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Top 5 Banks With Higher Interest Rates On 1-2 Year Fixed Deposits
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
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.
| Banks | 1-year FD rates for regular customers | 1-year FD rates for senior citizens | 2-year FD rates for regular customers | 2-year FD rates for senior citizens | W.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
For a deposit tenure of 1-2 years, here are the top private sector banks offering higher returns on 1-2 year fixed deposits.
| Banks | 1-year FD rates for regular customers | 1-year FD rates for senior citizens | 2-year FD rates for regular customers | 2-year FD rates for senior citizens | W.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
On fixed deposits for 1-2 years, these public sector banks are currently promising higher interest rates.
| Banks | 1-year FD rates for regular customers | 1-year FD rates for senior citizens | 2-year FD rates for regular customers | 2-year FD rates for senior citizens | W.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 |
