Currently, 10 major banks in the country, including giants like HDFC Bank and SBI, are offering impressive interest rates of up to 7% on one-year FDs. If you invest ₹1 lakh, it could grow to ₹1,07,000 by the end of the year! Find out which bank is offering you the most returns and where your money will grow the fastest.
Top 10 Banks Offering the Highest Interest on One-Year FDs
Fixed deposits have always been considered the safest investment. This scheme offers guaranteed returns, independent of market fluctuations. Here’s a detailed breakdown of the current interest rates offered by major banks on one-year FDs and the potential returns on your investment:
IndusInd Bank
IndusInd Bank is offering an exceptional interest rate of 7% on one-year FDs. If you invest ₹1 lakh in this bank, the amount will grow to ₹1,07,000 after one year. This is currently one of the most attractive rates.
Axis Bank
Axis Bank is offering its customers an excellent interest rate of 6.6% on one-year FDs. An investment of ₹1 lakh will give you ₹1,06,600 at the end of the year.
HDFC Bank
The country’s largest private bank, HDFC Bank, is also offering a competitive interest rate of 6.6%. An investment of ₹1 lakh here will also make you ₹1,06,600.
Kotak Mahindra Bank
Private sector Kotak Mahindra Bank is also offering an interest rate of 6.6% on a one-year FD, which will increase your ₹1 lakh fund to ₹1,06,600.
Bank of Baroda
This trusted public sector bank, Bank of Baroda, also offers an interest rate of 6.6%. It’s an excellent option for those seeking a safe investment in a government bank.
Punjab National Bank (PNB)
PNB is also offering a stable interest rate of 6.6% on a one-year FD. A deposit of ₹1 lakh here will yield a maturity amount of ₹1,06,600.
Union Bank of India
Union Bank is offering an interest rate of 6.5% on a one-year FD. This investment will grow your ₹1 lakh into ₹1,06,500.
Canara Bank
Canara Bank is also offering an attractive interest rate of 6.5%. This bank is known as a very safe option for long-term investments.
ICICI Bank
ICICI Bank is offering an interest rate of 6.4% on a one-year FD. An investment of ₹1 lakh here will turn into ₹1,06,400.
State Bank of India (SBI)
The country’s largest bank, SBI, is offering a strong interest rate of 6.45% on a one-year FD. An investment of ₹1 lakh in SBI will yield a maturity amount of ₹1,06,450, reflecting the immense trust it enjoys among its vast customer base.
Why is it important to choose the right FD
When choosing an FD, it’s crucial to consider not only the interest rate but also the bank’s reliability and services. Since interest rates remain largely stable over one year, choosing an institution like IndusInd Bank that offers the highest rates can provide you with greater financial benefits. This safe investment is a boon for those who do not want to take market risks and want to see their principal grow.