FD Interest Rate Hike: These days, everyone wants good returns on their investments without any risk. If you’re also looking to earn strong returns, this news may be important for you. Banks have currently increased interest rates on 3-year FDs. These interest rate changes will impact investor returns, especially if you’re investing large sums and for the long term. So, let’s find out which banks offer the highest returns on FDs.
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Benefits of Small Finance Bank FDs
Small finance banks are offering the highest interest rates for investors. This includes Utkarsh Small Finance Bank. This bank offers the highest interest rate on 3-year FDs at 7.65%. This is followed by Slice Small Finance Bank and Jana Small Finance Bank, both offering 7.50% interest. Suryoday Small Finance Bank offers 7.25% interest, while AU Small Finance Bank offers 7.10% interest. However, if you invest in small finance banks, you need to be cautious. These banks only offer DICGC guarantees for deposits up to ₹5 lakh.
Excellent returns from these private banks
Among all private sector banks, RBL Bank leads the pack, offering 7.20% interest on 3-year fixed deposits. SBM Bank is next, offering 7.10% interest. Yes Bank, Bandhan Bank, and DCB Bank offer 7% interest. ICICI Bank and Axis Bank offer 6.60% interest.
Public Sector Banks Are Trustworthy
If you want to keep your money safe, public sector banks are now the most reliable option. Union Bank of India offers 6.60% interest on 3-year fixed deposits. After this, PNB is getting interest of 6.40 percent, BOB is getting interest of 6.50 percent and SBI is getting interest of 6.30 percent.