There are many banks and financial institutions that offer attractive interest rates for 1-year fixed deposits (FDs). Time deposits are one of the best investment options that offer a guaranteed rate of return after a certain set period of time. It is considered a safe and reliable type of investment for cautious investors who do not want to take risks. In a deposit account, a certain sum of money is deposited for a predetermined tenure, and interest can be earned on the same. Investors can choose from a wide range of term deposit options available in the market. There are short, medium and long-term fixed deposits. Opening a fixed deposit account is a simple process and can be done online with minimum documentation.
Given below is the updated list of 10 banks that pay the highest interest on fixed deposit schemes with a 1-year tenure in 2018:
|Best FD Rates for 1 year 2018|
|Bank||Regular FD Rates (per annum)||Senior Citizen FD Rates (per annum)|
|ESAF Small Finance Bank||9.00%||9.50%|
|Kerala Transport Development Finance Corporation Ltd (KTDC)||8.25%||8.50%|
|Fincare Small Finance Bank||8.00%||8.50%|
|Utkarsh Small Finance Bank||8.00%||8.50%|
|Shriram City Union Finance||7.50%||7.75%|
|LIC Housing Finance Ltd||7.30%||7.40%|
|ICICI Home Finance||7.20%||7.45%|
|Lakshmi Vilas Bank||7.10%||7.60%|
*Interest rates are subject to change and can be revised from time to time
ESAF Small Finance Bank is an NBFC that has presence in rural, semi-urban and urban areas. The small finance bank offers the best interest rates in the industry, and other benefits.
KTDC is an undertaking by the Kerala government. At present, it offers the best FD rates in 2018 for 1 year term deposit schemes.
Fincare Small Finance Bank offers a wide range of term deposit schemes and flexible tenure options.
Utkarsh Small Finance Bank FD schemes come with a wide range of features and benefits. This is one of the highest interest paying term deposit options.
Shriram City Union Finance term deposits come in two variants: cumulative and non-cumulative.
LIC Housing Finance Ltd is one of the NBFCs that provide competitive interest rates.
Repco Bank is a well-known bank that offers a range of time deposits options for both regular depositors and those above 60.
ICICI Home Finance offers good interest rates and their deposit schemes are well-rated.
RBL Bank FDs can be opened at the click of a button and offers many perks to investors.
A wide range of time deposits options are available through Lakshmi Vilas Bank.