.e.f.
Utkarsh Small Finance Bank 6.75% 7.25% 6.75% 7.25% 19.10.2020
Ujjivan Small Finance Bank 6.50% 7.00% 6.50% 7.00% 05.03.2021
ESAF Small Finance Bank 6.50% 7.00% 6.00% 6.50% 02.05.2021
Equitas Small Finance Bank 6.35% 6.85% 6.25% 6.75% 01.06.2021
Jana Small Finance Bank 6.25% 6.75% 6.50% 7.00% 07.05.2021
Source: Bank Websites

1-2 Year Fixed Deposits of Private Banks
 

1-2 Year Fixed Deposits of Private Banks

For a deposit tenure of 1-2 years, here are the top private sector banks offering higher returns on 1-2 year fixed deposits.

Banks1-year FD rates for regular customers1-year FD rates for senior citizens2-year FD rates for regular customers2-year FD rates for senior citizensW.e.f.
RBL Bank 6.10% 6.60% 6.10% 6.60% 01.06.2021
Yes Bank 6.00% 6.50% 6.00% 6.50% 03.06.2021
IndusInd Bank 6.00% 6.50% 6.00% 6.50% 04.06.2021
DCB Bank 5.70% 6.20% 6.00% 6.50% 15.05.2021
Karur Vysya Bank 5.00% 6.00% 5.50% 6.00% 11.01.2021
Source: Bank Websites

1-2 Year Fixed Deposits of Public Sector Banks

1-2 Year Fixed Deposits of Public Sector Banks

On fixed deposits for 1-2 years, these public sector banks are currently promising higher interest rates.

Banks1-year FD rates for regular customers1-year FD rates for senior citizens2-year FD rates for regular customers2-year FD rates for senior citizensW.e.f.
Union Bank 5.25% 5.75% 5.30% 5.80% 15.12.2020
Canara Bank 5.20% 5.70% 5.20% 5.70% 08.02.2021
Punjab & Sind Bank 5.15% 5.65% 5.15% 5.65% 16.05.2021
Bank of India 4.50% 5.00% 5.25% 5.75% 01.06.2021
State Bank of India 4.40% 4.90% 5.00% 5.50% 08.01.2021
Source: Bank Websites

 

Read more about: fd fixed deposit investment
Story first published: Saturday, June 26, 2021, 10:29 [IST]
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