Fixed Deposits: Check these 3 to 5-year FDs to get interest rates up to 7.5%

NEW DELHI: A bank fixed deposit, or FD, is a financial instrument which helps you grow your investments at a fixed tenor or fixed interest rate. It is considered among the of safest investment instruments as the rates are not affected by market fluctuations, and you get a guaranteed return depending on the tenure you select. FDs are also one of the most preferred investment tools for senior citizens. They often get higher interest rates from banks.

Look at the top 10 banks offering you the highest 3 to 5-year FD interest rates.

Disclaimer: Data as on respective banks' website on 16 September 2022; For each year range, the maximum offered interest rate is considered; interest rate is for a normal fixed deposit amount below  <span class=₹1 crore. Compiled by BankBazaar.com” title=”Disclaimer: Data as on respective banks’ website on 16 September 2022; For each year range, the maximum offered interest rate is considered; interest rate is for a normal fixed deposit amount below ₹1 crore. Compiled by BankBazaar.com”>

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Disclaimer: Data as on respective banks’ website on 16 September 2022; For each year range, the maximum offered interest rate is considered; interest rate is for a normal fixed deposit amount below 1 crore. Compiled by BankBazaar.com

For instance, if you have purchased a 2-year FD, the interest earned in every quarter will get added to the initial deposit. In the next quarter, the interest is calculated on the increased initial deposit. Thus the amount on which the interest is calculated goes up every quarter.

Besides 3 to 5-year FDs, you can also invest in FDs for a shorter duration for less than a year to up to upto three years. The FDs can help you meet your short-term and long-term goals. The rate of interest is generally higher than a regular savings account.

You can invest in FDs online by visiting a bank’s website or visiting the nearest bank branch. Once you have made the deposit, you get the online receipt on your email addre or, if visiting a bank, take the receipt from the bank after successful payment.

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