Top Private Sector Banks Providing Good Returns Across 1 To 5 Year FDs
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1 Year FD Rates
| Banks | 1 year FD rates in % for non-senior citizens | 1 year FD rates in % for senior citizens |
|---|---|---|
| DCB Bank | 5.95 | 6.45 |
| Yes Bank | 5.75 | 6.25 |
| TNSC Bank | 5.75 | 5.75 |
| RBL Bank | 5.75 | 6.25 |
| IndusInd Bank | 5.75 | 6.25 |
| Bandhan Bank | 5.25 | 6 |
| Tamilnad Mercantile Bank | 5.25 | 5.25 |
| Karnataka Bank | 5.2 | 5.6 |
| Axis Bank | 5.15 | 5.4 |
| Karur Vysya Bank | 5 | 5 |
| City Union Bank | 5 | 5 |
| South Indian Bank | 4.75 | 5.25 |
| Dhanlaxmi Bank | 4.5 | 5 |
| J & K Bank | 4.5 | 5 |
| Kotak Bank | 4.4 | 4.4 |
| ICICI Bank | 4.4 | 4.9 |
| HDFC Bank | 4.4 | 4.9 |
| Federal Bank | 4.4 | 4.9 |
1 to 2 Year FD Rates
| Banks | 1-2 year FD rates in % for non-senior citizens | 1-2 year FD rates in % for senior citizens |
|---|---|---|
| DCB Bank | 6.5 | 7 |
| RBL Bank | 6.5 | 7 |
| IndusInd Bank | 6.5 | 7 |
| Yes Bank | 6.25 | 6.75 |
| TNSC Bank | 6 | 6.5 |
| Tamilnad Mercantile Bank | 5.75 | 6.25 |
| City Union Bank | 5.75 | 6.25 |
| Bandhan Bank | 5.75 | 6.5 |
| Karur Vysya Bank | 5.5 | 6 |
| South Indian Bank | 5.4 | 5.9 |
| Dhanlaxmi Bank | 5.3 | 5.8 |
| Karnataka Bank | 5.3 | 5.7 |
| Axis Bank | 5.25 | 5.9 |
| J & K Bank | 5.1 | 5.6 |
| Federal Bank | 5.1 | 5.6 |
| ICICI Bank | 5 | 5.5 |
| Kotak Bank | 5 | 5 |
| HDFC Bank | 4.9 | 5.4 |
2 to 3 Year FD Rates
| Banks | 2-3 year FD rates in % for non-senior citizens | 2-3 year FD rates in % for senior citizens |
|---|---|---|
| Yes Bank | 6.5 | 7 |
| RBL Bank | 6.5 | 7 |
| DCB Bank | 6.5 | 7 |
| IndusInd Bank | 6.5 | 7 |
| TNSC Bank | 5.85 | 6.35 |
| Bandhan Bank | 5.75 | 6.5 |
| City Union Bank | 5.75 | 6.25 |
| Tamilnad Mercantile Bank | 5.65 | 6.15 |
| Karnataka Bank | 5.55 | 6.95 |
| Karur Vysya Bank | 5.5 | 6 |
| South Indian Bank | 5.4 | 5.9 |
| Axis Bank | 5.4 | 5.9 |
| Dhanlaxmi Bank | 5.4 | 5.9 |
| Federal Bank | 5.35 | 5.85 |
| J & K Bank | 5.2 | 5.7 |
| HDFC Bank | 5.15 | 5.65 |
| ICICI Bank | 5.15 | 5.65 |
| Kotak Bank | 5 | 5 |
3 to 5 Year FD Rates
| Banks | 3-5 year FD rates in % for non-senior citizens | 3-5 year FD rates in % for senior citizens |
|---|---|---|
| DCB Bank | 6.75 | 7.25 |
| RBL Bank | 6.25 | 6.75 |
| Yes Bank | 6.75 | 7.5 |
| IndusInd Bank | 6.5 | 7 |
| TNSC Bank | 6 | 6 |
| Karur Vysya Bank | 5.75 | 6.15 |
| South Indian Bank | 5.65 | 6.15 |
| Karnataka Bank | 5.55 | 6.95 |
| Axis Bank | 5.5 | 6 |
| Bandhan Bank | 5.5 | 6.25 |
| City Union Bank | 5.5 | 6 |
| Dhanlaxmi Bank | 5.5 | 6 |
| Federal Bank | 5.5 | 6 |
| Tamilnad Mercantile Bank | 5.5 | 5.5 |
| ICICI Bank | 5.35 | 5.85 |
| HDFC Bank | 5.3 | 5.8 |
| J & K Bank | 5.3 | 5.8 |
| Kotak Bank | 5.3 | 5.3 |
Fixed Deposit Benefits For Senior Citizens
Senior citizens, identified as those who are 60 years or older are eligible for a senior citizens’ fixed deposit account of a bank or NBFC. They must have proof of age, as well as other required documents, in order to apply for the same. Banks, and also Non-Banking Financial Companies (NBFCs), grant senior citizens additional FD rates ranging from 0.25 per cent to 1.00 per cent respectively. Senior citizens’ tenure on FDs usually ranges from 7 to 10 years. They can also claim 80C deductions for up to Rs. 1.5 lakh if they invest for a term of 5 years in a fixed deposit. When it comes to TDS banks and NBFCs subtract tax from accrued interest. TDS is levied as interest accrues, i.e. monthly, quarterly, half-yearly, or yearly in the case of cumulative interest payments. If earned interest crosses Rs. 50,000 for senior citizens, tax is deducted at a rate of 10%, compared to Rs. 40,000 for non-senior citizens.
Note
In her Budget 2020 speech, Finance Minister Nirmala Sitharaman announced raising the insurance amount for depositors in the event of bank default. The RBI had announced a raise in insurance cover to Rs 5 lakh per depositor, up from Rs 1 lakh previously. The scheme covers all forms of bank deposits, including savings, fixed, and recurring. The Deposit Insurance and Credit Guarantee Corporation, a wholly-owned subsidiary of the Reserve Bank of India, offers a Rs 5 lakh cap under this scheme, which includes both principal and interest.
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