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Know About Latest Highest FD Rates in 2020

Know About Latest Highest FD Rates in 2020

A fixed deposit (FD), is a renowned and safest investment avenue preferred highly by numerous people with high financial goals. FDs are assured with a fixed return which is known at the time of investing, unlike equity.

Here are the latest highest FD rates in India offered by different financial institutions such as banks, small finance banks, and NBFCs.

Highest FD rates of Small finance banks

Fixed deposit accounts are offered by almost all the banks. In the past, depositors had rushed to co-operative banks as they offered higher returns but the interest offered by these banks are competitive and at par with the bigger banks now. Besides, a wide range of tenure options is offered as well.

Addressing the safety concerns that investors might face, the finance minister increased the insurance cover on bank deposits (including small finance banks) to Rs. 5 lakh. This coupled with higher interest rates offered by these banks made them an attractive investment choice for those looking for safe long term growth using Fixed Deposits. Below is a list of the highest FD rates offered by Small finance banks based on FD tenures.

Bank Names <1 Year >=1 to <=2 2 to <=3 3 to <=5 W.E.F
AU Small Finance Bank 6.75 7.3 7.53 7.25 15-Apr-20
Equitas Small Finance Bank 7.25 7.75 8 6.75 06-Apr-20
Fincare Small Finance Bank 6.75 7.75 8.5 9 23-Mar-20
Jana Small Finance Bank 7.5 8.15 7.75 8.25 03-Mar-20
Suryoday Small Finance Bank 7.75 8 8.25 9 02-Apr-20
Ujjivan Small Finance Bank 7 8 8.1 7 19-Dec-19

 

Highest FD rates of Public sector banks

A public bank is generally regulated by certain laws, enacted by the government of the nation or state, which constitute its charter, limit its capital, and establish the rules by which it is to conduct business. The guarantee of a government backing for these banks provides investors, peace of mind regarding the safety of their investment.

Along with many other banks, India’s largest bank, the State Bank of India, has recently slashed its fixed deposit rates, which is a piece of bad news for investors looking to park their hard-earned money in FDs. After all, many risk-averse investors, as well as senior citizens, rely on FDs for assured returns as well as the safety of capital. Below is a list of the highest FD rates offered by public sector banks based on FD tenures. 

Bank Names <1 Year >=1 to <=2 2 to <=3 3 to <=5 W.E.F
Bank of Maharashtra 5 5.75 5.5 5.5 07-Apr-20
Bank of Baroda 5 5.7 5.7 5.7 09-Apr-20
Bank of India 5.5 6 5.9 5.9 10-Apr-20
Canara Bank 5.5 5.85 5.85 5.8 07-Apr-20
Central Bank of India 5.15 5.7 5.7 5.7 01-Apr-20
IDBI Bank 5.5 5.85 5.8 5.9 01-Apr-20
Indian Bank 5.5 5.9 5.8 5.8 01-Apr-20
Indian Overseas Bank 6.1 6.2 6.1 6.1 01-Apr-20
Punjab National Bank 5.6 5.8 5.8 5.8 01-Apr-20
Punjab & Sind Bank 5.75 5.85 5.85 5.85 06-Apr-20
State Bank of India 5 5.7 5.7 5.7 28-Mar-20
UCO Bank 5.55 5.85 5.85 5.8 10-Apr-20
Union Bank 5.5 5.9 5.75 5.8 31-Mar-20

 

Highest FD rates of Private sector banks

When compared with a public bank, a private bank is merely a contract among individuals, for carrying on trade-in money and bills; and the responsibility of the partners tends to be the only security of those who are involved in the execution of the business. The highest interest rate hunk offered by PSU banks and greater private sector banks is 6.5% p.a. or lower. Smaller private sector banks like DCB Bank, Lakshmi Vilas Bank and IDFC First Bank which are offering interest rates in the region of 7.5% to 7.8% p.a follow these bigger private sector banks.

Below is a list of all the highest FD rates offered by major private sector banks based on FD tenures.

Bank Names <1 Year >=1 to <=2 2 to <=3 3 to <=5 W.E.F
Axis Bank 6 6.1 6.1 6.1 20-Apr-20
Bandhan Bank 5.4 6.75 6.75 6.6 13-Feb-20
Catholic Syrian 5.5 6 6 6 01-Apr-20
City Union Bank 5.8 6 5.9 5.9 06-Apr-20
DCB Bank 6.65 7.5 7.6 7.5 09-Mar-20
Dhanlaxmi Bank 5.75 6.4 6.25 6.15 08-Apr-20
Federal Bank 5.75 6.25 6.25 6.25 20-Apr-20
HDFC Bank 5.5 5.8 6 6 15-Apr-20
ICICI Bank 5.5 5.8 6 6 03-Apr-20
IDFC First Bank 7 7.5 7.25 7.25 01-Jan-20
IndusInd Bank 6.25 6.75 6.75 6.75 24-Mar-20
J & K Bank 5.25 5.75 5.75 5.5 31-Mar-20
Karnataka Bank 5.8 6 5.9 5.9 04-Apr-20
Kotak Bank 5.5 5.8 5.5 5.5 20-Apr-20
Karur Vysya Bank 5.9 6.25 6.3 6.3 12-Feb-20
Lakshmi Vilas Bank 6.5 7.25 6.75 6.5 01-Apr-20
RBL Bank 6.65 7.2 7.25 7.15 01-Mar-20
South Indian Bank 6 6.55 6.4 6.4 21-Feb-20
Yes Bank 7.15 7.5 7.5 7.25 25-Oct-19

 

Highest FD rates offered by NBFCs

Apart from all the banks and post offices, Non-banking financial companies ie.NBFCs also provide the facility of opening an FD account. Below is the list of highest FD rates offered by top NBFCs in India.

Name Rating Period Rate of Interest
Bajaj Finance Ltd FAAA by CRISIL, MAAA by ICRA 4 years and above 7.85% 
GRUH Finance Ltd AAA by CARE and FAAA by BWR 1 year 7.25%
DHFL Aashray Deposit Scheme FAAA by CRISIL, MAAA by ICRA 1 year

 

7.70%

With CRISIL’s FAAA/Stable rating, ICRA’s MAAA (stable) rating, and as the only Indian NBFC with an international rating of ‘BBB’ by S&P Global your investments in Bajaj Finance FDs are never at risk.

Apart from the highest FD interest rates in India, Bajaj Finance FDs offer you numerous benefits such as online application of FDs, the facility of loan against fixed deposits etc.

You can start investing in Bajaj Finance Fixed Deposits with a minimum deposit amount of Rs. 25,000 and enjoy interest rates up to 7.85%.

FD Calculator Online

With the help of an FD calculator online, you can differentiate the interest rates offered by different banks & NBFCs. You can easily comprehend which bank or NBFC provides the best interest on tenure chosen by you and thus make sure you get the best out of it. An FD interest calculator would not only help you in saving time but would also help you plan efficiently by knowing your exact returns.

Bajaj Finance FD Interest Calculator

Bajaj Finance FD Interest Calculator is an online tool designed to help you ascertain how much interest your fixed deposit will yield for a specific tenure. Based on the rate of interest, the FD Interest Calculator will determine how much your deposit will yield at maturity depending on the principal amount. This is determined by considering several factors including the interest compounding frequency of the bank. It very well may be on a month to month, quarterly, half-yearly, or yearly basis.

You can utilize the Bajaj Finance FD Interest Calculator here and make the best out of your FD investment. 

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