Many invest in bank FDs as it is considered to be safest savings option. When it comes to investing, for most investors, the safety of the principal invested remains the most important.
FDs can be done for tenures ranging from 7 days to 10 years. Depending upon the investment need, you can choose the term for which you would like to park your savings. But, before choosing an FD, you should compare the interest rates on offer. It's not necessary that you deposit your money for long term only. Suppose you want to go on a vacation after a year, you can start an FD for a year. Apart from your keeping your principal amount safe for a year, you will also receive interest on the same.
Here is a list of banks that offer the highest FD rates for deposits less than 2 crore for one year tenure.
RBL Bank
12 months to less than 24 months 6.25%
These rates are with effect from 3 February 2022
IndusInd Bank
1 Year to below 1 Year 6 Months 6.00%
Bandhan Bank
1 year to 18 months 5.75%
IDFC First Bank
1year – 2 years 5.75%
Fixed deposit rates are set to become more attractive in the coming days after the Reserve Bank of India (RBI) hiked the policy repo rate by 40 basis points.
