Top 10 Banks With Highest Interest Rates On 3-Year FDs In 2021
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Our take
In its most recent monetary policy review, the Reserve Bank of India (RBI) predicted retail inflation at 5.3 percent for the current fiscal year. This effectively suggests that once inflation gets back to normal, the RBI may seek to lower interest rates to stimulate economic growth. Interest rates are projected to continue low as central banks seek to revive the economy decimated by the epidemic through monetary policy actions.
With a further reduction in repo rates, banks may drop their interest rates even further, and both inflation and interest rates are expected to decline over time, therefore we recommend that our readers invest in short-term fixed deposits or, to avoid this problem, they can break their investment into separate amounts and invest it for different tenors. And while we are on the subject of short-term fixed deposits, here are the country’s top 5 banks based on our research that are currently offering the highest interest rates on three-year fixed deposits of less than Rs 2 Cr.
Top 10 Public Sector Banks Promising Highest Interest Rates On 3 year FDs In 2021
Based on our research, here are the top 10 public sector banks that are currently providing the highest interest rates on 3 year fixed deposits in the country.
| Banks | Regular | Senior Citizens | W.e.f. |
|---|---|---|---|
| Union Bank of India | 5.30% | 5.80% | 01/09/2021 |
| State Bank of India | 5.30% | 5.80% | 08.01.2021 |
| Indian Overseas Bank | 5.20% | 5.70% | 09.11.2020 |
| Punjab & Sind Bank | 5.15% | 5.65% | 16/09/2021 |
| Punjab National Bank | 5.10% | 5.60% | 01.08.2021 |
| Indian Bank | 5.10% | 5.60% | 05.11.2021. |
| Canara Bank | 5.10% | 5.60% | 09.08.2021 |
| Bank of Baroda | 5.10% | 5.60% | 16.11.2020 |
| Bank of India | 5.05% | 5.55% | 01.08.2021 |
| UCO Bank | 5.00% | 5.50% | 16.11.2021 |
| Source: Bank Websites |
Top 10 Private Sector Banks Offering Highest Interest Rates On 3 year FDs In 2021
According to our findings, the below listed are the top ten private sector banks in the country offering the highest interest rates on three-year fixed deposits.
| Banks | Regular | Senior Citizens | W.e.f. |
|---|---|---|---|
| Yes Bank | 6.00% | 6.50% | 3rd November 2021 |
| RBL Bank | 6.00% | 6.50% | 1st September 2021 |
| IndusInd Bank | 6.00% | 6.50% | July 23rd, 2021 |
| DCB Bank | 5.95% | 6.45% | 22nd November 2021 |
| IDFC First Bank | 5.75% | 6.25% | November 23, 2021 |
| Bandhan Bank | 5.50% | 6.25% | June 7, 2021 |
| Axis Bank | 5.40% | 6.05% | 10/11/2021 |
| Karnataka Bank | 5.40% | 5.80% | 01st November 2021 |
| Tamilnad Mercantile Bank | 5.35% | 5.85% | 18.11.2021 |
| Federal Bank | 5.35% | 5.85% | 17-11-2021 |
| Source: Bank Websites |
Top 10 Small Finance Banks Providing Highest Interest Rates On 3 year FDs In 2021
According to our analysis, here are the top 10 small finance banks in the country which are now offering the highest interest rates on three-year fixed deposits.
| Banks | Regular | Senior Citizens | W.e.f. |
|---|---|---|---|
| Suryoday Small Finance Bank | 7.00% | 7.30% | September 09, 2021 |
| Ujjivan Small Finance Bank | 6.50% | 7.00% | 16th August 2021 |
| Jana Small Finance Bank | 6.50% | 7.00% | 07/05/2021 |
| North East Small Finance Bank | 6.50% | 7.00% | 19th April 2021 |
| Fincare Small Finance Bank | 6.25% | 6.75% | 25th October 2021 |
| Equitas Small Finance Bank | 6.00% | 6.50% | 01st Oct 2021 |
| AU Small Finance Bank | 6.00% | 6.75% | 14th October 2021 |
| Capital Small Finance Bank | 6.00% | 6.50% | June 03, 2021 |
| Utkarsh Small Finance Bank | 6.00% | 6.50% | July 01, 2021 |
| ESAF Small Finance Bank | 5.75% | 6.25% | 01/08/2021 |
| Source: Bank Websites |
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