Top 4 Private Sector Banks Offering Up To 6.50% Returns On 3 Year Fixed Deposits

Fixed deposit vehicles are a wonderful option for investors who don’t want to take any risks and want to know how much money they’ll earn when they reach maturity. Fixed deposits allow you to invest a fixed amount of money for a certain period of time, ranging from seven days to ten years, and get a fixed interest rate that varies depending on whether you’re a regular customer or a senior citizen. However, owing to the high rate of inflation, we do not encourage investors to put money into FDs for the long term; instead, investing for the short term with a reinvestment option plan is preferable. You have the option of receiving interest payments monthly or quarterly, as well as reinvesting your fixed deposit’s interest. By investing for short-term in the current scenario with a reinvestment strategy is the best way to get higher returns resulting in minimizing interest rate risk, and based on higher returns only, here we have compiled the top 4 private sector banks that are promising up to 6.50% returns on 3 years fixed deposits.

RBL Bank

From the beginning of the month of September, RBL Bank had revised interest rates on its fixed deposit account on 1st September 2021. On 3 years of fixed deposits of less than Rs 3 Cr this private sector bank is promising an interest rate of 6.00% to the general public and 6.50% to senior citizens.

Period of deposit	Interest Rates p.a.	Senior Citizen Interest Rates p.a.
7 days to 14 days	3.25%	3.75%
15 days to 45 days	3.75%	4.25%
46 days to 90 days	4.00%	4.50%
91 days to 180 days	4.50%	5.00%
181 days to 240 days	5.00%	5.50%
241 days to 364 days	5.25%	5.75%
12 months to less than 24 months	6.00%	6.50%
24 months to less than 36 months	6.00%	6.50%
Source: Bank website, w.e.f. September 01, 2021

Yes Bank

On resident fixed deposits of less than Rs 2 Cr, Yes Bank is offering the following interest rates on deposits of up to 3 years.

Period	Regular Interest Rates	Annualised Yield	Senior Citizen Interest Rates p.a.	Annualised Yield
7 to 14 days	3.25%	3.25%	3.75%	3.75%
15 to 45 days	3.50%	3.50%	4.00%	4.00%
46 to 90 days	4.00%	4.00%	4.50%	4.50%
3 months to	4.50%	4.50%	5.00%	5.00%
6 months to	5.00%	5.03%	5.50%	5.54%
9 months to	5.25%	5.32%	5.75%	5.83%
1 year	5.75%	5.88%	6.25%	6.40%
18 Months to	6.00%	6.14%	6.50%	6.66%
Source: Bank Website, w.e.f 5th August, 2021

IndusInd Bank

With effect from 23rd July 2021, IndusInd Bank is promising the below-mentioned interest rates on Domestic /NRO/ NRE/Senior Citizen Fixed Deposits of less than 3 years.

Tenure	Regular Interest Rates	Annualised Yield	Senior Citizen Interest Rates p.a.	Annualised Yield
7 days to 14 days	2.5	2.5	3	3
15 days to 30 days	2.75	2.75	3.25	3.25
31 days to 45 days	3	3	3.5	3.5
46 days to 60 days	3.25	3.25	3.75	3.75
61 days to 90 days	3.4	3.4	3.9	3.9
91 days to 120 days	3.75	3.75	4.25	4.25
121 days to 180 days	4.25	4.25	4.75	4.75
181 days to 210 days	4.6	4.63	5.1	5.13
211 days to 269 days	4.75	4.81	5.25	5.32
270 days to 354 days	5.5	5.58	6	6.09
355 days to 364 days	5.5	5.58	6	6.09
1 Year to below 1 Year 6 Months	6	6.18	6.5	6.71
1 Year 6 Months to below 1 Year 7 Months	6	6.23	6.5	6.77
1 Year 7 Months to below 2 Years	6	6.23	6.5	6.77
2 years to below 2 years 6 Months	6	6.32	6.5	6.88
2 years 6 Months to below 2 years 9 Months	6	6.47	6.5	7.05
2 years 9 months upto 3 years	6	6.52	6.5	7.11
Source: Bank Website, w.e.f. July 23rd, 2021

Bandhan Bank

With effect from 7th June 2021, Bandhan Bank is offering the following interest rates on retail domestic / Non-Resident Rupee Term Deposits of less than 3 years.

Period	Interest Rates for Non-Senior Citizens	Interest Rates for Senior Citizens
7 days to 14 days	3.00%	3.75%
15 days to 30 days	3.00%	3.75%
31 days to Less than 2 months	3.50%	4.25%
2 months to less than 3 months	3.50%	4.25%
3 months to less than 6 months	3.50%	4.25%
6 months to less than 1 year	4.50%	5.25%
1 year to 18 months	5.50%	6.25%
Above 18 months to less than 2 years	5.50%	6.25%
2 years to less than 3 years	5.50%	6.25%
Source: Bank Website