Investors are seeking fixed-income instruments in the debt category right now since the stock market is at an all-time high. Talking about fixed-income instruments, bank fixed deposits are the safest investment alternatives in the debt category. The rationale for this is that fixed deposits offer guaranteed returns over a specified investment term, as well as tax benefits if you invest for at least 5 years. Fixed deposits, as is generally known, generate higher interest rates over time, but what if you want to receive the best rates for a short period, maybe in a year?
For both regular and senior citizen depositors having a short-term goal of 1-year, here we have compiled the top 5 banks which not only provide the best rates in the market but ensure the safety of your deposits as they fall under the insurance guidelines of DICGC.
Ujjivan Small Finance Bank
For deposits less than Rs 2 Cr, Ujjivan small finance bank is the only bank that provides the highest interest rates on fixed deposits for a tenure of 1 year. With effect from 5 March 2021, the following interest rates are in force.
| Tenure | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 Days to 29 Days | 3.05% | 3.55% |
| 30 Days to 89 Days | 4.05% | 4.55% |
| 90 Days to 179 Days | 4.80% | 5.30% |
| 180 Days to 364 Days | 5.20% | 5.70% |
| 1 Year to 2 Years | 6.50% | 7.00% |
| 2 Years and 1 Day to 3 years | 6.75% | 7.25% |
| 3 Years and 1 Day to 5 Years | 6.75% | 7.25% |
| 5 Years and 1 Day to 10 Years | 5.80% | 6.30% |
Utkarsh Small Finance Bank
Utkarsh small finance bank offers the highest interest rates on fixed deposits with a term of one year for deposits under Rs 2 crore. The following interest rates are in effect from July 1, 2021.
| Tenure | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 Days to 45 Days | 3.00% | 3.50% |
| 46 Days to 90 Days | 3.25% | 3.75% |
| 91 Days to 180 Days | 4.00% | 4.50% |
| 181 Days to 364 Days | 5.75% | 6.25% |
| 365 Days to 699 Days | 6.25% | 6.75% |
| 700 Days | 6.75% | 7.25% |
| 701 Days to 3652 Days | 6.00% | 6.50% |
ESAF Small Finance Bank
With effect from May 2, 2021, the interest rates of ESAF small finance bank fixed deposits are in force. Check the most recent rates of the bank below, for deposits of less than Rs 2 Cr.
| Tenure | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 59 days | 4.50% | 5.00% |
| 60 days to 90 days | 5.25% | 5.75% |
| 91 days to 181 days | 5.50% | 6.00% |
| 182 days | 5.00% | 5.50% |
| 183 days to 363 days | 6.00% | 6.50% |
| 364 days | 5.25% | 5.75% |
| 365 days & 366 days | 6.50% | 7.00% |
| 367 days to 545 days | 6.25% | 6.75% |
| 546 days | 5.00% | 5.50% |
| 547 days to 727 days | 6.25% | 6.75% |
| 728 days | 5.25% | 5.75% |
| 729 days to 909 days | 6.00% | 6.50% |
| 910 days | 5.25% | 5.75% |
| 911 days to 1091 days | 6.00% | 6.50% |
| 1092 days | 5.25% | 5.75% |
| 1093 days to 1273 days | 5.75% | 6.25% |
| 1275 -1455 days | 5.25% | 5.75% |
| 1275 days -1455 days | 5.75% | 6.25% |
| 1456 days | 5.25% | 5.75% |
| 1457 days-1637 days | 5.75% | 6.25% |
| 1638 days | 5.25% | 5.75% |
| 1639 days-1819 days | 5.75% | 6.25% |
| 1820 days | 5.25% | 5.75% |
| 1821 days to 3653 days | 5.25% | 5.75% |
Suryoday Small Finance Bank
Here are the most recent fixed deposit rates of Suryoday Small Finance Bank which are in force from June 21, 2021 for deposits less than Rs 2 Cr.
| Tenure | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 4.25% | 4.25% |
| 91 days to 6 months | 4.75% | 4.75% |
| Above 6 months to 9 months | 5.25% | 5.25% |
| Above 9 months to less than 1 Year | 5.75% | 5.75% |
| 1 Year to 1 Year 6 Months | 6.50% | 6.75% |
| Above 1 Year 6 Months to 2 Years | 6.50% | 6.50% |
| Above 2 Years to 3 Years | 6.25% | 6.50% |
| Above 3 Years to less than 5 Years | 6.75% | 6.75% |
| 5 Years | 6.25% | 6.50% |
| Above 5 years to 10 years | 6.00% | 6.00% |
Equitas Small Finance Bank
For both regular and senior citizens, Equitas small finance bank is promising the best rates on both short-term and long-term deposits. Below are the most recent fixed deposit interest rates of the bank which are in force from 1st June 2021 for deposits less than Rs 2 Cr.
| Tenure | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 – 14 days | 3.50% | 4.00% |
| 15 – 29 days | 3.50% | 4.00% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 62 days | 4.00% | 4.50% |
| 63 – 90 days | 4.00% | 4.50% |
| 91 – 120 days | 4.75% | 5.25% |
| 121 – 180 days | 4.75% | 5.25% |
| 181 – 210 days | 5.25% | 5.75% |
| 211 – 270 days | 5.25% | 5.75% |
| 271 – 364 days | 5.25% | 5.75% |
| 1 year to 18 months | 6.35% | 6.85% |
| 18 months 1 day to 2 years | 6.25% | 6.75% |
| 2 years 1 day to 887 days | 6.35% | 6.85% |
| 888 days | 6.50% | 7.00% |
| 889 days to 3 years | 6.35% | 6.85% |
| 3 years 1 day to 4 years | 6.25% | 6.75% |
| 4 years 1 day to 5 years | 6.25% | 6.75% |
| 5 years 1 day to 10 years | 6.50% | 7.00% |
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