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 below Rs.2 crore with a 3-year tenure - Last Updated on 29 Sep 2021
|Top 10 3-year FDs for 2021|
|Bank/Company||Regular Interest Rate(per annum)||Senior Citizen Interest Rate(per annum)|
|Fincare Small Finance Bank||6.30%||6.80%|
|Lakshmi Vilas Bank (LVB)||4.75%||5.25%|
|ICICI Home Finance||5.55%||5.80%|
|Yes Bank (Special Rates)||6.50%||7.00%|
|Punjab and Sind Bank||5.30%||5.80%|
The Interest rates are subject to change and are revised by the banks and financial institutions from time to time
This will depend on the interest payout that you have decided at the time of booking the FD. It can be on a monthly, quarterly, or annual basis in which case it will be credited into your savings account. If you have chosen the reinvestment option, then the interest gets compounded over time, being added to the principal amount, and will be credited into your savings account only when the FD matures.
Most banks levy a penalty ranging from 1% to 2% on the rate of interest if you prematurely close your FD.
You have to pay 10% Tax Deducted at Source (TDS) only if the interest amount on your FD for a financial year is more than Rs.10,000 (for AY 2019-20) or more than Rs. 40,000 (for AY 2020-21). If you do not provide a PAN card when booking your FD, then there is a fixed TDS of 20%.
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