• Best FD Rates For 2 Years 2021

    There are a number of banks and Non-Banking Financial Companies (NBFC) that offer good fixed deposit rates on the 2-year tenure. The interest rate offered goes up to 7.25% p.a. with senior citizens being offered up to 0.50% additional interest. Term deposits are a great investment option as they come with a wide range of benefits such as guaranteed returns, premature withdrawal facility, loan, and nomination facility, among others. All senior citizens are eligible to avail an additional rate of interest on time deposits.

    Fixed Deposits Highest Interest with a 2-year Tenure in 2021:

    The following is the revised list of 10 banks - Last Updated on 26 Oct 2021

    Best FD Rates for 2 years 2021
    Bank Interest rates for General Public (p.a.) Interest rates for Senior Citizens (p.a.)
    Fincare Small Finance Bank 6.25% 6.75%
    Suryoday Small Finance Bank 6.75% 7.25%
    KTDFC 6.00% 6.25%
    ESAF Small Finance Bank 6.25% 6.50%
    Utkarsh Small Finance Bank 6.75% 7.25%
    LIC Housing Finance Limited 5.50% 5.75%
    Punjab and Sind Bank 5.15% 5.65%
    IDFC Bank 5.10% 5.60%
    Repco Bank 6.25% 6.75%
    Lakshmi Vilas Bank 6.25% 6.75%

    *Interest rates are revised from time to time by banks and financial institutions at their discretion

    2-year FD rates highlights

    • Banks and NBFCs offer FDs with a two-year tenure at attractive interest rates.
    • Senior citizens are provided an additional interest rate of up to 0.50%.
    • The highest interest rate is offered by Suryoday Small Finance Bank and Utkarsh Small Finance Bank.

    List of the best FD schemes for 2 years

    1. Utkarsh Small Finance Bank
      • This bank offers the highest interest rate currently for FDs in the 2-year tenure.
      • The rate of interest offered to general public is 6.75% p.a.
      • For senior citizens the applicable interest rate is 7.25% p.a.
    2. Fincare Small Finance Bank
      • General public are offered 6.25% p.a. for investing in 2-year FDs
      • Senior citizens are provided an interest rate of 6.75% p.a.
      • The bank offer individuals' facilities like premature withdrawal, nomination, and loans on FDs
      • The option of joint account is also made available by Fincare Small Finance Bank
    3. Suryoday Small Finance Bank
      • Suryoday Small Finance Bank offers different interest payout options and has a wide range of time deposit options.
      • The bank offers an interest rate of 6.75% p.a. to regular depositors
      • Senior citizens are offered an interest rates that is 0.50% more than the one offered to the general public at 7.25% p.a
      • In case of premature withdrawal, 1% charge is applicable
      • The bank provides a minimum tenure of 7 days and a maximum of 10 years
    4. KTDFC
      • KTDFC is an NBFC that offers a high rate of return on the 2-year time deposit scheme.
      • Attractive interest rate of 6.00% p.a. to regular individuals and 6.25% p.a. for senior citizens is offered.
      • All investors need to put in at least Rs.10,000 to open an FD with the non-banking financial company that is registered under Reserve Bank of India.
      • The minimum and maximum tenures to open this fixed deposit is 1 year and 5 years, respectively.
    5. ESAF Small Finance Bank
      • Another NBFC, the bank is a good option for those who want to earn a good rate of return on their investment.
      • The interest rates are applicable for all time deposits with a value of less than Rs.2 crore.
      • The bank offers an interest of 6.25% p.a. for general citizens
      • Senior citizens are paid an interest of 6.50% p.a.
      • Various benefits like loan and overdraft is provided to individuals by the NBFC
    6. LIC Housing Finance Ltd
      • LIC is another NBFC that offers a great rate of return and a number of other benefits to individuals who open an FD with them
      • For all time deposits the frequency of compounding is annual
      • The interest rate offered for general citizens is 5.50% p.a.
      • The rate of interest offered to senior citizens is 5.75% p.a.
      • Nomination facility made available for individuals
    7. IDFC Bank
      • IDFC Bank provides good interest rates on all time deposit schemes and there are a wide range of tenure options to choose from.
      • A competitive interest rate of 5.10% p.a. is provided to general citizens.
      • For those above 60 years of age, an interest rate of 5.60% p.a. is paid.
      • Reinvestment of interest can be made, and interest is compounded on a quarterly basis.
      • Interest is also paid on a monthly basis
    8. Repco Bank
      • Repco Bank provides different investment options when it comes to fixed deposits.
      • An interest rate of 6.25% p.a. is. offered on all term deposits opened for a period of 2 years.
      • Senior citizens get paid at the rate of 6.75% p.a. for the same time period.
    9. Punjab and Sind Bank
      • The rate of interest paid on Punjab and Sind Bank FDs for a 3-year tenure is 5.30% p.a.
      • Individuals who fall in the senior citizen bracket can earn an interest rate of 5.80% p.a.

    Frequently Asked Questions (FAQs)

    1. Is TDS applicable on FDs?

      Yes, TDS is applicable on FDs.

    2. Can nominees be added to the FD account?

      Yes, nominees can be added to the FD account.

    3. Can I avail a loan against the amount that is available in the FD account?

      Certain banks and NBFCs allow you to avail a loan against the amount that is available in the FD account.

    4. What is the maximum tenure of the FD scheme that is offered by KTDFC?

      The maximum tenure of the FD scheme that is offered by KTDFC is 5 years.

    5. Can I open a joint account?

      Yes, certain banks and NBFCs allow you to open a joint account.

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