If you are looking for safe and fixed returns, then 1 1-year fixed deposit (FD) is a great option. It is best for investors who want to achieve their financial goals in a short time. But, to earn more profits, it is very important to choose the right bank, because every bank has different interest rates. Here we are telling you which private and government bank is giving the highest interest on 1 1-year FD.
Private banks give the highest interest rates
IndusInd Bank is giving the highest interest rate among private banks. It is offering an interest rate of 7% on 1 1-year FD. If you invest ₹ 1 lakh in this bank, then after 1 year you will get ₹ 1,07,000.
After this, some other banks are also giving good rates:
Kotak Mahindra Bank, Axis Bank, and HDFC Bank
These banks are giving an interest rate of 6.60%, due to which your ₹ 1 lakh will become ₹ 1,06,600 in 1 year.
ICICI Bank
This bank is giving an interest rate of 6.40%, due to which an investment of ₹ 1 lakh will become ₹ 1,06,400 after 1 year.
Government banks give the highest interest
Good interest rates are also being offered in government banks, which are competing with private banks.
Bank of Baroda and Punjab National Bank
Both these banks are giving a competitive interest rate of 6.60%, which is the highest in any government bank. In this, an investment of ₹ 1 lakh will become ₹ 1,06,600 in 1 year.
Canara Bank and Union Bank of India
These banks are offering an interest rate of 6.50%. Here, an investment of ₹ 1 lakh will become ₹ 1,06,500 in 1 year.
SBI
The country’s largest bank, SBI, is offering an interest rate of 6.45%, which will make your ₹ 1 lakh become ₹ 1,06,450 in 1 year.
Investment security guarantee
It is also very important to know how safe your investment is. Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), guarantees safety on fixed deposits up to ₹ 5 lakh. This means that even if a bank collapses, your investment of up to ₹ 5 lakh will be completely safe. With this information, you can earn fixed profits by investing your hard-earned money in the right place.