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 2018:
*Interest rates are subject to change and will be revised from time to time
3-year Fixed Deposit key highlights
- Fincare Small Finance Bank pays the highest interest rate on 9.00% p.a. for this tenure range on all regular deposits
- For senior citizen term deposits, Fincare pays an attractive interest rate of 9.50% p.a.
- Then interest range offers for 3-year deposits range from 6.00% p.a. to 9.00% p.a. for regular FDs
- For those above 60 years, the interest paid ranges from 6.50% p.a. to 9.50% p.a.
- KTDFC also pays a high interest rate of 8.25% p.a. for those below 60 years and 8.50% p.a. for senior citizens
- LVB pays more than 7% p.a. on deposits held for 3 years
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 9% p.a for term deposits and 9.50% p.a. for those above 60 years
- The bank offers ‘Smart Fixed Deposit’ and ‘Priority Plus Fixed Deposit’
- A number of flexible interest payout options and premature withdrawal
- A lucrative rate of 8.25% p.a. is paid on normal term deposits offered by KTDFC
- For those who are 60 years and above the deposit rate offered is 8.50% 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 7.85% p.a.
- They also offer cumulative term deposits
- The rate of interest offered to senior citizens is 8.10% p.a.
- The minimum deposit amount is Rs.5,000
4. Mahindra Finance
- The best FD rate is offered for the Samruddhi Cumulative Deposit scheme, where the rate of interest is 7.55% p.a.
- For senior citizens, the rate paid is 0.25% higher than the regular rate
- 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 7.21% p.a. is offered for regular deposit holders
- Senior citizens can expect an interest rate of 7.70% p.a.
- Premature withdrawal and nomination facility available
- LVB offers a deposit interest rate of 7.15 p.a. on all regular deposit schemes
- An interest rate of 7.75% p.a. is offered for 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 7.10% p.a. offered
- For those above 60 years, a rate of 7.35% p.a. is applicable
- The rates offered include base rates and special rates
- All senior citizens get an additional 0.25% p.a. on term deposits
8. Yes Bank
- Yes Bank offers customers a special rate of 7.00% p.a. on time deposits
- Senior citizens will be paid at the rate of 7.50% p.a.
- Interest is compounded on a quarterly basis
- Reinvestment of interest option available
9. ICICI Bank
- The annual percentage rate paid on ICICI Bank FDs is 6.50% p.a.
- The deposit rate that is applicable for senior citizens is 7.00% p.a.
- Premature withdrawal option is available on this type of ICICI Bank term deposit
- TDS will be applicable
10. HDFC Bank
- The rate of interest paid on HDFC Bank FDs for a 3-year tenure is 6.00% p.a.
- All those who fall in the senior citizen bracket can earn interest at the rate of 6.50% p.a.
- A wide range of benefits offered on HDFC FDs such as loan and overdraft facility and credit card issual
- Nomination and joint account facility available