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Best FD Interest Rates for 1 Year 2018

Team Antworks

Given below is the updated list of 10 banks that pay the highest interest on fixed deposit schemes with a 1-year tenure in 2018:

Best FD Rates for 1 year 2018
Bank Regular FD Rates (per annum) Senior Citizen FD Rates (per annum)
ESAF Small Finance Bank 9.00% 9.50%
Kerala Transport Development Finance Corporation Ltd (KTDC) 8.25% 8.50%
Fincare Small Finance Bank 8.00% 8.50%
Utkarsh Small Finance Bank 8.00% 8.50%
Shriram City Union Finance 7.50% 7.75%
LIC Housing Finance Ltd 7.30% 7.40%
Repco Bank 7.25% 7.75%
ICICI Home Finance 7.20% 7.45%
RBL Bank 7.10% 7.60%
Lakshmi Vilas Bank 7.10% 7.60%

Key FD highlights for 1-year tenure

  • The highest FD rate offered is 9% p.a. for regular individuals and 9.50% p.a. for senior citizens by ESAF Small Finance Bank
  • The second best best FD interest rate if being offered by KTDC, where the interest rate paid for 1 year deposits is 8.25% p.a. for regular individuals and 8.50% for senior citizens
  • Attractive interest rates are offered on 1 year FDs and they range from 7.10% p.a. to 9.00% p.a. for regular term deposits
  • For senior citizens the interest range offers extends from 7.60% p.a. to 9.50% p.a. for a tenure of 1 year
  • ESAF, KTDC, Fincare Small Finance Bank and Utkarsh Small Finance Bank all offer interest rates of 8% or above

List of 10 best FD schemes for 1 year

    1. ESAF Small Finance Bank

ESAF Small Finance Bank is an NBFC that has presence in rural, semi-urban and urban areas. The small finance bank offers the best interest rates in the industry, and other benefits.

      • They offer more than 9.50% interest p.a. on senior citizens FDs for 1 year
      • ESAF offers the highest rate of interest of 9% for regular individuals
      • All deposits are for less than Rs.1 crore
      • The bank offers regular, flexi and group-based schemes
    2. KTDC

KTDC is an undertaking by the Kerala government. At present, it offers the best FD rates in 2018 for 1 year term deposit schemes.

      • An interest rate of 8.25% is paid for regular individuals and 8.50% p.a. for senior citizens.
      • The minimum investment amount is Rs.10,000
      • They offer Periodic Interest Payment Schemes (PIPS) and Money Multiplier Schemes (MMS)
      • The minimum tenure is 1 year, while maximum tenure is 5 years
    2. Fincare Small Finance Bank

Fincare Small Finance Bank offers a wide range of term deposit schemes and flexible tenure options.

      • The interest rate offered for 1 year deposits is 8.00% p.a. for individuals and 8.50% for those above 60 years of age
      • The bank offers Smart Fixed Deposits and Priority Plus Fixed Deposit schemes
      • Interest is paid on a monthly, quarterly basis based on the discretion of the customer
      • Attractive and competitive interest rates
    2. Utkarsh Small Finance Bank

Utkarsh Small Finance Bank FD schemes come with a wide range of features and benefits. This is one of the highest interest paying term deposit options.

      • Interest is payable at 8% p.a. on all deposits of less than Rs.1 crore, held for this tenure
      • For senior citizens the interest rate offered is 8.50%
      • Minimum investment amount Rs.1,000, no maximum limit
      • 1% fee levied in case of premature withdrawal
    2. Shriram City Union Finance

Shriram City Union Finance term deposits come in two variants: cumulative and non-cumulative.

      • The interest payout options include monthly, quarterly, half-yearly and yearly
      • The interest rate offered for yearly, non-cumulatives FDs is 7.50% p.a.
      • MInimum investment amount required is Rs.5,000 for cumulative FDs and Rs.10,000 for non-cumulative term deposits
      • The interest rate offered for senior citizens is 7.75% p.a.
    2. LIC Housing Finance Ltd

LIC Housing Finance Ltd is one of the NBFCs that provide competitive interest rates.

      • An interest rate of 7.30% is offered on all deposits of up to Rs.5 crore
      • The interest is compounded on a yearly basis
      • For senior citizens the rate of interest paid is 7.40% p.a. for deposits up to Rs.50,000
      • For senior citizen deposits more than Rs.50,000, the rate of interest paid is 7.55%
    2. Repco Bank

Repco Bank is a well-known bank that offers a range of time deposits options for both regular depositors and those above 60.

      • The interest rate paid is 7.25% p.a. for individuals and 7.75% p.a. for senior citizens
      • The bank offers a special money multiplier scheme
      • Interest is compounded on a quarterly basis
      • The minimum period of 1 year and a maximum period of 5 years
    2. ICICI Home Finance

ICICI Home Finance offers good interest rates and their deposit schemes are well-rated.

      • An interest rate of 7.20% p.a. is offered for regular deposits
      • For senior citizens, the rate paid is 7.45% p.a.
      • They offer annual, quarterly and monthly income plans
      • They also offer special interest rates
    2. RBL Bank

RBL Bank FDs can be opened at the click of a button and offers many perks to investors.

      • An interest rate of 7.10% p.a for all deposits of less than Rs.1 crore
      • For senior citizens an additional interest rate of 0.50% is applicable
      • It is a must to go to the branch if FDs are for more than Rs.3 crore
    2. Lakshmi Vilas Bank

A wide range of time deposits options is available through Lakshmi Vilas Bank.

    • The rate of interest for 1-year deposits is 7.10% p.a.
    • For senior citizens, the rate of interest is 7.60% pa.
    • Pre-closure charges applicable at the rate of 1%
    • Flexible tenure options

 

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