Fixed Deposit Interest Rate 2022 : FD interest rates of banks are determined by changes in RBI’s monetary policy such as repo rate, base rate, etc., internal liquidity position of banks, economic condition and level of credit demand. Fixed Deposit interest rates also vary depending on the amount deposited, the tenure of the deposit and the type of depositor. You can invest in banks for a fixed period ranging from 7 days to 10 years. Also, many banks offer the highest FD rates for a specific tenor!
Fixed Deposit Interest Rate 2022
Presently, Jana Small Finance Bank offers the highest return on Fixed Deposits up to 7.25% and hence, is one of the best banks to invest in Fixed Deposits. You can invest in Jana Small Finance Bank FD (FD Interest Rate) for tenures ranging from 7 days to 10 years! It also offers attractive interest rate on Fixed Deposit to Senior Citizens at 7.75%. Here is a list of top 10 banks/companies with the highest FD rates for tenures of 3 years!
|Fincare Small Finance Bank||6.90%||7.40%|
|Lakshmi Vilas Bank (LVB)||6.00%||6.50%|
|ICICI Home Finance||6.10%||6.35%|
|Yes Bank (Special Rates)||7.00%||7.75%|
Features of Fixed Deposit
- Returns on your deposit are assured and unaffected by market volatility!
- FD interest rates offered by NBFCs are higher than the FD rates offered by banks.
- Fixed deposits can be renewed easily, and you can also avail additional rate benefits on renewing your deposits!
- As per the Income Tax Act, 1961, tax is deducted at source from interest on fixed deposits.
Benefits Of Fixed Deposit
- Fixed Deposit is one of the safest investment instruments, which offers the highest stability.
- Returns on Fixed Deposits are assured, and there is no risk of loss of principal!
- You can opt for periodic interest payments to help you manage your monthly expenses.
- Your Fixed Deposit is not affected by market fluctuations, which ensures greater safety of your investment capital.
- Some financiers also offer higher FD interest rates for senior citizens.