Fixed deposits are among the most trusted investment avenues for millions of Indians due to its fixed and predictable return. One can deposit money in banks for tenure between seven days and 10 years. But in recent times various private and public sector banks have revised interest rates. So, if you are planning to invest in a fixed deposit it is important to know all updates.
Here is the list of 9 public and private sector banks that are offering the best interest rates on three to five-year FDs.
Among public sector lenders, Union Bank of India (UBI) is now offering best interest rates on fixed deposits for tenure between three and five years. Now general customers will get 5.4% interest.
The State Bank of India (SBI) is in the second position. They are offering 5.30% interest in three to-five-year FDs to the general public. Punjab & Sind Bank is also offering the same rates on the same tenure to its general customers.
On the other hand, in Punjab National Bank (PNB) and Indian Overseas Bank general customers will get 5.25% interest on an FD between three and five years.
Some private sector banks offer higher interest rates than public banks on fixed deposits to attract customers. Among them RBL Bank is in the top position. One can get a minimum 6.30% interest on FDs for the tenures between three years and five years.
Yes Bank is in the second position offering 6.25% on FDs for the same tenure.
On the other hand, IndusInd Bank and DCB Bank are offering 6% and 5.95% interest respectively.