Fixed deposits (FDs) are fixed-income investments that provide assured returns for a pre-defined duration of lock-in, and also FDs are often referred to as term deposits (TDs). Public and private sector banks, small finance banks, as well as non-banking finance companies provide these products. Lenders give retail consumers a variety of maturity options for configuring fixed deposits, ranging from seven days to 10 years. The rates of interest offered on FDs, which often differ from lenders to lenders, are subject to change from time to time. Compared to the general public, senior citizens typically get a higher rate of interest on fixed deposits. Hence, below are the three largest commercial banks of India that are currently providing higher interest rate up to 5.5 per cent to the general public and 6.30% to senior citizens on their FDs for a deposit amount of less than Rs 2 Cr.
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