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Investors can choose from a wide range fixed deposits (FD) that offer a high rate of interest for 5 years. Generally, most 5-year fixed deposit schemes come as tax saver plans but one can also opt for other types of FDs in this tenure range. The highest yielding fixed deposit scheme is offered by Mahaveer Bank, which pays interest at the rate of 9.5% for 5 years.
Given below are 10 of the best fixed deposits for a tenure of 5 years:
1.Mahaveer Bank
Mahaveer Bank provides an interest rate of 9.5% on fixed deposits for a tenure of 5 years. An additional interest of 0.5% is offered for senior citizens. The interest is compounded on a quarterly basis.
| Interest rate | Amount of investment | Tenure |
| 9.5% | Less than Rs.1 crore | 5 years |
2.Shriram Transport Finance Co. Ltd.
Shriram Transport Finance Co. Ltd. offers an interest rate of 8.25% on non-cumulative fixed deposits for a period of 5 years. The interest is compounded on a yearly basis.
| Interest rate | Amount of investment | Tenure |
| 8.25% | Up to Rs.25 lakh | 5 years |
3. Shriram City Union Finance Co. Ltd.
Shriram City Union Finance Co. Ltd. pays interest at the rate of 8.25% for all non-cumulative fixed deposits that are held for 5 years. The interest is calculated and compounded on a yearly basis.
| Interest rate | Amount of investment | Tenure |
| 8.25% | Up to Rs.25 lakh | 5 years |
4. Kerala Transport Development Finance Corporation (KTDFC)
Fixed deposit schemes offered by KTDFC are guaranteed by the Kerala government. They offer an interest rate of 8% on 5-year fixed deposits.
| Interest rate | Amount of investment | Tenure |
| 8% | Up to Rs.1 crore | 5 years |
5. India Post
Incorporated under the aegis of the Ministry of Communication and Technology, Government of India, India Post offers an interest rate of 7.7% on fixed deposits for 5 years.
| Interest rate | Amount of investment | Tenure |
| 7.7% | Up to 1 crore | 5 years |
6. Mahindra Finance
The Samruddhi Fixed Deposit scheme offers 7.55% on cumulative fixed deposits. The interest is compounded annually.
| Interest rate | Amount of investment | Tenure |
| 7.55% | Up to Rs.1 crore | 5 years |
7. ESAF Small Finance Bank
ESAF Small Finance Bank was established in 1992 and focusses mainly on micro finance services. They provide a wide range of financial products including fixed deposits. The rate of interest on fixed deposits for 5 years is 7.5%.
| Interest rate | Amount of investment | Tenure |
| 7.5% | Less than Rs.1 crore | 5 years |
8. Ratnakar Bank
Ratnakar Bank offers various types of fixed deposit schemes. They currently offer an interest rate of 7.35% on fixed deposits for a tenure of 5 years. The schemes come with a range of special benefits. They offer tax saver, flexi and regular fixed deposits. Special fixed deposits are also offered for senior citizens.
| Interest rate | Amount of investment | Tenure |
| 7.35% | Less than Rs.1 crore | 5 years |
9. DCB Bank
DCB Bank provides regular fixed deposit schemes along with tax saver FD accounts. The present rate of interest on deposits for 5 years is 7.2%. Investors can enjoy the benefits of quarterly interest compounding.
| Interest rate | Amount of investment | Tenure |
| 7.2% | Less than Rs.1 crore | 5 years |
10. IDFC Bank
IDFC Bank offers an interest rate of 7.2% both on fixed deposits for 5 years and the tax saver scheme.
| Interest rate | Amount of investment | Tenure |
| 7.2% | Less than Rs.1 crore | 5 years |
*Please note that all interest rates for senior citizens will be higher. As per the discretion of the bank, a certain higher percentage of interest will be provided for senior citizens. For detailed information on interest rates for senior citizens, refer to the page ‘Highest fixed deposit interest rates for senior citizens in India 2017’
* All interest rates may be subject to change
Updated on 9th August 2017
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