If you are looking for a deposit safety of up to Rs 5 lakh, guaranteed by the Deposit Insurance and Credit Guarantee Corporation (DICGC) and a fixed return rate – investing in fixed deposits plans of banks is an ideal option for you. FDs offer various benefits, including guaranteed returns, regular income, hassle-free investment, built-in flexibility, and it is indeed a tax-saving scheme. The rate of interest offered, at the time you open an FD account, remains unchanged till your tenure is not over. The fall or rise of the interest rates in the broader market has no effect on your FD.

However, it is suggested that before applying for a fixed deposit, one should lookout for the best interest rates based on your deposit period. In case you have a personal financial goal of 3 years, we bring to you the top 5 banks of India, which are currently providing an interest rate of up to 7.25 per cent on the deposit amount, which is less than Rs 2 crore maturing in less than three years or up to three years.

North East Small Finance Bank:

The North East Small Finance Bank is promising good returns on fixed deposits of 5 years. For a deposit amount of less than Rs 2 crore that is maturing is 3 years or less than that, the bank is offering a 6.75 per cent to the general public and 7.25 per cent to the senior citizens.

Jana Small Finance Bank:

For deposits maturing in 3 years or less than 3 years, Jana Small Finance Bank gives interest up to 6.50 per cent to the general public and for the senior citizens, the interest rate goes up to 7.00 per cent. On May 7, 2021 the interest rates on fixed deposits were changes, check out the revised list here.

Ujjivan Small Finance Bank:

Ujjivan Small Finance Bank offers 6.50 per cent and 7.00 per cent interest rates to the general public and senior citizens, respectively, for a deposit amount of less than Rs 2 crore, maturing in less than 3 years.

Fincare Small Finance Bank:

Fincare Small Finance Bank also promises 6.50 per cent interest rate to the general public and 7.00% to senior citizens on deposits maturing in 3 years.

RBL Bank:

RBL Bank is currently offering the following interest rates of 6.00 per cent and 6.50 per cent to public and senior citizens, respectively,on any deposits of less than Rs 3 crorematuring in less than 3 years.

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Source Google News