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Top 5 Banks With Higher Interest Rates On 3-5 Year Fixed Deposits
For both short-term and long-term investors, term deposits or fixed deposits (FDs) are among the most secure and highly preferred investment option due to some factors such as guaranteed returns, tax benefits, high liquidity and flexible tenure. Due to the assured interest rates of fixed deposits, risk-averse investors especially senior citizens in India consider investing in them for their post-retirement life. But in order to mitigate the economic repercussions of the Covid-19 epidemic, RBI has kept the repo rate constant at 4% which has led to most banks lowering their FD interest rates since the last year.
For fixed deposit investors like senior citizens, this is no doubt a serious matter of concern. Because after lowering interest rates on fixed deposits, most of the leading banks are presently offering an average return of 4 to 5%. But some private and small finance banks are offering more than the average interest rates of banks on fixed deposits. So if you have a personal finance goal that you want to achieve between 3 to 5 years, then here are the top 5 banks that are currently providing higher interest rates on 3-5 year fixed deposits on a deposit amount of less than Rs 2 Cr.
3-5 Year Fixed Deposits of Small Finance Banks
Below are the top small finance banks which are currently providing higher interest rates on 3-5 year fixed deposits to both regular and senior citizens for a deposit amount of less than Rs Cr.
| Banks | Regular FD Rates On 3 Year Deposits | Senior citizen FD rates on 3-year deposits | Regular FD Rates On 5 Year Deposits | Senior citizen FD rates on 5-year deposits | W.e.f. |
|---|---|---|---|---|---|
| Utkarsh Small Finance Bank | 6.75% | 7.25% | 6.75% | 7.25% | 19.10.2020 |
| Ujjivan Small Finance Bank | 6.75% | 7.25% | 6.75% | 7.25% | 15.05.2021 |
| Jana Small Finance Bank | 6.50% | 7.00% | 6.75% | 7.25% | 07.05.2021 |
| AU Small Finance Bank | 6.25% | 6.75% | 6.00% | 6.50% | 23.06.2021 |
| Suryoday Small Finance Bank | 6.25% | 6.50% | 6.25% | 6.50% | 21.06.2021 |
| Source: Bank Websites |
3-5 Year Fixed Deposits of Private Sector Banks
The best private sector banks are listed below, which are now offering higher interest rates on 3-5 year fixed deposits on a deposit amount of less than Rs 2 Cr.
| Banks | Regular FD Rates On 3 Year Deposits | Senior citizen FD rates on 3-year deposits | Regular FD Rates On 5 Year Deposits | Senior citizen FD rates on 5-year deposits | W.e.f. |
|---|---|---|---|---|---|
| IndusInd Bank | 6.50% | 7.00% | 6.00% | 6.50% | 04.06.2021 |
| DCB Bank | 6.50% | 7.00% | 6.50% | 7.00% | 15.05.2021 |
| RBL Bank | 6.10% | 6.60% | 6.50% | 7.00% | 01.06.2021 |
| Yes Bank | 6.00% | 6.50% | 6.25% | 7.00% | 03.06.2021 |
| Karur Vysya Bank | 5.50% | 6.00% | 5.65% | 6.15% | 11.01.2021 |
| Source: Bank Websites |
3-5 Year Fixed Deposits of Public Sector Banks
Below are the most recent interest rates of public sector banks on fixed deposits of 3 to 5 years. Note that the rates are applicable for a deposit amount of less than Rs Cr.
| Banks | Regular FD Rates On 3 Year Deposits | Senior citizen FD rates on 3 year deposits | Regular FD Rates On 5 Year Deposits | Senior citizen FD rates on 5 year deposits | W.e.f. |
|---|---|---|---|---|---|
| Union Bank | 5.50% | 6.00% | 5.55% | 6.05% | 15.12.2020 |
| Canara Bank | 5.40% | 5.90% | 5.50% | 6.00% | 08.02.2021 |
| State Bank of India | 5.10% | 5.60% | 5.30% | 5.80% | 08.01.2021 |
| Bank of India | 5.30% | 5.80% | 5.30% | 5.80% | 01.06.2021 |
| Punjab & Sind Bank | 5.15% | 5.65% | 5.30% | 5.80% | 16.05.2021 |
| Source: Bank Websites |
