Maximize FD Returns: Canara & IndusInd Bank Hike Interest Rates – Compare Now
Compare Fixed Deposit Interest Rates: Canara and IndusInd Bank Lead the Way
Investing in Fixed Deposits (FDs) can be a secure way to grow your savings. Recently, Canara Bank and IndusInd Bank have revised their FD interest rates. Earlier, Union Bank of India and Yes Bank also announced rate hikes. If you’re planning to open an FD, knowing the latest interest rates can help you choose the best option.
Below is a comparison of FD interest rates offered by these banks for deposits below ₹3 crore. This guide will assist you in making an informed investment decision.
1-Year FD Interest Rates
| Bank | Interest Rate |
|---|---|
| HDFC Bank | 6.60% |
| ICICI Bank | 6.70% |
| SBI | 6.80% |
| Union Bank | 6.80% |
| Canara Bank | 6.85% |
| Yes Bank | 7.25% |
| IndusInd Bank | 7.75% |
2-Year FD Interest Rates
| Bank | Interest Rate |
|---|---|
| HDFC Bank | 7.00% |
| ICICI Bank | 7.25% |
| SBI | 7.00% |
| Union Bank | 6.60% |
| Canara Bank | 7.30% |
| Yes Bank | 7.25% |
| IndusInd Bank | 7.75% |
3-Year FD Interest Rates
| Bank | Interest Rate |
|---|---|
| HDFC Bank | 7.00% |
| ICICI Bank | 7.00% |
| SBI | 6.75% |
| Union Bank | 6.70% |
| Canara Bank | 7.40% |
| Yes Bank | 7.25% |
| IndusInd Bank | 7.25% |
Key Tips for FD Investments
1. Choose the Right Tenure
Carefully consider the tenure of your FD before investing. Premature withdrawals can attract penalties of up to 1%, reducing your total interest earnings.
2. Diversify Your Investments
Instead of investing a large amount in a single FD, consider splitting your investment across multiple FDs and banks. This approach provides liquidity without affecting your remaining investments.
3. Benefit from Tax-Saving FDs
A 5-year tax-saving FD allows you to claim a deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act. This can significantly reduce your taxable income.
By staying informed and making strategic decisions, you can maximize your returns from Fixed Deposits.
