The Reserve Bank of India (RBI) has kept the repo rate at 6.5% for the tenth time in its recent monetary policy meeting.
The central bank also changed its policy stance from “withdrawal of accommodation” to “neutral.” T
his shift suggests that if inflation falls in the future, interest rates may also decrease.
Experts advise that if you want to secure a higher interest rate on a fixed deposit (FD), now might be the best time to invest, as rates could drop in the near future.
Below are the current interest rates offered by major banks for a three-year FD.
Interest Rates on Three-Year Fixed Deposits
DCB Bank
DCB Bank offers the highest interest rate among private banks, with a rate of 7.55% on a three-year FD. A deposit of Rs 1 lakh will grow to Rs 1.23 lakh after three years.
RBL Bank
RBL Bank provides an interest rate of 7.50% on a three-year FD. Here, Rs 1 lakh will also become Rs 1.23 lakh on maturity.
SBM Bank India
SBM Bank offers a 7.30% interest rate on a three-year FD. A deposit of Rs 1 lakh will grow to Rs 1.22 lakh.
Bandhan Bank
Bandhan Bank offers a 7.25% interest rate on a three-year FD. With this rate, Rs 1 lakh will become Rs 1.22 lakh on maturity.
Indusind Bank and Yes Bank
Both Indusind Bank and Yes Bank offer an interest rate of 7.25% on a three-year FD, with Rs 1 lakh growing to Rs 1.22 lakh.
Public and Private Sector Bank Rates
Bank of Baroda
Among public sector banks, Bank of Baroda offers the highest interest rate of 7.15% for a three-year FD. A Rs 1 lakh deposit will grow to Rs 1.21 lakh.
Axis Bank
Axis Bank provides a 7.10% interest rate on a three-year FD, meaning Rs 1 lakh will become Rs 1.21 lakh.
Federal Bank, HDFC Bank, ICICI Bank, and Others
Federal Bank offers a 7% interest rate on a three-year FD, and the maturity amount will be Rs 1.21 lakh for a Rs 1 lakh deposit.
HDFC Bank, ICICI Bank, IDFC First Bank, and Karur Vysya Bank also offer a 7% interest rate on a three-year FD, where Rs 1 lakh will similarly become Rs 1.21 lakh.
Summary of Three-Year FD Interest Rates
| Bank Name | Interest Rate (per annum) | Maturity Amount for Rs 1 Lakh |
|---|---|---|
| DCB Bank | 7.55% | Rs 1.23 Lakh |
| RBL Bank | 7.50% | Rs 1.23 Lakh |
| SBM Bank India | 7.30% | Rs 1.22 Lakh |
| Bandhan Bank | 7.25% | Rs 1.22 Lakh |
| Indusind Bank | 7.25% | Rs 1.22 Lakh |
| Yes Bank | 7.25% | Rs 1.22 Lakh |
| Bank of Baroda | 7.15% | Rs 1.21 Lakh |
| Axis Bank | 7.10% | Rs 1.21 Lakh |
| Federal Bank | 7.00% | Rs 1.21 Lakh |
| HDFC Bank | 7.00% | Rs 1.21 Lakh |
| ICICI Bank | 7.00% | Rs 1.21 Lakh |
| IDFC First Bank | 7.00% | Rs 1.21 Lakh |
| Karur Vysya Bank | 7.00% | Rs 1.21 Lakh |
Now could be a good time to invest in FDs, as interest rates may decrease in the coming months.
