Fixed deposit (FD) is the one of the best secure and safe options to park your hard-earned funds. Money9 gives you information of 1-year FD of banks which gives you relatively higher return. Information about private and PSU banks that give maximum interest for a fixed tenure of 12 months is given below.
For 12 months tenure, public sector banks are offering interest rate between 4.8% and 5.2%. The nation’s largest lender State Bank of India (SBI) offers a rate of only 4.4%.
Canara Bank offers highest interest rate of 5.2% for 12 months tenure. Punjab and Sind Bank offers 5.15%, second largest PSU lender PNB offer 5.1% to its customers.
Union Bank, Indian Bank and IDBI Bank offers 5% interest rate for 12 months. Bank of Baroda, Central Bank and Indian Overseas Bank offer a rate of 4.9%. SBI’s rate is at the bottom.
Senior citizens will be rewarded 50 basis points more by all the PSU banks across the tenure of 1 year.
Among the major private banks, two banks are offering rates of above 6% for 12 months tenure. RBL Bank offers an interest rate of 6.1% to the normal customers and senior citizens get 6.6%.
IndusInd Bank offers 6% for normal customers and 6.5% for the senior citizens for a period of 12 months. DCB bank offers 5.75% for normal people and 6.25% for senior citizen for the same period.
YES and IDFC Bank offer 5.25%, HDFC Bank offers 4.90% interest rate for normal customers. Senior citizens are eligible for 50 additional basis points.
Bandhan Bank and Kotak Mahindra bank offer 4.5% and ICICI and Axis Bank offer 4.4% interest rate for a period of 12 months. Senior citizens generally get 0.5% more, where Bandhan Bank offers 75 basis points or 0.75% more to the seniors for a period of 12 months.
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