Choosing the best interest rate deposit schemes helps the investors to get good interest once their amount becomes mature. You can choose an FD scheme as per your requirements and interest in managing money efficiently. You can easily apply for a personal loan in Ghaziabad, Delhi, Lucknow or Vadodara, along with FDs. Most of the banks offer top-class FDs with high interest which you can easily get benefits for your future goals and to make your dreams come true. The schemes may vary from one lender to another based on their respective guidelines and terms of providing the account benefits.

Here, in this blog, you will know several types of FDs for maintaining your financial stability:

What is a Fixed Deposit? Know Here

A fixed-income savings account will help you significant benefits and help to manage your financials very easily. In this account, you need to deposit your money for a specific time at a fixed rate of interest. FD is provided by top banks and financial institutions. Investment in this account means you are not entitled to withdraw any part of your money before the maturity of your amount. You can easily choose a term for your FD like 7 years and 10 years. There are other tenures you can select for your FD. Your term of FD will fix your interest rate. You will get benefits based on month-to-month or quarterly. Whether you have applied for a personal loan in Ghaziabad, Delhi, Noida, Gurugram, Lucknow or any other region, you should know all the terms and conditions of choosing this account and investment type.

Best 5 Banks Providing High-Interest FDs

State Bank of India

It’s one of the premier banking institutions in the country which provides an FD with an interest rate of 6.5% if you choose a 5-year term deposit. If you are a senior citizen, then you are entitled to get an interest rate of 7.5 per cent.

Bank of Baroda

This financial institution offers an interest rate of 6.5% on opening an FD account. This facility is available for the term of 5 years. For senior citizens,  the interest rate is 7.15% for the same tenure. You should go through the bank’s website for more details regarding the terms, interest rates and the benefits it provides.

The highest rate of interest provided by this bank is 7.25% on the FD of 399 days which is launched as the Monsoon Dhamaka Deposit Scheme for the general people. For citizen citizens, an additional 50 basis points are provided under the same scheme.

HDFC Bank

It’s one of the private sector banks which offers an interest rate of 7.5% to general citizens for a term of 5 years. The highest rate of interest provided to citizens is 7.4% on 55-month tenure for regular citizens and 50 basis points are allotted to senior citizens with the same scheme.

ICICI Bank

It’s another private financial institution in the country that provides an FD with 7% for normal citizens and 7.5% for senior citizens. The highest rates are provided at 7.25% and 7.8% on mutual funds on the FD tenure of 15 and 18 months respectively.

Punjab National Bank

This banking institution provides the best interest rates of 6.5 and 7% to normal and old-age candidates respectively. On a 400-day FD, the highest rate of interest provided is 7.25%.

Kotak Mahindra Bank

This private financial institution provides a low interest of 6.2% and 6.7% for normal and senior citizens respectively. The highest-ever interest rate offered to citizens is 7.4% with a tenure of 390 days.

Summary

For opening a high-interest FD, it becomes very imperative to check and compare the rate of interest with several financial institutions. It will provide you with better deals in getting a high-interest FD. Many banks offer the best FD interest in very low time. You can check for ICICI, SBI, Kotak, PNB, HDFC and so on.