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Fixed deposits are the investments provided by the banks and also the non-banking financial companies where the investors receive a higher rate of interest than the savings account. It is one of the most used in investment scheme in India to invest the money for long-term benefits.

Best Banks for having a Fixed Deposit account

It is not necessary to have an account in the bank you wish to have Fixed Deposits. You can deposit the money in FDs for 7 days or 10 years as per your requirement.
Based on Tenure and FD rates, here is the list of some best banks to open an FD account –

1. RBL Bank – RBL bank not only offers the long term deposits but also the short term deposits of 7 days to less than 365 days. The long term tenure can be of 20 years. It provides the fixed deposit interest rate of 5% to 7.75%

2. ICICI Bank Crisil(AAA) – This bank has the Crisil approval that indicates the highest degree of safety for making an investment. With a tenure of 7 days to 10 years, it has been providing fixed deposit interest rate of 4% to 7.25%

3. IDBI Bank Crisil(AA) – IDBI Bank Fixed Deposit offers a variety of options in FD interest rates and tenure periods. You can choose to get the interest rate monthly, quarterly or annually based on your preference. The tenure period offered has been 15 days to 20 years. And the fixed deposit interest rate of 5.75% to 7.25%

4. Vijaya Bank – Vijaya Bank provides the short term FD deposits with a time period of 7 days to less than 1 year. The FD interest rate varies from 4% to 7% while the tenure can last from 7 days to 10 years of time.

5. Andhra Bank Crisil(AA+) – All kind of FDs offered in Andhra Bank pay a good return rate. The FDs in Andhra Bank are profitable for the merchants who get to have a higher Fixed Deposit interest rate here. The tenure ranges from 7 days to 10 years and the interest rate of FDs is 4% to 7.35%

6. Bank of Baroda Crisil(AAA) – Bank of Baroda is the leading public sector bank in India. It has a tenure period of 7 days to 10 years. the bank is approved by Crisil to have higher safety and security funds. The Fixed deposit interest rates have been 4.5% to 6.9%

7. Yes Bank – Being one of the fastest growing banks in India, the Yes bank offers the minimum time period for a fixed deposit account as 7 days and that can range upto 10 years. The interest on FDs provided has been 5% to 7%

8. Central Bank of India – The Central Bank of India offers the FD rate of 6.60% on the deposits made for 1 year to 1 year 364 days. the professional services are available for the non residents of India, ladies and the agricultural sector. The tenure of fixed deposit account is 7 days to 10 years and the interest on FDs is 4.75 to 6.60%.

9. Bank of India – The Bank of India transfers the interest earned at each interval to your bank account that remains the same throughout the life of deposit. The interest rate per annum has been 5.25% to 6.25% with a tenure of 7 days to 10 years.

10. HDFC Bank – The HDFC Bank is the largest private sector lender in India. It offers a wide range of FD schemes for both long and short term tenure. The bank even offers both the regular and the tax saving fixed deposit accounts. The fixed deposit interest rate- 3.50% to 6.00% and the tenure of fixed deposit- 7 days to 10 years.

Udta paisa brings to you a wide array of banks to choose for investing your money in Fixed Deposits and have a safe future. Get the information about the best banks to have an FD account and invest your money for long or short term as per your requirements.