Top Fixed Deposits Schemes Available In India

Many banks are offering good interest rates on 3-year fixed deposits. In fact, in many cases, the interest earned on 3-year deposits are much higher when compared to 1-year or 2-year tenures. In this article, readers can get information about the best fixed deposits for 3 years in the market.

List Of Best FD Schemes 

Fincare Small Finance Bank

• Fincare offers attractive rates of interest on the 3-year tenure
• They offer 6.30% p.a. to the general public and 6.80% p.a. for those above 60 years
• A number of flexible interest payout options and premature withdrawal is provided by the bank

KTDFC

• A lucrative rate of 6.00% p.a. is paid for term deposits opened for a period of 3 years
• For senior citizens, the interest rate offered is 6.25% p.a.
• TDS is applicable on all FD schemes
• They offer Periodic Interest Payment Schemes (PIPS) and Money Multiplier Schemes (MMS)

Shriram City

• The rate of interest offered for cumulative deposits for 3 years is 8.84% p.a
• The rate of interest offered to senior citizens is 9.24% p.a. for the same
• They also offer non-cumulative term deposits for which the 3-year tenure interest rate is 8.15% p.a. for the general public and 8.55% p.a. for senior citizens

Mahindra Finance

• The best FD rate is offered for the Samruddhi Cumulative Deposit scheme, where the rate of interest is 6.30% p.a. with regard to general citizens
• For senior citizens, the interest rate offered is 0.25% higher for Samruddhi Cumulative Deposit Scheme
• The interest on these deposits are compounded on an annual basis
• Various interest payout options available

Sundaram Finance

• Promising FD schemes with attractive interest rates and other benefits
• An interest rate of 6.25% p.a. is offered to the general public who open a 3-year term deposit with the company
• Senior citizens are provided an interest of 6.75% p.a.
• Premature withdrawal and nomination facility available

LVB

• The bank offers a deposit interest rate of 4.75% p.a. to the general public for opening a term deposit having an investment period of 3 years
• An interest rate of 5.25% p.a. is offered to senior citizens
• 1% penalty fee applicable in case of premature withdrawal
• Penalty not applicable for deposits above Rs.1 crore

Conclusion

You have to pay 10% Tax Deducted at Source (TDS) only if the interest amount on your FD for a financial year is more than Rs.10,000 (for AY 2019-20) or more than Rs. 40,000 (for AY 2020-21). If you do not provide a PAN card when booking your FD, then there is a fixed TDS of 20%.

Also read- Guide To Secure Your Family With Term Insurance.

SIP Vs. Mutual Funds

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.