For novice investors, fixed deposits can be a great instrument since they provide security, consistency, and steady returns

FD interest rate up to 7.55%: Check banks offering best rates on 3-year fixed deposit; full list Before investing in fixed deposits, don't forget to compare interest rates, do extensive research, and assess the terms and circumstances

A fixed deposit is a type of financial instrument that banks and other financial organizations offer that allows a person to deposit a certain amount of money at a fixed interest rate for a predetermined duration of time. The bank holds the deposit for the predetermined period, which may be a few months or a number of years. The depositor receives interest on the principal amount throughout this time, and the deposited cash stays locked with the bank.

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Before investing in a fixed deposit, first, compare the interest rates on fixed deposits provided by various banks and financial organizations. Higher interest rates could appear alluring, but it's also important to ensure the organization is trustworthy and has sound financial standing.

Take into account the deposit tenure that best suits your financial objectives. Read all terms and conditions pertaining to premature withdrawal. You can make better decisions if you are aware of the penalty or interest rate reduction for early withdrawal of fixed deposits in case of emergencies or unanticipated events.

Top 5-year FD rates for senior citizens : You can get interest up to 8% on these fixed deposits; check full list of banks

For novice investors, fixed deposits can be a great instrument since they provide security, consistency, and steady returns. Before investing in fixed deposits, don't forget to compare interest rates, do extensive research, and assess the terms and circumstances. Your financial journey might benefit greatly from fixed deposits if you plan ahead and have a long-term outlook.

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Latest FD interest rate on 3-year FDs for general citizens

DCB Bank is offering the best interest rate of 7.55% on its FDs maturing between 19 months to 20 months. SBM Bank India offers 7.3% on tenures of 18 months to less than 2 years 3 days. Bandhan Bank, IndusInd Bank, YES Bank are offering 7.25% interest rate on 3-year FDs.

RBL Bank offers 7.5% interest on fixed deposits having a tenure of 500 days and Canara Bank offers 7.4% on FDs having tenure of 3 years to less than 5 years.

Bank Fixed Deposit Rates	Tenure	3-year tenure (%)
Axis Bank	15 months to less than 2 years	7.1
Bandhan Bank	1 year	7.25
DCB Bank	19 months to 20 months	7.55
Federal Bank	50 months ; 777 days	7.1
HDFC Bank	4 Year 7 Months (55 months)	7
ICICI Bank	15 months to 2 years	7
IndusInd Bank	1 year 5 months to less than 1 year 6 months	7.25
Karur Vysya Bank	760 days - Special Deposit	7
Kotak Mahindra Bank	390 Days to less than 23 months	7
RBL Bank	500 days	7.5
SBM Bank India	Above 18 months to less than 2 years 3 days	7.3
YES Bank	18 months to less than 24 months	7.25
PUBLIC SECTOR BANKS
Bank of Baroda	400 days - Bob Utsav	7.15
Canara Bank	3 years to less than 5 years	7.4
Punjab National Bank	400 days	7
State Bank of India	444 days - Amrit Vrishti	6.75