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Best FD Rates for 3 Years

3 Year Fixed Deposit

Last Updated 27th Nov 2020

  • The interest rate on FD Scheme for 3 years ranges from 5.40% to 7.50%.
  • Jana Small Finance Bank offers the highest FD rate upto 7.50% for deposits with a tenure of 3 years.
  • Senior Citizens can invest in FD Scheme for 3 Years at interest rates ranging between 5.50% to 8.00%.
  • Jana Small Finance Bank offers the highest FD rate upto 8.00% for deposits with a tenure of 3 years.
  • FD Schemes for 3-year tenure are taxable as per your Income-tax slab rate.
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Top 10 3-year FDs for 2020

Bank FD Rate of Interest Senior Citizen FD Rates
Jana Small Finance Bank 7.50% 8.00%
Yes Bank 7.00% 7.75%
Equitas Small Finance Bank 7.00% 7.50%
Ujjivan Small Finance Bank 6.05% 6.55%
Karur Vysya Bank 5.65% 6.15%
DBS Bank 5.50% 5.50%
Standard Chartered Bank 5.50% 6.00%
India Post Office 5.50% 5.50%
Axis Bank 5.40% 5.90%
Dhan Laxmi Bank 5.40% 5.90%

Fixed Deposit schemes with a 3-year tenure of top 10 Bank

  • Jana Small Finance Bank:
    • Jana Small Finance Bank provides highest FD rates upto 7.50% for 3 year tenure.
    • For Senior Citizens,Jana Small Finance Bank provides highest FD rates upto 8.00% for 3 year tenure.
  • Yes Bank:
    • Yes Bank provides highest FD rates upto 7.00% for 3 year tenure.
    • For Senior Citizens,Yes Bank provides highest FD rates upto 7.75% for 3 year tenure.
  • Equitas Small Finance Bank:
    • Equitas Small Finance Bank provides highest FD rates upto 7.00% for 3 year tenure.
    • For Senior Citizens,Equitas Small Finance Bank provides highest FD rates upto 7.50% for 3 year tenure.
  • Ujjivan Small Finance Bank:
    • Ujjivan Small Finance Bank provides highest FD rates upto 6.05% for 3 year tenure.
    • For Senior Citizens,Ujjivan Small Finance Bank provides highest FD rates upto 6.55% for 3 year tenure.
  • Karur Vysya Bank:
    • Karur Vysya Bank provides highest FD rates upto 5.65% for 3 year tenure.
    • For Senior Citizens,Karur Vysya Bank provides highest FD rates upto 6.15% for 3 year tenure.
  • DBS Bank:
    • DBS Bank provides highest FD rates upto 5.50% for 3 year tenure.
    • For Senior Citizens,DBS Bank provides highest FD rates upto 5.50% for 3 year tenure.
  • Standard Chartered Bank:
    • Standard Chartered Bank provides highest FD rates upto 5.50% for 3 year tenure.
    • For Senior Citizens,Standard Chartered Bank provides highest FD rates upto 6.00% for 3 year tenure.
  • India Post Office:
    • India Post Office provides highest FD rates upto 5.50% for 3 year tenure.
    • For Senior Citizens,India Post Office provides highest FD rates upto 5.50% for 3 year tenure.
  • Axis Bank:
    • Axis Bank provides highest FD rates upto 5.40% for 3 year tenure.
    • For Senior Citizens,Axis Bank provides highest FD rates upto 5.90% for 3 year tenure.
  • Dhan Laxmi Bank:
    • Dhan Laxmi Bank provides highest FD rates upto 5.40% for 3 year tenure.
    • For Senior Citizens,Dhan Laxmi Bank provides highest FD rates upto 5.90% for 3 year tenure.

    Senior Citizen FD Scheme for 3 Years

    Senior Citizens who are above the age of 60 years can invest in the Senior Citizens FD Scheme for 3 years. The rate of interest offered on FD schemes for senior citizens is higher by 0.25% to 0.75% than a normal fixed deposit. Jana Small Finance Bank provides highest returns ranging between 5.50% to 8.00%. Here is a list of top banks that offer FD schemes for senior citizens for 3 years.

    Bank Senior Citizen FD Rates
    Jana Small Finance Bank 8.00%
    Yes Bank 7.75%
    Equitas Small Finance Bank 7.50%
    Ujjivan Small Finance Bank 6.55%
    Karur Vysya Bank 6.15%
    DBS Bank 5.50%
    Standard Chartered Bank 6.00%
    India Post Office 5.50%
    Axis Bank 5.90%
    Dhan Laxmi Bank 5.90%

    How to choose the best Fixed Deposit Scheme?

    These are the factors that you must consider to choose the best fixed deposit scheme.

    • Interest Rate: Before investing in FD, you must compare FD rates for different types of FDs offered by various institutions. Presently, Jana Small Finance Bank provides the highest return upto 7.50% for a tenure upto 3 years.
    • Credibility: Along with comparing the FD rates of various institutions, you must opt for FD schemes that are 'A' rated with credible ratings from reputable organizations.
    • Deposit tenure: The tenure of FD also is a significant factor to get maximum returns on your fixed deposits. In most cases, FD schemes with longer duration deposits offer higher interest rates. Several financial institutions provide good returns on FD for tenure upto three years.
    • Interest payouts: You should also check the frequency of interest payouts, whether it is monthly, quarterly, half-yearly, or annually
    • Penalties: Before investing in an FD plan, you must also check penalties charged for breaking FD before the maturity period. While NBFCs and banks lower the interest rates in case of premature withdrawal, you must negotiate about the same.

    Features and Benefits of FD Scheme for 3 years

    A fixed deposit is a financial instrument provided by banks or NBFCs which provides investors with a higher rate of interest than a regular savings account. Key features and benefits of fixed deposit schemes with a 3-year tenure are.

    • Interest Rates: The interest rate on FD schemes offered by Banks and Non-banking financial institutions depend on factors like amount deposited, tenure of deposits and type of depositors. Fixed deposits rates for 3-year tenure ranges between 5.40% to 7.50%. As per the current rates, Jana Small Finance Bank provides maximum returns on FD schemes ranging between 5.40% to 7.50%.
    • Guaranteed Returns: The returns on fixed deposits are dependent on factors like the economic policy of the country, bank repo rate and fiscal policy of the country. Thus, investors can get assured returns on investments as compared to other investment schemes like Mutual funds.
    • Taxation: If you invest in an FD scheme for 3 years, then you have to pay taxes on interest earned on your investments as per your Income-tax slab rates. Further, the tax is applicable to accrual means which means that even if the depositor gets FD maturity amount and interest at the time of FD maturity, he will pay tax on accrued interest on FD every year.
    • Withdrawals: Investors cannot withdraw funds from the FD accounts before maturity. Banks usually levy a penalty at the time of premature withdrawal of FD either by paying a lower interest rate on the deposit amount or deducting a penalty amount from the FD.

    FAQs

    Which bank is best for fixed deposits in 2020?

    As per the current rates, Jana Small Finance Bank is offering the highest interest rate on fixed deposits ranging between 5.40% to 7.50% and thus can be considered as one of the best banks for investing in Fixed deposits for a 3-year tenure.

    Which FD scheme is best?

    You can choose the best FD scheme by comparing the interest rates of various banks and non-banking financial institutions as per the tenure of investments. As many banks are providing good returns on FD schemes for 3 years, you can choose the same. Presently, Jana Small Finance Bank is offering the highest interest rate on fixed deposits ranging between 5.40% to 7.50%. Also, you must check the credibility of financial institutions before choosing the best FD scheme.


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