When it comes to investing money, we always seek a safe, reliable, and accessible platform where we can watch our money grow. However, the massive amount of options available today can make us wonder if we are missing out on a better choice.
A fixed deposit is one of the most secure means of growing money. The article lists the top financial institutions offering a fixed deposit, along with FD status and interest rates.
Top 10 Financial Organizations That Provide The Best FD Rates
- PNB Housing Finance Limited
It offers up to a 6.7% p.a. FD rate on fixed deposits, with the option to choose between cumulative and non-cumulative interests. On a mere investment of INR 10 lakh with ten years’ term, at an annual cumulative rate, you can receive returns of INR 19,12,688 on maturity. Additionally, they also provide doorstep service facilities.
- HDFC
It offers the option to choose between compound and non-cumulative interests at an interest rate of up to 6.1% p.a. It means that if you put INR 10 lakh on a fixed deposit for ten years on the cumulative scheme, you can receive INR 18,07,814 while the maturity term is over.
Read More: What is Wealth Building with Weekly Options by Wendy Kirkland?
- Bajaj Finserv
The organization offers up to 6.6% p.a. interest on a fixed deposit for cumulative and non-cumulative options, with a maximum tenure of 5 years. It means that an INR 10 lakh on fixed depositfor five years can produce a yield of INR 13,38,225 when compounded annually.
- LIC Housing Finance
It provides a maximum of 5.7% p.a. on cumulative and non-cumulative deposits, with the highest maturity term pegged at five years. If you invest INR 10 lakh in a 5-years’ cumulative fixed deposit scheme, you can expect a return of INR 13,19,351 on maturity.
- Mahindra Finance
It can provide up to a maximum of 6.45% p.a. for a five-year term fixed deposit, either compounded annually or as a non-cumulative return. Hence, if you invest INR 10 lakh, you can get a maximum return of INR 13,36,873 after five years.
- Muthoot Finance
With the highest returns at 8% p.a., the maximum tenure of maturity for this fixed depositis five years. If you invest INR 10 lakh for the highest duration and rate, you can receive a return of INR 14,52,500.
- Sundaram Finance
You can avail of up to 6.25% p.a. on your fixed deposit investment, at a maximum maturity term of three years. It means that an INR 10 lakh can reward you with INR 11,99,462 if compounded annually.
- Shriram City Finance
It provides up to 8.32% p.a. interest on fixed deposit for a maximum tenure limit of 5 years. An investment of INR 10 lakh for the highest term can provide you with INR 14,91,225 on a cumulative deposit.
- Kerala Transport Development Finance Corporation
A fixed depositat this organization provides you with a cumulative interest rate of 7.5% p.a. for a maturity duration of 1-3 years and 7.25% if the tenure is either 4 or 5 years. It means that after the maturity period of five years on an INR 10 lakh investment, you can expect an amount of INR 14,19,013.
- ICICI Home Finance
The organization provides a cumulative fixed deposit interest rate of up to 6.1% p.a. on an FD of 10 years. It means the sum of INR 10 lakh can give you INR 18,07,814 on maturity at its highest potential.
Conclusion
Investing in a fixed depositcan grow your money. However, be aware of the FD status and interest rates before investing.
Hey, this is Johny Sehgal. I am the owner and caretaker at Finance Jungle. I completed my education in BSC and now heading towards the digital marketing industry. I usually have interests in reading, playing games and watching movies. I also love to write content based on quality information. The main motive of mine is to provide the top and best quality information to my readers. Finance Jungle is the blog for the same.
