5 best fixed deposits for 5 years for ordinary citizens and the elderly

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Investment

oi-Vipul Das

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A term deposit is a low-risk debt product that allows ordinary citizens and the elderly to keep their investments at a fixed interest rate higher than the interest rates on savings accounts for all terms. Banks and financial institutions offer residents the option of investing their funds for periods ranging from seven days to ten years, and since the interest rate and deposit term are fixed, you can plan your financial goals and safe retirement. Besides the fixed and higher interest rates, the Deposit Insurance and Credit Guarantee Corporation (DICGC) would cover your deposits up to Rs 5 lakhs, which equates to a slice of buttered toast for you. Accordingly, for investors with a five-year financial goal, here are the top five public, private and small finance banks offering the highest interest rates on deposits below Rs 2 crore.

5-year fixed deposits from the 5 main public sector banks

5-year fixed deposits from the 5 main public sector banks

Here are the top 5 public sector banks offering higher interest rates on term deposits under Rs 2 crore to the general public and senior citizens for deposits with a 5 year maturity.

Banks Interest rate for regular customers Interest rate for seniors Wef
Union Bank of India 5.40% 5.90% 09/01/2021
Bank of Punjab and Sindh 5.30% 5.80% 09/16/2021
National Bank of India 5.30% 5.80% 08.01.2021
Baroda Bank 5.25% 5.75% 16.11.2020
Canara Bank 5.25% 5.75% 09.08.2021
Source: Bank websites
5-year fixed deposits from the top 5 private sector banks

5-year fixed rate deposits from the top 5 private sector banks

The top five private sector banks that offer the highest interest rates on term deposits under Rs 2 crore to ordinary citizens and the elderly for deposits with a five-year maturity are as follows:

Banks Interest rate for regular customers Interest rate for seniors Wef
Nainital Bank 6.35% 6.35% September 10, 2021
RBL Bank 6.30% 6.80% 01 September 2021
Yes Bank 6.25% 7.00% August 5, 2021
IndusInd Bank 6.00% 6.50% July 23, 2021
DCB Bank 5.95% 6.45% August 17, 2021
Source: Bank websites
5-year fixed deposits from the 5 largest financing banks

5-year fixed deposits from the 5 largest financing banks

For ordinary citizens as well as for seniors, here are the top 5 small financing banks which currently offer an interest rate of up to 7.25% on deposits of less than Rs 2 Cr with a maturity of 5 years.

Banks Interest rate for regular customers Interest rate for seniors Wef
Fincare Small Financial Bank 6.75% 7.25% 25 October 2021
Suryoday Small Finance Bank 6.75% 7.00% September 09, 2021
Jana Small Finance Bank 6.50% 7.00% 05/07/2021
Small Ujjivan Financial Bank 6.25% 6.75% August 16, 2021
Small Northeast Financing Bank 6.25% 6.75% April 19, 2021
Source: Bank websites

Article first published: Monday, October 25, 2021, 12:54 PM [IST]


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