6 banks that offer best 5-year fixed deposits in India

For an investment period of 5 years, SBI pays 5.50 per cent p.a. in interest to all holders of normal term deposits. Senior citizens pay interest at a rate of 6.30 per cent per year for this duration.

One of the other well-known and reputable banks in India that gives an interest rate of 5.75 per cent p.a. for 5-year fixed-term deposits is Axis Bank. For older citizens, a 5-year investment period yields a 6.50 per cent annual interest rate.

Yes Bank is offering fixed deposits with an annual interest rate of 6.50 per cent for terms of five years to the general population. YES Bank will pay senior citizens at a rate of 7.25 per cent annually. Investors have a choice between the standard fixed deposits and the five-year tax-free FD. For both FDs, the interest rate is the same. Interest will be paid either monthly or quarterly.

Citibank offers term deposits with an interest rate of 3.50 per cent per year for investments made over a five-year period. Citibank will charge older folks an interest rate of 4.00 per cent p.a. Amounts invested that are less than Rs. 2 crore are subject to the bank rates. The bank also provides tax-saving term deposit plans.

The rate of return on fixed deposits opened with HDFC Bank for a term of five years is 5.70 per cent p.a. The bank offers older citizens an interest rate of 6.20 per cent per annum.

The bank offers regular term deposits opened for a duration of 5 years at an interest rate of 6.50 per cent p.a. to the general public. The rate that applies to senior citizens is 7.00 per cent per annum.