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    Best FD Scheme with High Rates

    The returns on an FD account can vary due to many factors depending on the type of the FD account, financial institution, age of the investor, tenure of the account, etc. Most financial institutions follow the RBI’s guidelines while offering the interest rates on the FD accounts, however, if the deposit amount is higher, the financial institution may decide to offer a slightly higher interest rate. Additionally, the tax-free FDs offer tax benefits under the Section 80C of the Income Tax Act, 1961. FDs are widely sought for many other benefits such as the availability of a loan against the FD account itself. Most banks and non-banking financial companies (NBFCs) offer a loan up to a maximum of 90% of the account value at a lower interest rate compared to any other unsecured loan in the market. An FD account can be opened for a minimum of 7 days up to a maximum of 10 years or more.

    Guaranteed returns on FDs

    FD accounts have been a popular choice of investment among conservative investors since it is safe and also provide the protection of an insurance. The insurance for up to Rs.1 lakh for the principal and accrued interest is applicable for all FD accounts, following the RBI’s directive. Based on the tenure of the FD account, the age of the investor, deposit amount, and various other factors, the rate of return may change.

    Currently, there are many banks and NBFCs who offer a different rate of return than the other. Few of the financial institutions who offer the highest rate of returns are listed in the following table:

    Banks and NBFCs offering a higher rate of return on fixed deposit accounts:

    Bank/NBFC 1 year 2 year 3 year 4 year 5 year
    Mahaveer Bank 7.00% 8.00% 9.50% 9.50% 9.50%
    Mahindra Finance (Samruddhi) 7.35% 7.35% 7.40% 7.40% 7.40%
    ESAF Small Finance Bank 9.00% 8.00% 7.00% 7.00% 7.00%
    Fincare Small Finance Bank 8.00% 8.75% 9.00% 8.00% 8.00%
    KTDFC 8.25% 8.25% 8.25% 8.00% 8.00%
    LIC HFL 7.20% 7.25% 7.30% - 7.30%
    Lakshmi Vilas Bank (LVB) 7.10% to 7.25% 7.15% 7.15% 7.15% 7.15%
    RBL Bank 7.10% 7.20% 7.10% 7.10% 7.10%
    Repco Bank 7.25% 7.25% 7.00% 7.00% 7.00%
    IDFC Bank 7.00% 7.20% 7.20% 7.20% 7.20%
    DHFL 7.70% 7.80% 7.85% 8.00% 8.00%


    • Most banks and NBFCs provide interest in the range of 7.00% p.a. to 9.50% p.a.
    • The highest rate paid is by Mahaveer Bank where the rate paid is 9.50% p.a for a tenure of 3 years, 4 years, and 5 years
    • Mahaveer Bank pays 8.00% p.a. For 2 years and 7.00% p.a. for 1 year
    • Another bank that offers 9.00% p.a. is ESAF Small Finance Bank for a tenure of 1 year and 8.00% p.a. for 2 years
    • A bank rate of 8.75% p.a. is paid to those who invest in Fincare Small Finance Bank for 1 year, while for 3 years the rate of return is 9.00% p.a.
    • Some of the banks that offer more than 7.00% p.a. on deposits include IDFC Bank, Repco Bank, RBL Bank, and Lakshmi Vilas Bank
    • Lakshmi Vilas Bank offers an interest rate of 7.10% p.a. to 7.25% p.a. for all deposits held for 1 year, while other tenures will fetch the depositor a rate of 7.15% p.a.
    • Repco Bank offers 7.25% p.a. for 1 year and 2 year deposits, while IDFC pays 7.20% p.a for 2 years, 3 years, 4 years and 5 years
    • DHFL pays depositors at the rate of 7.85% p.a. for 3 years, 8.00% p.a. for 4 years and 5 years, 7.80% p.a. for 2 years and 7.70% p.a. for 1 year
    • KTDFC, on the other hand, pays interest at the rate of 8.25% p.a. for all FDs that are held from 1 year to 3 years, while for 4 years and 5 years, the deposit rate is 8.00% p.a.
    • LIC HFL pays 7.30% p.a. for 3 years and 5 years respectively
    • On the other hand, RBL pays more than 7.00% p.a. for all its FD schemes that range from 1 year to 5 years
    • Mahindra pays 7.35% p.a. for 1 year and 3 years, while for other tenures the rate of interest that is applicable is 7.40% p.a.
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