On 3-year fixed deposits, many banks are giving quite favorable interest rates. In fact, compared to accounts with 1- or 2-year terms, the income earned on 3-year deposits is frequently substantially higher. In this page, readers can get information about the best fixed deposits for 3 years in the market.
Best 2023 FD Interest Rates for Below Rs.2 Crore for 3-Year Tenure
| Bank/Company | Regular Interest Rate(per annum) | Senior Citizen Interest Rate(per annum) |
|---|---|---|
| Fincare Small Finance Bank FD | 7.19% | 7.71% |
| KTDFC FD | 7.00% | 7.25% |
| Shriram City FD | 7.76% | 8.24% |
| Mahindra Finance FD | 7.25% | 7.50% |
| Sundaram Finance FD | 7.30% | 7.80% |
| Lakshmi Vilas Bank (LVB) FD | 6.50% | 7.00% |
| Equitas Small Finance Bank FD | 7.25% | 7.45% |
| Canara Bank FD | 6.50% | 7.00% |
| Punjab and Sind Bank FD | 6.10% | 6.60% |
The Interest rates are subject to change and are revised by the banks and financial institutions from time to time.
3-year Fixed Deposit key highlights
- Shriram City pays the highest interest rate of 7.50% p.a. for the 3-year FD opened by the general public.
- When 3-year term deposits are opened by senior citizens, Shriram City pays the highest interest rate of 7.80% p.a.
List of 10 best FD schemes for 3 years
1. Fincare Small Finance Bank
- Fincare offers attractive rates of interest on the 3-year tenure
- They offer 7.19% p.a. to the general public.
- A number of flexible interest payout options and premature withdrawal is provided by the bank
2. KTDFC
- A lucrative rate of 7.00% p.a. is paid for term deposits opened for a period of 3 years
- For senior citizens, the interest rate offered is 7.25% p.a.
- TDS is applicable on all FD schemes
- They offer Periodic Interest Payment Schemes (PIPS) and Money Multiplier Schemes (MMS).
3. Shriram City
- The rate of interest offered for cumulative deposits for 3 years is 7.25% p.a
- The rate of interest offered to senior citizens is 8.24% p.a. for the same
4. Mahindra Finance
- The best FD rate is offered for the Samruddhi Cumulative Deposit scheme, where the rate of interest is 7.25% p.a. with regard to general citizens
- For senior citizens, the interest rate offered is 0.25% higher for Samruddhi Cumulative Deposit Scheme
- The interest on these deposits are compounded on an annual basis
- Various interest payout options available
5. Sundaram Finance
- Promising FD schemes with attractive interest rates and other benefits
- An interest rate of 7.30% p.a. is offered to the general public who open a 3-year term deposit with the company
- Senior citizens are provided an interest of 7.80% p.a.
- Premature withdrawal and nomination facility available.
6. LVB
- The bank offers a deposit interest rate of 6.50% p.a. to the general public for opening a term deposit having an investment period of 3 years
- An interest rate of 7.00% p.a. is offered to senior citizens
- 1% penalty fee applicable in case of premature withdrawal
- Penalty not applicable for deposits above Rs.1 crore
7. Equitas Small Finance Bank
- The bank offers high interest rate of 7.25% p.a. for a tenure of 3 years
- Senior citizens are offered an interest rate of 7.45% p.a. for the same tenure
- Premature withdrawal facility is available
8. Canara Bank
- Canara Bank offers an interest rate of 6.50% p.a. on FDs for a period of 3 years
- An interest rate of 7.00% p.a. is offered to senior citizens
- Premature withdrawal facility is available
- 1% penalty fee applicable on premature withdrawal of deposits below Rs.2 crore
9. Punjab and Sind Bank
- The rate of interest paid on Punjab and Sind Bank FDs for a 3-year tenure is 6.10% p.a.
- Individuals who fall in the senior citizen bracket can earn an interest rate of 6.60% p.a.