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New Delhi: Bank FDs tend to remain a preferred investment option not only for senior citizens that are seeking a steady income but also for investors with a low risk appetite. However, investment consultants do not recommend excessive reliance on FDs, as it is important to evaluate your financial goals and overall asset allocation before deciding how much to invest in them.

For example, using FDs to save for your child’s higher education 15 years from now may not be effective, as the post-tax returns often fail to outpace inflation. On the other hand, if you are saving for a short-term goal, such as a holiday in two years, an FD can be a suitable choice. Therefore, before investing, it is wise to compare the interest rates offered by different banks. Below is a list of banks providing the most competitive FD rates for deposits up to Rs 1 crore across various tenures.