Do you know which bank gives highest interest on FD for 1 year? Please share your thoughts.
When you are looking for which bank gives more interest on FD for 1 year, it is easy to get swayed. I have put a table below for you with reliable banking institutions offering competitive interest rates:
| Name of Banks | FD Interest Rate (Regular Citizens) | FD Interest Rate (Senior Citizens) |
|---|---|---|
| Suryoday Small Finance Bank | 7.50% | 7.90% |
| Jana Small Finance Bank | 7.25% | 7.75% |
| Bandhan bank | 7.25% | 7.75% |
| RBL Bank | 7.00% | 7.50% |
| slice Small Finance Bank | 6.75% | 7.00% |
| South Indian Bank | 6.50% | 7.00% |
| Federal Bank | 6.40% | 6.90% |
| State Bank of India | 6.25% | 6.75% |
| Bank of India | 6.25% | 6.90% |
| Shivalik Small Finance Bank | 6.00% | 6.50% |
I would also suggest that you consider the following factors before choosing a bank for an FD:
- Varying Investment Amount: The minimum investment between banks might vary. For example, at SBI Bank, you can book an FD with only ₹1000. Therefore, check the minimum amount that your preferred bank sets for an FD.
Premature Withdrawal Penalty: You might need to break an FD due to financial needs. Depending on your deposit amount, it ranges between 0.5% to 1% of your earned interest.