Fixed Deposit rates for one year: Not SBI, these banks offer highest FD return

Fixed Deposit (FD) is one of the safest options for saving money for all. It offers a guaranteed return after the completion of pre-defined terms. Banks operating in the country offer Fixed Deposit schemes starting from 7 days up to 10 years. A customer can open a Fixed Deposit account in any bank either online or by personally visiting a branch of the bank. Recently, a number of banks, including top banks like SBI, HDFC and PNB, raised interest rates on several Fixed Deposit plans. The rates were hiked after the Reserve Bank of India raised the repo rate last month. 

Most of the large banks are not providing provide very high-interest rates on one-year FDs. The one-year FD rates of SBI is 6.40 per cent, while Bank of India, PNB, Bank of Baroda and ICICI Bank are promising 6.25 per cent, 6.35 per cent, 6.5 per cent and 6.75 per cent respectively. 

On one-year FDs, Canara bank provides 6.40 per cent, Allahabad Bank 6.5 per cent, Syndicate Bank 6.35 per cent, Union Bank 6.00 per cent, UCO Bank 6.35 per cent, IDBI Bank 6.50 per cent, Indian Bank 6.5 per cent, Dena Bank 6.25 per cent, Bank of Maharashtra 6.00 per cent interest rates. 

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However, there are several banks in the country that provide 7 per cent or above interest rates on one-year fixed deposits. Take a look:

IDFC Bank: 7 per cent 
HDFC Bank: 7 per cent
Standard Chartered Bank: 7 per cent 
Axis Bank: 7 per cent
City Union Bank (CUB): 7 per cent
DCB Bank: 7 per cent
Kotak Bank: 7 per cent
Indusland Bank: 7 per cent
Laxmi Vilas Bank (LVB): 7.30 per cent
Tamilnad Mercantile Bank Limited (TMB): 7 per cent
Yes Bank: per cent

*Data taken from respective bank's website on 10-09-2018. Interest rates for deposit amount below Rs 1 crore has been considered in the above compilation.