New Delhi: There are a variety of Fixed Deposits (FDs) that offer a high interest rate of 5 years for investors, are available in the market.
Though tax saving plans are usually included in the 5-year fixed deposit scheme, there are other FD options available during this tenure. Yes Bank has the highest earning FD option, which offers an interest rate of 6.50 per cent per annum for a tenure of five years.
1. State Bank Of India (SBI)
For an investment tenure of 5 years, SBI pays 5.50 per cent per annum in interest to all holders of normal fixed deposits. Senior citizens charge interest at the rate of 6.30 per cent per annum for this period.
2. Axis Bank
Axis Bank, one of the other well-known and reputed banks in India, offers an interest rate of 5.75 per cent per annum for fixed deposits of 5 years. For older citizens, an interest rate of 6.50 per cent per annum is offered over an investment tenure of 5 years.
3. Yes Bank
Yes Bank is offering fixed deposits to the general public with an annual interest rate of 6.50 per cent for five-year terms. Yes Bank will pay the senior citizens at the rate of 7.25 per cent per annum. Investors have a choice between a standard fixed deposit and a tax-free FD of five years. The interest rate is same for both the FDs. Interest will be paid monthly or quarterly.
4. Citibank
Citibank offers fixed deposits with an interest rate of 3.50 per cent per annum for investments made over a period of five years. Citibank will give interest at the rate of 4.00 per cent per annum to older people. The amount invested is subject to the rates of Rs.2 crore. The bank also offers tax saving term deposit plans.
5. HDFC Bank
The rate of return on fixed deposits opened with HDFC Bank for a tenure of five years is 5.70 per cent per annum. The bank offers an interest rate of 6.20 per cent per annum to senior citizens.
