Short-term fixed deposits: Earn FD rates up to 8.75%; top banks for highest interest rates for less than 1 year tenure | Business

Highest FD rates: Fixed Deposits (FDs) are a popular investment option in India, offering flexibility and stable returns. With terms ranging from 7 days to 10 years, FDs cater to both short-term and long-term investors. Interest rates on short-term FDs vary across banks and are generally higher than savings account rates but lower than long-term FD rates.
Short-term deposits last between 7 days and 12 months. Long-term deposits range from over 1 year to 10 years. Interest rates for Fixed Deposits (FDs) differ between banks and depend on the term length.
Short-term FD rates are higher than savings account rates but lower than long-term FD rates.
According to an ET report by Sneha Kulkarni, here are some of the highest interest rates offered by leading banks for FDs with tenures below one year. The FD interest rates mentioned below are as per the respective bank websites on April 23, 2024, the report said.
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Private banks FD rates

– HDFC Bank provides interest rates from 3% to 6% for Fixed Deposits with terms ranging from 7 days to just under one year for general customers.
– ICICI Bank offers interest rates between 3% and 6% for FDs with terms from 7 days to just under one year for general customers.
– Yes Bank provides interest rates ranging from 3.25% to 7.25% for FDs with terms from 7 days to one year for general customers.

Public sector banks FD rates

– State Bank of India (SBI) SBI provides interest rates between 3% and 5.75% for Fixed Deposits (FDs) with terms from 7 days to one year for general customers.
– Punjab National Bank (PNB) PNB offers interest rates between 3% and 7% for Fixed Deposits (FDs) with terms from 7 days to one year for general customers.
– Canara Bank provides interest rates from 4% to 6.85% for Fixed Deposits (FDs) with terms from 7 days to one year for general customers.
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Small finance banks FD rates

– Unity Small Finance Bank offers interest rates between 4.50% and 7.85% for Fixed Deposits (FDs) with terms from 7 days to one year for general customers.
– Jana Small Finance Bank provides interest rates from 3% to 8.50% for FDs with terms from 7 days to one year for general customers.
– Suryoday Small Finance Bank offers interest rates between 4% and 6.85% for FDs with terms from 7 days to one year for general customers.