Banks in India offer varying interest rates on short-term Fixed Deposits (FDs) with terms ranging from 7 days to 12 months. These rates are generally higher than savings account rates but lower than long-term FD rates, making them attractive for short-term investments. According to a report by Economic Times, HDFC Bank, ICICI Bank, and Yes Bank provide some of the highest interest rates for FDs with tenures below one year. HDFC Bank offers rates from 3% to 6%, ICICI Bank provides rates between 3% and 6%, and Yes Bank offers rates ranging from 3.25% to 7.25%. Public sector banks such as State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank also offer competitive rates on short-term FDs, ranging from 3% to 7%. Small finance banks like Unity Small Finance Bank, Jana Small Finance Bank, and Suryoday Small Finance Bank provide even higher rates, with some offering up to 8.50%. It is recommended for investors to compare interest rates and terms offered by different banks to choose the best FD option that aligns with their investment goals and financial needs.
Short-Term Fixed Deposit Rates in India: HDFC Bank, ICICI Bank, Yes Bank, SBI, and Other Banks Offer Interest Rates from 3% to 8.50%
