Fixed deposits (FDs) are still one of the safest investment options in India. They give guaranteed and secure returns, which makes them popular with investors of all ages. FDs can help with tax savings and building an emergency fund. They are good for both short-term and long-term investments.
If you want to invest in an FD, compare interest rates from different banks first. Even a small difference in rates can change your earnings. Here are the interest rates for 3-year FDs from some major public and private banks, for investments up to ₹1 crore. These rates are for general customers and are valid as of September 22. We have also shown the expected returns on an investment of ₹1 lakh.
3-Year FD Interest Rates
- IndusInd Bank: 6.65% interest; ₹1 lakh FD will become ₹1,19,950 after 3 years.
- ICICI Bank and Axis Bank: 6.6% interest; ₹1 lakh FD will become ₹1,19,800 after 3 years.
- Kotak Mahindra Bank and HDFC Bank: 6.4% interest; ₹1 lakh FD will become ₹1,19,200 after 3 years.
- Bank of Baroda and Union Bank of India: 6.4% interest; ₹1 lakh FD will become ₹1,19,200 after 3 years.
- State Bank of India (SBI): 6.3% interest; ₹1 lakh FD will become ₹1,18,900 after 3 years.
- Canara Bank and Punjab National Bank: 6.25% interest; ₹1 lakh FD will become ₹1,18,750 after 3 years.
Deposit Insurance
Under the DICGC Act, deposits up to ₹5 lakh are insured if a bank fails. You can check whether your bank is insured here: DICGC List of Insured Banks
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