Wondering about which bank is best for FD? Choosing the best bank for a fixed deposit (FD) in India depends on several factors, including the interest rates offered, the safety of deposits, customer service, and additional benefits. Here's a some top options to consider:
- State Bank of India (SBI):
Pros: SBI is India's largest public sector bank, offering competitive interest rates, especially for senior citizens. It provides safety, trust, and a wide branch network.
Cons: The rates may not be the highest in the market compared to smaller private banks or NBFCs.
- HDFC Bank:
Pros: A leading private sector bank known for its excellent customer service and flexible FD schemes. It offers attractive rates, especially for long-term deposits. This is the best bank for fixed deposit.
Cons: Minimum deposit amounts might be higher, and rates are generally competitive but not the highest.
- ICICI Bank:
Pros: Another major private bank with a strong reputation, offering a range of FD schemes with decent interest rates. ICICI Bank also offers the option to open FDs online easily.
Cons: Similar to HDFC, rates are competitive but not always the highest.
- Axis Bank:
Pros: Offers attractive FD rates and a variety of schemes tailored to different customer needs. It has good customer service and a robust digital platform.
Cons: Like other major private banks, it may not always offer the highest rates available in the market.
- Bank of Baroda:
Pros: A reliable public sector bank with competitive interest rates and special schemes for senior citizens. It offers a good balance between safety and returns.
Cons: May not offer the highest rates compared to some private banks or NBFCs.
- IndusInd Bank:
Pros: Known for offering higher interest rates compared to larger banks, especially for short to medium-term deposits. It has innovative FD products.
Cons: Being a smaller private bank, it may not have the same level of trust or network as larger banks.
- Non-Banking Financial Companies (NBFCs):
Pros: NBFCs like Bajaj Finance and Mahindra Finance often offer higher interest rates compared to traditional banks.
Cons: While they provide better returns, NBFCs may carry slightly higher risk compared to scheduled banks. Deposits are not covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance, unlike bank deposits.
Compare rates across banks and tenure options. Public sector banks and large private banks generally offer greater security due to government backing.
Consider the quality of customer service and the ease of access to services, especially for senior citizens. Look for features like premature withdrawal options, loan against FD, and ease of online management.
The "best" bank for a fixed deposit can vary based on individual needs, risk appetite, and financial goals. It is advisable to compare current FD rates, assess the safety of the institution, and consider any additional benefits before making a decision.
This is all about which bank is best for FD.
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Hey friend,
All of us are looking for ways to invest and increase our wealth. Just like Hera Pheri, we want our money to grow. I would not recommend you to invest in any scheme which says “20 din and paisa double” without checking its legality. Rather, you should invest in FD. Keep reading to know which bank is best for fixed deposits.
Which bank is best for FD ?
You should pick banks with credibility. FD is provided by banks as well as NBFCs to the customers. I have a Bajaj Finance FD because it is reputed. More than that, ICRA and CRISIL have given its high safety rating.
Advantages of FD : Minimal risks :FD does not require risking your entire investment amount on a market scheme.
Tax benefits given up to Rs. 1,50,000 :There are schemes wherein people can claim tax benefits while filing their ITR.
Guaranteed Returns :Once the lock-in period is over, you will get your money back along with your interest.
Offered by most banks :Most institutions offer FD services to their customers.
Take a look at the table given below to know the interest rate being given by banks in 2022.
Banks |
General Citizens FD Rates |
Senior Citizens FD Rates |
Andhra Bank |
3.00% – 5.50% |
3.50% – 6.00% |
Axis Bank |
2.50% – 5.75% |
2.50% – 6.50% |
Bajaj Finance |
5.51% – 6.50% |
5.75% – 6.75% |
Bandhan Bank |
3.00% – 5.60% |
3.75% – 6.35% |
Bank of Baroda |
2.80% – 5.25% |
3.30% – 5.75% |
Bank of India |
2.85% – 5.15% |
3.35% – 5.65% |
Bank of Maharashtra |
2.75% – 4.90% |
N/A – 5.40% |
Canara Bank |
2.95% – 5.50% |
2.95% – 6.00% |
Central Bank of India |
2.75% – 5.00% |
3.25% – 5.50% |
Citibank |
1.85% – 3.50% |
3.35% – 4.00% |
DBS Bank |
2.50% – 5.50% |
2.50% – 5.50% |
DCB Bank |
4.35% – 5.95% |
4.85% – 6.45% |
Dhanlaxmi Bank |
3.25% – 5.50% |
3.25% – 6.00% |
DHFL |
8.25% – 8.95% |
8.65% – 9.35% |
Federal Bank |
2.50% – 5.60% |
3.00% – 6.25% |
HDFC Bank |
2.50% – 5.50% |
3.00% – 6.25% |
HSBC Bank |
2.25% – 4.00% |
2.75% – 4.50% |
ICICI Bank |
2.50% – 5.60% |
3.00% – 6.30% |
IDBI Bank |
2.70% – 4.80% |
3.40% – 5.30% |
IDFC First Bank |
2.50% – 6.00% |
3.00% – 6.50% |
Indian Bank |
2.90% – 5.25% |
3.40% – 5.75% |
Indian Overseas Bank |
3.40% – 5.20% |
3.90% – 5.70% |
IndusInd Bank |
2.50% -5.50% |
3.00% – 6.00% |
Jammu And Kashmir Bank |
3.00% – 5.30% |
3.50% – 5.80% |
Karnataka Bank |
3.40% – 5.50% |
3.40% – 6.00% |
Karur Vysya Bank |
3.25% – 5.75% |
3.25% – 5.75% |
Kotak Bank |
2.50% – 5.30% |
3.00% – 5.80% |
LIC Housing Finance |
5.25% – 5.75% |
5.50% – 6.00% |
OBC |
3.00% – 5.30% |
3.50% – 5.80% |
PNB |
3.00% – 5.25% |
3.50% – 5.75% |
PNB Housing Finance |
5.90% – 6.70% |
6.15% – 6.95% |
Punjab and Sind Bank |
3.00% – 5.30% |
3.00% – 5.80% |
RBL Bank |
3.25% – 6.00% |
3.75% – 6.50% |
SBI |
2.90% – 5.40% |
3.40% – 6.20% |
South Indian Bank |
3.50% – 5.65% |
4.00% – 6.15% |
Standard Chartered Bank |
1.75% – 5.35% |
1.75% – 5.85% |
Syndicate Bank |
2.95% – 5.50% |
2.95% – 6.00% |
UCO Bank |
2.75% – 5.00% |
3.00% – 5.50% |
Union Bank of India |
3.00% – 5.60% |
3.50% – 6.10% |
Yes Bank |
3.25% – 6.50% |
3.75% – 7.25% |
This is all from my end on which bank is best for fixed deposit.
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Authors Of The Question
Which bank is best for fixed deposit ?
Twisha
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2022-05-11T10:15:54+00:00 2022-05-11T10:15:56+00:00Comment
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