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5 year Fixed Deposit

5 Year FD Rates

Last Updated 28th Jul 2021

  • To know the best bank for 5 years FD, you need to compare the rate of interest provided by the banks on the 5 years tenure.
  • Banks offer a higher rate of interest to senior citizens on regular term deposit.
  • The Tax Saving FD is also for 5 years, but it does not allow premature closure or breaking of FD before the end of tenure.
  • Currently, among banks, the highest rate of interest is provided by PNB Housing Finance @ 6.70%.
  • You can also use the 5 year FD calculator to find which bank is providing the highest returns.
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Best 5-Year Fixed Deposits in India 2021

Fixed Deposit is one of the safest investment options available for common people in the market. Opting tenure of 5 years for Fixed Deposit is popular because most of the banks provide the highest interest rate around this tenure. Some of the best banks providing high interest rates on 5 year FDs are PNB Housing Finance, India Post Office, Bajaj Finserv, Jana Small Finance Bank, Equitas Small Finance Bank .

5 Year FD Interest Rates

BankRegular FD Interest Rates (per annum)Senior Citizen FD Interest Rates (per annum)
PNB Housing Finance6.70%6.95%
India Post Office6.70%6.70%
Bajaj Finserv6.50%6.75%
Jana Small Finance Bank6.50%7.00%
Equitas Small Finance Bank6.25%6.75%

5 Year Bank Fixed Deposit

PNB Housing Finance

  • PNB Housing Finance offers 6.70% on its regular term deposit for the tenure of 5 years.
  • To depositors who are senior citizens, PNB Housing Finance offers a rate of interest 0.25% higher than what it provides for a regular term deposit.
  • The interest rate for 5 year FD offered by PNB Housing Finance to citizens above the age of 60 is 6.95%.

India Post Office

  • India Post Office offers 6.70% on its regular term deposit for the tenure of 5 years.
  • To depositors who are senior citizens, India Post Office offers a rate of interest 0% higher than what it provides for a regular term deposit.
  • The interest rate for 5 year FD offered by India Post Office to citizens above the age of 60 is 6.70%.

Bajaj Finserv

  • Bajaj Finserv offers 6.50% on its regular term deposit for the tenure of 5 years.
  • To depositors who are senior citizens, Bajaj Finserv offers a rate of interest 0.25% higher than what it provides for a regular term deposit.
  • The interest rate for 5 year FD offered by Bajaj Finserv to citizens above the age of 60 is 6.75%.

Jana Small Finance Bank

  • Jana Small Finance Bank offers 6.50% on its regular term deposit for the tenure of 5 years.
  • To depositors who are senior citizens, Jana Small Finance Bank offers a rate of interest 0.5% higher than what it provides for a regular term deposit.
  • The interest rate for 5 year FD offered by Jana Small Finance Bank to citizens above the age of 60 is 7.00%.

Equitas Small Finance Bank

  • Equitas Small Finance Bank offers 6.25% on its regular term deposit for the tenure of 5 years.
  • To depositors who are senior citizens, Equitas Small Finance Bank offers a rate of interest 0.5% higher than what it provides for a regular term deposit.
  • The interest rate for 5 year FD offered by Equitas Small Finance Bank to citizens above the age of 60 is 6.75%.

5 Year Tax Saver FD

The 5 years fixed deposit tax-free is a type of fixed deposit for which deduction is available on the deposited amount under Section 80C of the Income Tax Act, 1961. The deduction is available for the maximum amount of ₹ 1,50,000. These FDs do not allow breaking of the deposit in mid tenure like regular fixed deposits.

5 Year FD Calculator

To know which bank is providing FD for 5 years with maximum returns, you can also use the FD calculator. With the help of a FD calculator, you can calculate the exact amount of interest you will earn in 5 years and the maturity value of a 5-year FD.

FAQs

Can we break 5 year FD?

Yes, you can break a regular 5 year FD. However, breaking FD reduces your interest rate. Banks reduce the rate of interest as a penalty for breaking your fd before maturity.

Is 5 year FD tax-free?

The tax saving FD and regular FD are two different investment instruments. In the case of regular FD, the deposit amount is not tax-free. Plus, the interest earned on fd is exempt only up to ₹ 50,000 for senior citizens and ₹ 40,000 for others in a financial year.

Which bank is the best for fixed deposits for 5 years?

The best bank for 5 year fixed deposits is PNB Housing Finance, as it is offering the interest rate of 6.70% p.a.

How can I close my 5 year fixed deposit in SBI?

Closing your 5 year fixed deposit in SBI before maturity would mean you are breaking your FD. In such a case, you will get a return on a reduced interest rate as per the policy of the bank. To close your 5 year fixed deposit you need to visit the SBI branch in which you opened the account and fill out the form required to submit your request of closing the FD account.


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