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  • Best FD Rates for 5 years in 2018
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    Best FD Rates for 5 years in 2018

    There are many Fixed Deposit (FD) schemes available for 5 years and this tenure is especially popular because 5-year FDs can also offer tax benefits. A tax saver fixed deposit comes with a lock-in period of 5 years and offers tax exemption of up to Rs.1.5 lakh under Section 80C of the Income Tax Act in India.

    Top 10 5-year FD rates in India for 2018

    Best FD Rates for 5 years
    Bank/Company Regular Interest Rates (per annum) Senior Citizen Interest Rates (per annum)
    Mahaveer Bank 9.50% 10.00%
    KTDFC 8.00% 8.25%
    Fincare Small Finance Bank 8.00% 8.50%
    Suryoday Small Finance Bank 7.75% 8.00%
    LIC Housing Finance Ltd 7.45% 7.70%
    ICICI Home Finance 7.30% 7.55%
    IDFC Bank 7.20% 7.70%
    Lakshmi Vilas Bank (LVB) 7.15% 7.75%
    Repco Bank 7.00% 7.50%
    Utkarsh Small Finance Bank 7.00% 7.50%

    *Interest rates may be revised from time to time without prior notice

    Key highlights

    • The best FD rate of 5-year deposits is offered by Mahaveer Bank, where the rate of return is above 9.00% for regular depositors and 10.00% p.a for senior citizens
    • KTDFC and Fincare Small Finance Bank offers interest rates of up to 8.00% p.a.
    • The interest rate for 5-year term deposits range from 7.00% p.a. to 9.50% p.a.
    • For senior citizens, the rate of interest paid ranges from 7.50% p.a. to 10.00% p.a.

    Top 10 FD rates for 5 years

    1. Mahaveer Bank

    • Mahaveer Bank offers an interest rate of more than 9.00% p.a. on all regular and senior citizen deposits
    • All those who fall in the 60 years and 60 plus age bracket, will become eligible for an additional interest rate of 0.50% p.a.
    • Auto renewal facility available
    • Monthly and quarterly interest payments are made

    2. KTDFC

    • KTDFC offers one of the most highest paying company deposit schemes in India
    • For 5-year deposits, the annual percentage gain for regular deposit holders will be 8.00% p.a
    • The senior citizen deposit rate for 5 years is 8.25% p.a.
    • They offer a wide range of interest payment options  

    3. Fincare Small Finance Bank

    • An interest rate of 8.00% p.a can be obtained from Fincare Small Finance Bank FDs that come with an investment period of 5 years
    • For senior citizens, the bank rate paid is 8.50% p.a.
    • Joint account and nomination facility available
    • The rates are applicable for deposits less than Rs.1 crore

    4.Suryoday Small Finance Bank

    • The FD rate offered on Suryoday Small Finance Bank term deposits is 7.75% p.a.
    • For those who are 60 years of age or more an interest rate of 8.00% p.a. is paid
    • Those who want to invest more than Rs.1 crore, will have to contact the bank directly
    • Interest is computed on a quarterly basis

    5. LIC Housing Finance Ltd

    • Offers competitive rates of interest of 7.45% p.a.
    • For those who are 60 years and above, the annual percentage rate is 8.00% p.a.
    • They offer cumulative and non-cumulative deposits
    • Interest is compounded on an annual basis

    6. ICICI Home Finance

    • More than 7% p.a. is paid on ICICI Home Finance deposits for both senior citizens and regular FD holders
    • The scheme has good credit ratings: MAAA by ICRA and AAA (FD) by CARE
    • The maximum tenure is 5 years and the interest is compounded each year
    • Interest payout frequencies are monthly, quarterly and annual

    7. IDFC Bank

    • The bank offers senior citizens a high interest rate of 7.70% p.a.
    • Regular depositors get an interest rate of 7.20% p.a.
    • There are no penalty charges in case of withdrawal before the maturity date
    • Complimentary savings account offered

    8. LVB

    • Pays above 7% for a tenure of 5 years
    • Senior citizens get additional rate of interest
    • Penalty applicable for pre-closure
    • Flexible FD schemes

    9. Repo Bank

    • Repco Bank offer cumulative and non-cumulative fixed deposit schemes
    • The different interest payout options include monthly, quarterly, half-yearly and yearly
    • Pre-closure charges applicable
    • An interest rate of 7.00% p.a and 7.50% p.a for senior citizens

    10. Utkarsh Small Finance Bank

    • Penalty charges are applicable in case of premature closure
    • The minimum investment amount is Rs.1,000
    • There is no upper limit on the amount of investment one can make

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