Highest FD Rates: The investment portfolio should always be a mix of both safe and unsecured options. This makes the fund thicker and also gives guaranteed returns. Talking about safe investment, a fixed deposit, i.e., FD, is the most reliable means. It is also special because in this, the investor gets the benefit of a fixed interest rate and a maturity period.
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The difference in bank rates has a big impact
It is often seen that different banks offer interest rates on FD with a slight difference. This slight difference also affects a large amount. For example, suppose a bank gives 0.50 percent more interest on a one-year FD of Rs 1 lakh. In such a situation, the investor can suffer a direct loss of Rs 5000 annually by choosing another bank. Therefore, it is important to check the interest rates of every bank before investing money in FD.
Which banks are giving the highest interest?
Kotak Mahindra Bank- The country’s largest private bank is giving the highest return on 1 1-year FD. This bank is giving 7.1 percent interest on 1 1-year FD.
Federal Bank- This bank is giving up to 7 percent return on 1 1-year FD. You can invest in it.
Bank of Baroda- This bank is giving 6.85 percent interest on 1 1-year FD. This interest rate is 0.05 percent higher than Union Bank.
Union Bank of India- This bank is giving up to 6.8 percent interest on 1 1-year FD.
SBI and ICICI Bank- Both these banks are giving up to 6.7 percent interest on 1 1-year FD.
HDFC Bank- This bank is giving the lowest interest rate among all the banks. It is giving a 6.6 percent return on 1 1-year FD.
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There are better options than FD
If you are thinking of investing other than an FD, then post office schemes are a better option. Especially the Senior Citizen Saving Scheme, which gives more than 8 percent interest. However, the age limit for investment in this is 60 years or older. At the same time, if you are ready to take a little risk, then mutual funds can be an option to give better returns in the long term.