List of banks offering over 7% interest rate on fixed deposits: Undoubtedly, many individuals have moved to equity markets for better returns. Others might have find mutual funds SIPs as a better option. Of late, SIP has gained a lot of popularity among mutual fund investors over the years. 

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However, you may still find every second person who still believes fixed deposits as a safest option to park your funds in banks. 

Unlike many market-driven investment options available today, a fixed deposit is considered as a safe option by people. As it is not linked to the market, the interest rates do not fluctuate and remain stable throughout the fixed deposit tenure. 

In addition to that considering a fixed deposit will yield you assured returns with a flexible liquidation option. 

Here's list of banks offering over 7% interest rate on fixed deposits

 

Canara Bank 

The Bank offers a special fixed deposit scheme that provides 7.50% interest rate for a tenure of 666 days. The bank under the scheme is offering a 7% interest rate for general customers, whereas senior citizens will get a 7.5% interest on this fixed deposit plan. This scheme is for the amount under Rs 2 crore.

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Union Bank of India

Union Bank of India offers interest rates ranging upto 7 per cent on FDs for a tenure of 599 days.

IDFC First Bank

For 750-day fixed deposits, the bank offers 7.25 per cent to general customers and 7.75 per cent to senior citizens.

If your are planning for safe investing option with assured returns, you can give these bank FDs a serious thought, considering their high interest rates. In fact, popular investing option Public Provident Fund (PPF) offers just 7.1 per cent interest rate, however, your maturity amount grows much bigger in PPF owing to its compounding power. Bank FD's ensure security of the principal amount and you can see your money grow.

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