Bank Fixed Deposits (FDs) are one of the most popular means of investment among senior citizens.
Along with this, it also attracts people who want guaranteed returns. Apart from this, investors who do not want to take much risk also invest a large number in Fixed Deposits. But before investing in FD, you should assess your asset allocation and goals that how much money is right to invest in them.
If this is understood with an example, then if you are looking to invest for your child’s higher education through FD for 15 years in the long term, then it is not better for you because, after taxing the interest, you will get it. The return is reduced. But if you are planning a holiday for two years in the short term, then FD can prove to be a much better option for this.
Before choosing an FD, you should compare the interest rates on offer. We are going to tell you about a few banks that offer the highest FD rates for deposits up to Rs 1 crore across various tenors.
SBI FD Rates
If you invest in SBI FD for 6 months to 1 year, then you will get 4.40 percent interest on it. At the same time, on investment of one year to 2 years, 5 percent interest will be received, on 2 to 3 years 5.10 percent, on 3 to 5 years 5.30 percent and on investment of more than 5 years, 5.40 percent interest will be received.
ICICI Bank FD
Apart from this, if you invest in ICICI Bank FD for 6 months to 1 year, then you will get an interest of 3.50 to 4.40 percent on it. On the other hand, on investment of one year to 2 years, 4.90 percent, 5.15 percent on 2 to 3 years, 5.35 percent on 3 to 5 years and 5.50 percent interest will be received on investment of more than 5 years.
Axis Bank FD Rates
On the other hand, if you invest in Axis Bank FD for 6 months to 1 year, then you will get 4.40 percent interest on it. At the same time, 5.10 percent interest will be available on investment of one year to 2 years, 5.40 percent on 2 to 3 years, 5.40 percent on 3 to 5 years and 5.75 percent interest on investment of more than 5 years.
