Fixed deposits have long been the most preferred form of investment for risk-averse investors. FDs allow you to keep your money safe with the bank while earning returns which is more than the interest offered on saving deposits. With FD, you can keep a fixed amount of money for a certain duration of time ranging between 7 days and 10 years, depending upon your needs. You have the option to receive the interest of your deposit monthly or quarterly. Further, you can also choose to reinvest your FD interest. However, FD interest has come down in recent years and investing for the long term might not yield expected results. So, now, more buyers are preferring to invest in short term FD plans that could help them earn good return without risking their hard-earned money. If you too have been looking for such FD plans, read on to know about the four private sectors banks that are currently offering the highest rate of return on 3 year-FD.
Bandhan Bank’s FD returns start with 3 per cent for 7 to 14 days duration bracket and go up to 5.5 per cent for deposits done for 1 to 3 years. Senior citizens are entitled to an additional 0.75 per cent return on the interest offered to normal investors
The FD interest rate offered by IndusInd Bank is 6 per cent for deposits between 1 and 3 year-duration. Senior citizens, however, get an additional 0.5 per cent interest over the usual return.
With FD interest starting at 3.25 per cent for 7 to 14 days duration bracket, YES Bank’s FD return go up to 6 per cent for 18 months to 3 years bracket. The interest rate for senior citizens is 6.50 per cent. Additionally, there is an extra 0.14 per cent bonus on annualized yield. All the rates are only applicable to FDs less than Rs 2 crore in value.
RBL Bank recently revised its FD interest rates and with the new rates in action, the rate on return on the bank’s FD plan for an amount less than Rs 3 crore and the period between 24 to 36 months is 6.00 per cent p.a. Additionally, the bank is offering 0.50 per cent extra interest to senior citizens.