A balanced portfolio usually includes both secure and unsecured investment options. Fixed Deposit (FD) has always been one of the best choices as a secure investment. It becomes more beneficial when you get a higher rate of interest. So today, we have brought you a list of banks that are offering more than 7% interest on FDs. However, the investment period for these FDs may vary from bank to bank.
These Banks Are Offering Over 7% Interest on FD
The list below includes private banks that are currently offering more than 7% interest on Fixed Deposits (FD). However, the interest rate depends on the investment period, which varies for each bank.
IDFC FIRST Bank
IDFC FIRST Bank is offering 7.50% interest on FDs for a period of 400 to 500 days. This is the highest return among all its FD tenures. The data has been taken from the bank’s official website.
ICICI Bank
ICICI Bank, known for its strong customer base and credit card offers, is giving 7.05% interest on a 2-year FD. This makes it a good option for medium-term investors.
Kotak Mahindra Bank
While other banks are offering over 7% on long-term FDs, Kotak Mahindra Bank gives 7.1% interest even on a 1-year FD. This makes it attractive for those looking to invest for a shorter duration.
Federal Bank
Federal Bank is also popular among private banks. It offers up to 7% interest on FDs for 2 to 3 years. Whether you invest for two or three years, the interest rate remains at 7%.
