Here are the banks with the best FD rates in India in May 2023:
| Bank | Tenure | Interest Rate (per annum) |
|---|---|---|
| Suryoday Small Finance Bank | 3 years | 7.75% |
| DCB Bank | 3 years | 7.50% |
| Kotak Mahindra Bank | 3 years | 7.20% |
| Federal Bank | 3 years | 7.10% |
| IndusInd Bank | 3 years | 7.00% |
Senior citizens (above 60 years of age) are eligible for an additional interest of 0.50% per annum.
These are just a few of the banks offering FDs in India. You can compare interest rates and other features of different banks before making a decision.
Here are some factors to consider when choosing a bank for your FD:
- Interest rate: The interest rate is the most important factor to consider when choosing a bank for your FD. Make sure to compare interest rates from different banks before making a decision.
- Tenure: The tenure of your FD will determine how much interest you earn. You can choose a tenure from 7 days to 10 years.
- Liquidity: FDs are a very liquid investment, which means that you can easily redeem them before maturity. However, there may be a penalty for early redemption.
- Other features: Some banks offer additional features with their FDs, such as the option to earn extra interest if you link your FD to a savings account or if you make a lump-sum deposit.
It is important to compare all of these factors before choosing a bank for your FD.