If you want to get better returns on your savings, then you can invest in bank FDs. Here is a list of banks which are giving the highest returns on FDs in July.
Fixed Deposits Interest Rate: Fixed Deposit i.e. FD is a safe option to keep money. That is, the money of the investors is safe in it. Also, it provides a safe way to get a fixed interest rate during a pre-determined period. Along with security, FD protects investors from market volatility. This stability matters a lot for those who want to get better returns while keeping their savings safe. Now the question is why choose FD.
Why choose FDs for investment?
Investing in FDs offers several benefits. First, FDs offer assured returns, giving investors, especially retirees or those with a low risk appetite, a steady income stream. Second, FDs offer flexibility in terms of investment tenure, allowing investors to choose the tenure as per their financial goals and liquidity requirements. Moreover, FDs are easily available and can be opened at most banks and financial institutions across India, making it a convenient investment option for individuals from all backgrounds.
When is the best time to invest in FDs?
The ideal time to invest in FDs depends on various factors, including current interest rates, market conditions, and your financial goals. Generally, when interest rates are high, locking your money in FDs can provide higher returns during the investment tenure. Conversely, when interest rates are low, it may be wise to wait for rates to stabilize or explore alternative investment options that offer better returns.
Keep these things in mind while investing in FD?
Before investing in FD, it is important to consider factors such as interest rate, maturity period and liquidity. Compare the interest rates offered by different banks and financial institutions to earn good returns on your investment. Apart from this, evaluate the duration of the FD to ensure that it is in line with your financial objectives and liquidity needs. FDs provide capital protection, there may be a penalty on withdrawal before maturity, so it is important to plan the investment after considering all these aspects.
After understanding the above aspects, if you have made up your mind to get an FD in your nearest bank this month, then you can take a look at the list of banks given here.
| Name of bank | interest rate per annum | ||||
| The highest interest | 1 Year FD(%) | 3 Year FD (%) | 5 Year FD (%) | ||
| , | Tenure | ||||
| Small Finance Bank | |||||
| AU Small Finance Bank | 8.00 | 18 months | 7.25 | 7.50 | 7.25 |
| Equitas Small Finance Bank | 8.50 | 444 days | 8.20 | 8.00 | 7.25 |
| ESAF Small Finance Bank | 8.25 | 2 years to less than 3 years | 8.25 | 6.75 | 6.25 |
| Jana Small Finance Bank | 8.25 | 365 days to 1095 days | 8.25 | 8.25 | 7.25 |
| Northeast Small Finance Bank | 9.00 | 546 days to 1111 days | 7.00 | 9.00 | 8.00 |
| Suryoday Small Finance Bank | 8.65 | 2 years 2 days | 6.85 | 8.60 | 8.25 |
| Ujjivan Small Finance Bank | 8.25 | 12 months | 8.25 | 7.20 | 7.20 |
| Unity Small Finance Bank | 9.00 | 1001 days | 7.85 | 8.15 | 8.15 |
| Utkarsh Small Finance Bank | 8.50 | 2 years to 3 years; 1500 days | 8.00 | 8.50 | 7.75 |
| Private Sector Banks | |||||
| Axis Bank | 7.20 | 17 months to less than 18 months | 6.70 | 7.10 | 7.00 |
| Bandhan Bank | 7.85 | 1 year | 7.85 | 7.25 | 5.85 |
| City Union Bank | 7.25 | 400 days | 7.00 | 6.50 | 6.25 |
| CSB Bank | 7.75 | 401 days | 5.00 | 5.75 | 5.75 |
| indian bank | 7.50 | 376 days to 540 days | 7.00 | 6.50 | 6.50 |
| DCB Bank | 8.05 | 19 months to 20 months | 7.10 | 7.55 | 7.40 |
| Federal Bank | 7.40 | 400 days | 6.80 | 7.00 | 6.60 |
| HDFC Bank | 7.25 | 18 months to less than 21 months | 6.60 | 7.00 | 7.00 |
| ICICI Bank | 7.20 | 15 months to 2 years | 6.70 | 7.00 | 7.00 |
| IDFC First Bank | 7.90 | 500 days | 6.50 | 7.25 | 7.00 |
| IndusInd Bank | 7.75 | 1 year to 2 years | 7.75 | 7.25 | 7.25 |
| Jammu & Kashmir Bank | 7.00 | 1 year to less than 3 years | 7.00 | 6.50 | 6.50 |
| Karur Vysya Bank | 7.50 | 444 days | 7.00 | 7.00 | 7.00 |
| Karnataka Bank | 7.25 | 375 days | 7.10 | 6.50 | 6.50 |
| Kotak Mahindra Bank | 7.40 | 390 days less than 23 months | 7.10 | 7.00 | 6.20 |
| RBL Bank | 8.00 | 18 months to 2 years | 7.50 | 7.50 | 7.10 |
| SBI Bank | 7.75 | 5 years | 7.05 | 7.30 | 7.75 |
| South Indian Bank | 7.25 | 400 Days | 6.70 | 6.70 | 6.00 |
| Tamilnad Mercantile Bank | 7.50 | 400 days | 7.00 | 6.50 | 6.50 |
| Yes Bank | 7.20 | 17 months to less than 18 months | 6.70 | 7.10 | 7.00 |
| Government Bank | |||||
| Bank Of Baroda | 7.25 | Above 2 years to 3 years | 6.85 | 7.25 | 6.50 |
| Bank of India | 7.30 | 666 days | 6.80 | 6.50 | 6.00 |
| Maharashtra Bank | 7.25 | 777 days | 6.75 | 6.50 | 6.50 |
| Canara Bank | 7.25 | 444 days | 6.85 | 6.80 | 6.70 |
| Central Bank Of India | 7.30 | 444 days | 6.85 | 6.50 | 6.50 |
| Indian Bank | 7.25 | 400 days -IND SUPER | 6.10 | 6.25 | 6.25 |
| Indian Overseas Bank | 7.30 | 444 days | 6.90 | 6.50 | 6.50 |
| Punjab National Bank | 7.25 | 400 days | 6.75 | 7.00 | 6.50 |
| Punjab & Sind Bank | 7.30 | 666 days | 6.30 | 6.00 | 6.00 |
| State Bank Of India | 7.10 | 400 days – Amrit Kalash | 6.80 | 6.75 | 6.50 |
| Union Bank Of India | 7.25 | 399 days | 6.75 | 6.50 | 6.50 |
| Source: Paisabazaar.com | |||||
| Interest rates as of 3rd July 2024 | |||||
(Note: This list has been prepared by Paisa Bazaar.com. It includes the names of Small Finance Banks, Government and Private Banks. The data given in the list has been taken from the website of the respective banks. All these are updated till 3 July. Banks keep changing their interest rates from time to time, so it is advisable to get accurate information by visiting the official or nearest branch of the bank before investing in any FD.
