Banks with FD interest rate of more than 6% on one-year fixed deposits: DCB Bank, IDFC First Bank, Yes Bank

5 Banks offering more than 6% on one-year FDs!

These 5 banks are offering 6  interest on one year Fixed Deposits

This year is marked by low returns for investors in the equity markets. The returns are negative this year on all the indices. This volatility is caused by high inflation, an increase in interest rates, and the slowdown in the economy, But this increase in interest rates is beneficial for fixed return investors. If you want fixed returns, one-year FDs are an attractive choice to manage your cash flows and earn some returns simultaneously.

Banks are paying more on their fixed deposits in the increasing interest rate environment. Some banks have increased the FD rates more than others. Banks are almost risk-free, and Indian bank defaults have been rare. Here we mention the top 5 banks paying more than 6% on their one-year FDs. With the volatility expected to continue this year, one-year FDs might be a good option to save your excess cash. Read the blog below to know the names of the banks offering more than 6% on one-year FDs.

Banks offering the best FD rates on one year deposits

The banks offering the best FD rates are:-

  1. Bandhan Bank- The Bank has increased the interest rates w.e.f. 04 July 2022. The returns on one-year fixed deposits are 6.25%. If you are a senior citizen, you will get a 7% return on your one-year FDs. For higher tenures, you might get 0.25% extra interest. 
     
  2. DCB Bank- The bank is offering 6.1% on one-year FDs. For the senior citizens, the rate is 6.6%. The bank revised these rates on 22 June 2022. For longer-term deposits, you might get 6.6% as well, and in the case of senior citizens, you might get 7.1% on longer deposits. 
     
  3. IDFC First bank-IDFC First bank revised the interest rates on 01 July. Senior citizens get 6.75% on one-year fixed deposits, whereas normal citizens can get 6.25% returns on their one-year FDs. For longer-term FDs, you can get 0.25% extra interest per year.
     
  4. Indusind Bank- The bank modified the interest rates on 08 June 2022. The FD rate on one-year deposits is 6.25%. For senior citizens, the interest rate is 6.75% on one-year FDs. 
     
  5. Yes Bank- The bank modified the interest rates on 18 June 2022. The FD rate on one-year deposits is 6%. For senior citizens, the interest rate is 6.5% on one-year FDs. 

Related: Best corporate fixed deposits to invest in 2022

The interest rates on one-year Fixed deposits are enticing. In these volatile times, the returns from the stock markets have not been up to par. To get fixed returns, you can make use of the fixed deposits. The one-year FD is an enticing option, with at least five banks offering 6% interest rates or more. For senior citizens, the interest rate offered is more than the general interest rate. For longer tenures, the interest rates are even higher.

Also read this article, if you are confused on How to choose between mutual funds and fixed deposits.

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