From SBI to Kotak Mahindra Bank, check out the best FD rates of 13 banks

New Delhi. Whenever there is talk of savings, the name of Fixed Deposit (FD) definitely comes up. Your investment in Fixed Deposit is safe, and you also get guaranteed returns. Banks offering the best FD rates may vary depending on various factors and the specific tenure of the FD. If you also want to invest in FD then this is useful news for you.

Some of the banks in India known to offer competitive FD rates include- Kotak Mahindra Bank, HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, Punjab National Bank , IDFC First Bank, Yes Bank, Punjab and Sindh Bank, RBL Bank, DCB Bank. Investors should keep in mind that banks change interest rates on FD anytime. In such a situation, you should know about the FD rates before investing.

Also Read- Bank Deposits: Interest rate hike spurs rise in term deposits, RBI says

Best FD Rates of 13 Banks

1. RBL Bank – 8.10 percent (18 months to 24 months)
2. DCB Bank – 8 percent (25 months to 26 months)
3. Indus Ind Bank – 7.75 (1 year to less than 1 year 6 months, 1 year to 6 months to less than 1 year 7 months, 1 year to 7 months to 2 years)
4. IDFC First Bank – 7.75% (549 days – 2 years)
5. Yes Bank – 7.75% (18 months < 24 months)
6. Punjab and Sindh Bank – 7.40 percent (444 days)
7. Kotak Mahindra Bank – 7.40% (390 days to less than 23 months)
8. Punjab National Bank – 7.25% (400 days)
9. Bank of Baroda – 7.25% (over 2 years and up to 3 years)
10. HDFC Bank – 7.25% (18 months to <21 months)
11. ICICI Bank – 7.20 percent (15 months to <18 months)
12. ICICI Bank – 7.20% (18 months to 2 years)
13. Axis Bank – 7.20 percent (17 months < 18 months)
14. SBI- 7 percent (2 years to less than 3 years)

Insurance cover up to Rs 5 lakh is available on bank deposits.
If you are a bank customer, you should know that if your bank defaults or goes bankrupt, you get an insurance cover of up to Rs 5 lakh on bank deposits. DICGC, a company wholly owned by the Reserve Bank of India (RBI), insures the country’s banks.

Tags: Axis Bank, Bank FD, Bank of Baroda, FD Rates, Fixed Deposit, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Money making tips, Yes Bank, SBI