Private v/s Public Banks, Which Bank offers Top Fixed Deposit Interest Rates, Here to Know and Compare

With an edge of financial ecosystem, the form of intervene investment where a certain amount of money is deposited in the bank for a specific period, commonly known as Fixed Deposit is surely a low risk factor which probably ensures guaranteed return.

The key benefit points for the FD returns include higher returns than savings accounts, flexible tenures, extra benefits for senior citizens, options for NRIs, premature withdrawal and flexibility and safe & guaranteed returns.

In terms of Private Sector Banks: For 7 days to 10 years

Axis Bank offers 3.00%-6.45% interest rates for General Public and 3.50%-7.20% for Senior Citizens.

HDFC Bank offers 2.75%-6.45% interest rates for General Public and 3.25%-6.95% for Senior Citizens.

Among all private lenders RBL Bank offers very impressive interest rates of 3.50%-7.20% for General Public and 4.00%-7.70% for Senior Citizens.

Also, YES Bank also offers 3.75%-7.75% interest rates for Senior Citizens.

For 1 year and 3 years:

Major Private sector Banks like Bandhan Bank, IDFC First Bank, RBL Bank, YES Bank, and IndusInd Bank offers good enough interest rates ranging from 6-7% for the both general and senior citizens.

Bandhan Bank offers 7.00%-7.20% for General Public while 7.50%-7.70% for Senior Citizens.

IDFC First Bank offers 6.30%-7.00% for General Public while 6.80%-7.50% for Senior Citizens.

IndusInd Bank offers 6.75%-7.00% for General Public while 6.80%-7.50% for Senior Citizens.

YES Bank offers 6.65%-7.00% for General Public while 7.15%-7.75% for Senior Citizens.

RBL Bank offers 7.00%-7.20% for General Public while 7.50%7.70% for Senior Citizens.

Generally, the interest rates offered by the banks to senior citizens are slightly higher than given to general public.

Public Sector Banks: For 7 days up to 10 years

Among the public sector lenders, the Bank of Maharashtra offers good interest rates for both general public and senior citizens like 2.75%-6.65% for below 60 or general public and 3.25%-7.15% for senior citizens.

Punjab National Bank offers 3.00%-6.40% interest rates for general public and 3.50%-6.90% for senior citizens.

While SBI offers 3.05%-6.45% for general public and 3.55%-6.95% for senior citizens.

Bank of Baroda offers 3.50%-6.45% for general public and 4.00%-6.95% for senior citizens.

For 1 years and 3 years:

In this category for PSB, the State Bank of India offers the best interest rates like 6.25%-6.45% for general public and 6.75%-6.95% for senior citizens.

FD Interest Rates for 5 years and up to 10 years:

YES Bank among Private sector offers the best interest rates of 6.75% for general public and 7.50% for senior citizens and among public sectors Bank of Baroda and SBI offers the best interest rates for FD.

SBI offers 6.05% for general public and 7.05% for senior citizens.

Bank of Baroda offers 6.00%-6.45% for general public and 6.90%-7.00% for senior citizens.