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Highest 5-year FD rates at PSU vs private vs SFB banks

Highest 5-year FD rates at PSU vs private vs SFB banks: What Rs 1 lakh investment in each FD will give you on maturity
Fixed deposit (FD) investments are popular among investors with low-risk appetite and also those seeking a fixed income. Since the FD interest rate is locked-in at the time of investment, the investor knows the amount they will get on maturity. Naturally, most people want to invest in an FD that offers the highest interest rate compared to its competitors.
When it comes to the 5-year FDs, many investors opt for those offered by PSU banks but often many private and small finance banks (SFB) offer higher rates.
We have done a comparison of the highest 5-year FD interest rates offered by PSU banks, private banks and SFBs, based on data from Paisabaazaar. You should also check out the maturity amount you’ll receive from each of these FDs for an investment of Rs 1 lakh.
Among key private banks, DCB Bank is offering the highest 5-year FD interest rate for general citizens at 7.25%. A Rs 1 lakh investment in the 5-year FD at DCB Bank will give you approximately Rs 1.43 lakh on maturity. IDFC FIRST Bank follows closely with an interest rate of 7.15%, while YES Bank, RBL Bank and Tamilnad Mercantile Bank are offering rates between 6.70% and 6.75%.
HDFC Bank on the other hand, is offering 6.40% on the 5-year FD, while the rate offered by ICICI Bank on a similar scheme is 6.50%. IDBI Bank’s rate for the 5-year FD is 6.25%.
Among PSU banks, Bank of Baroda is offering the highest5-year FD rate at 6.30%. So a Rs 1 lakh investment in this FD will grow toapproximately Rs 1.37 lakh in five years.
Canara Bank is offering a 6.25% rate, while State Bank of India (SBI) isoffering a 6.05% on its 5-year FD.
Among SFBs, Suryoday Small Finance Bank is offering the highest 5-year FD interest rate at 7.90%; here a Rs 1 lakh deposit can grow to nearly Rs 1.48 lakh on maturity. Jana Small Finance Bank offers a 7.77% rate, while Ujjivan Small Finance Bank offers a 7.20% rate on the same FD tenure.
Source: Msn.com
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Fixed deposit (FD) investments are popular among investors with low-risk appetite and also those seeking a fixed income. Since the FD interest rate is locked-in at the time of investment, the investor knows the amount they will get on maturity. Naturally
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