Many banks are offering good interest rates on 3-year fixed deposits. In fact, in many cases, the interest earned on 3-year deposits are much higher when compared to 1-year or 2-year tenures. In this page, readers can get information about the best fixed deposits for 3 years in the market.
Given below are 10 of the best fixed deposit schemes with a 3-year tenure in 2020:
The Interest rates are subject to change and are revised by the banks and financial institutions from time to time
3-year Fixed Deposit key highlights
- Fincare Small Finance Bank pays the highest interest rate of 8.50% p.a. for the 3-year FD when it is opened by the general public
- When 3-year term deposits are opened by senior citizens, Fincare pays an attractive interest rate of 9.00% p.a.
- The interest rate ranges from 4.00% p.a. to 8.50% p.a. for the 3-year fixed deposits when opened by the general public.
- When opened by senior citizens, the interest rates range from 4.50% p.a. to 9.00% p.a.
List of 10 best FD schemes for 3 years
1. Fincare Small Finance Bank
- Fincare offers better rates of interest when compared to other banks in the industry
- They offer up to 8.50% p.a. to the general public and 9.00% p.a. for those above 60 years
- A number of flexible interest payout options and premature withdrawal is provided by the bank
- A lucrative rate of 8.00% p.a. is paid for term deposits opened for a period of 3 years
- For senior citizens, the interest rate offered is 8.25% p.a.
- TDS is applicable on all FD schemes
- They offer Periodic Interest Payment Schemes (PIPS) and Money Multiplier Schemes (MMS)
3. Shriram City
- The rate of interest offered on non-cumulative deposits for 3 years is 8.45% p.a.
- They also offer cumulative term deposits
- The rate of interest offered to senior citizens is 8.70% p.a.
4. Mahindra Finance
- The best FD rate is offered for the Samruddhi Cumulative Deposit scheme, where the rate of interest is 7.80% p.a. with regard to general citizens
- For senior citizens, the interest rate offered is 0.25% higher for Samruddhi Cumulative Deposit Scheme
- The interest on these deposits are compounded on an annual basis
- Various interest payout options available
5. Sundaram Finance
- Promising FD schemes with attractive interest rates and other benefits
- An interest rate of 7.00% p.a. is offered to the general public who open a 3-year term deposit with the company
- Senior citizens are provided an interest of 7.25% p.a.
- Premature withdrawal and nomination facility available
- The bank offers a deposit interest rate of 6.50% p.a. to the general public for opening a term deposit having an investment period of 3 years
- An interest rate of 7.00% p.a. is offered to senior citizens
- 1% penalty fee applicable in case of premature withdrawal
- Penalty not applicable for deposits above Rs.1 crore
7. ICICI Home Finance
- Competitive interest rate of 7.40% p.a. is offered to the general public for a 3-year investment tenure
- For those above 60 years, interest of 7.65% p.a. is provided
- The rates offered include base rates and special rates
8. Yes Bank
- Yes Bank offers customers a special rate of 7.25% p.a. on time deposits whose time period ranges from 36 months 10 days to 36 months 20 days
- Senior citizens are paid at the rate of 7.75% p.a. for the investment tenure that ranges between 36 months 10 days and 36 months 20 days
- Reinvestment is available for a minimum tenure of 6 months 1 day
9. ICICI Bank
- The annual percentage rate paid by ICICI Bank on FDs opened for a period of 3 years is 6.00% p.a.
- Senior citizens are paid an interest of 6.50% p.a.
10. HDFC Bank
- The rate of interest paid on HDFC Bank FDs for a 3-year tenure is 6.00% p.a.
- Individuals who fall in the senior citizen bracket can earn an interest rate of 6.50% p.a.