From SBI to Kotak Mahindra Bank, see 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 that are 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 & Sind Bank, RBL Bank, DCB Bank. Investors should keep in mind that banks change the interest rates on FD at any time. In such a situation, you should know about FD rates before investing.

Also read- Bank Deposits: Attraction of term deposits increased due to rising interest rates, RBI gave information

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. IndusInd Bank – 7.75 (1 year to less than 1 year 6 months, 1 year 6 months to less than 1 year 7 months, 1 year 7 months to 2 years)
4. IDFC First Bank – 7.75% (549 days – 2 years)
5. Yes Bank – 7.75 percent (18 months < 24 months)
6. Punjab and Sindh Bank – 7.40 percent (444 days)
7. Kotak Mahindra Bank – 7.40 percent (390 days to less than 23 months)
8. Punjab National Bank – 7.25 percent (400 days)
9. Bank of Baroda – 7.25 percent (more than 2 years and up to 3 years)
10. HDFC Bank – 7.25 percent (18 months to < 21 months)
11. ICICI Bank – 7.20 percent (15 months to < 18 months)
12. ICICI Bank – 7.20 percent (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, then you must 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 banks of the country.

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