Image Source : FILE PHOTO FD interest rates: Top 7 banks offering highest returns on 3-year fixed deposits
Before investing in a fixed deposit (FD), comparing interest rates across savings accounts can help maximize returns. Over three years, private banks offer competitive rates, and seniors citizens generally enjoy higher interest rates. Fixed deposits (FDs) remain a reliable investment option in India due to their low risk.
Private banks’ interest rates for depositors
ICICI Bank offers interest rates of 7% for the general public and 7.5% for senior citizens. Kotak Mahindra Bank offers similar rates of 7% for the general public and a slightly higher rate of 7.6% for senior citizens, effective June 14. National Bank also offers 7% for the general public and senior citizens ahead, with pricing starting October 16th.
Rates of state-owned banks
Among public sector banks, the State Bank of India offers 6.75% for the general public and 7.25% for senior citizens, effective June 15. Union Bank of India offers 6.7% for the general public and 7.2% for senior citizens, with rates updated on November 1. Bank of Baroda’s current rates stand at 6.8% for general citizens and 7.4% for senior citizens, effective October 14.
Here’s a breakdown of current rates for major banks.
Savings-wise interest rates on 3-year FDs
1. HDFC Bank
7% regular citizens .
Senior citizens 7.5% .
2. ICICI Bank
7% regular citizens .
Senior citizens 7.5% .
3. Kotak Mahindra Bank
7% regular citizens .
Senior citizens 7.6% .
4. National Bank
7% regular citizens .
Senior citizens 7.5% .
5. Union Bank of India
Regular citizens 6.7% .
Senior citizens 7.2% .
6. State Bank of India (SBI) .
Regular citizenship 6.75% .
Seniors: 7.25% .
7. Baroda Beach
Regular citizens 6.8% .
Senior citizens 7.4% .
For investors, this rate offers options to maximize returns on 3-year FDs from private and public sector banks.
Also read | UPI without bank account: Here is how to use UPI Circle for family members
