Given below is the updated list of 10 banks that pay the highest interest on fixed deposit schemes. Last Updated on 12 Aug 2020
|Top 10 1-year FDs for 2020|
|Bank||Regular FD Rates (per annum)||Senior Citizen FD Rates (per annum)|
|ESAF Small Finance Bank||6.25%||6.75%|
|Kerala Transport Development Finance Corporation Limited (KTDC)||8.00%||8.25%|
|Utkarsh Small Finance Bank||6.50%||7.00%|
|Shriram City Union Finance||7.80%||8.05%|
|LIC Housing Finance Limited||7.00%||7.25%|
|Fincare Small Finance Bank||6.50%||7.00%|
|ICICI Home Finance||6.85%||Contact the Bank|
|Lakshmi Vilas Bank||6.00%||6.50%|
*The Interest rates are subject to change and can be revised at the discretion of the bank
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.
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