Best FD Rates For 90 Days

From risk to increasing returns, are you confused about choosing a savings scheme for a short-term return? With a predetermined interest rate you can now invest in a savings scheme and maximize returns upon the 90-day tenure, this is called Fixed deposit rates for 90 days. When planning for a vacation, buying a car, getting a new apartment, or you have an upcoming expense like surgery, you can put your savings for the expense into an FD for 90 days. Investing in an FD to save your funds will ensure you have the required amount when it is needed.

Various banks offer attractive FD rates for a 90-days maturity period. Understanding and comparing which bank offers the best FD rates for 90 days of maturity can help you get the best rate that will give you maximum returns.

City Union Bank is currently offering the highest interest rate for 90 days FD. The bank offers a 5.75% interest rate, giving you high returns on your short-term investment.

90 Days FD Rates by Top Banks

A short-term investment plan for 3 months can offer good returns, along with quick liquidity benefits. Choosing the right Bank that is giving the best 90-day FD rate can significantly impact the maturity amount of your investment. Given below are the various Public, Private and Small Banks that are offering 90 days FD along with their interest rates.

90 Days FD Rates in Public Sector Banks

Public sector banks are well known for their safety and reliability when it comes to fixed deposits. Making them a great choice for investing in a short-term investment plan for 3 months. Here are the FD rates for 90 days in public sector banks:

Public Sector Banks Interest Rates (p.a)
Punjab & Sind Bank 4.25%
Indian Overseas Bank 4.25%
Bank of Baroda 5.50%
Bank of India 4.50%
Canara Bank 5.25%

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Note: The interest rates are subject to change. Please check the official website for the latest information.

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90 Days FD Rates in Private Sector Banks

To get higher returns on your investment, you can opt for an FD from private sector banks. These banks offer secured and assured returns with attractive FD rates for 90 days maturity period. The table below shows the current FD rates offered by various private banks for short term fixed deposits:

Private Sector Banks Interest Rates (p.a)
IndusInd Bank 4.60%
RBL Bank 4.50%
Bandhan Bank 4.50%
Kotak Mahindra Bank 4.00%
Karur Vysya Bank 3.50%

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Note: The interest rates are subject to change. Please check the official website for the latest information.

90 Days FD Rates in Small Finance Banks

Maximise your returns on short term savings of 90 days with a fixed deposit from Small Finance Banks. These banks offer competitive short term deposit rates which is given in the table below:

Small Finance Banks Interest Rates
Jana Small Finance Bank 4.25%
Ujjivan Small Finance Bank 5.10%
Equitas Small Finance Bank 4.75%
Utkarsh Small Finance Bank 4.50%
Unity Small Finance Bank 4.75%

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Note: The interest rates are subject to change. Please check the official website for the latest information.

Apart from the Bank's Fixed Deposit and NBFC Fixed Deposit, you can also check the Post Office FD, which range from 6.90% to 7.5% for both regular and senior citizens.

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Online FD Calculator

Accurately estimating the maturity amount of your 90-day FD will help you plan your finances effectively. You can use an online FD calculator to help you determine the maturity amount. It can also help you understand if the short-term fixed deposit will provide the right returns on your investment. You can use the FD calculator by entering your investment amount, maturity period, and interest rate to get the estimated amount.

Maturity Date :  
Invested Amount :  ₹10,000
Interest Amount :  ₹666
Maturity Amount :  ₹10666

You can check the interest earned on different deposit amounts from different banks. Check the links in the table below:

Calculate your FD maturity amount manually

You can also calculate the maturity amount on your investment without the help of an online calculator by using the formula below:

A=P x (1+r/n)^nt

Where A is the maturity amount, P is the investment amount, r is the interest rate, n is the number of times the interest is compounded and t is the maturity tenure of the FD which is 90 days.

Let’s calculate the maturity amount if

P = 1,00,000
r = 4.50%
n = 1 time a year
t = 90 days = 0.25 (converted for easier calculation)

Entering the amounts into the formula:
A=P x (1+r/n)^nt
A=₹1,00,000 x (1+0.045/1)^1 x 0.25

A=₹1,00,000 x (1.045)^0.25

Therefore, with the above calculation, the estimated maturity amount for an investment of ₹1,00,000 at an interest rate of 4.50% for a tenure of 90 days will be approximately ₹1,01,091.26.

Factors Influencing FD Interest Rates

Fixed deposits are a great investment option for short-term investment plans of 3 months. For a 90-day FD, banks offer attractive interest rates, but these rates can be influenced by a number of factors that can impact your maturity amount. These factors are as follows:

  • The Repo rate: The Reserve Bank of India (RBI) sets the Repo rate which is a major key to banks when they determine their interest rates. As banks will take into account the repo rate while setting the 90-day FD interest rates. Usually, when the repo rate increases, banks will also increase their FD interest rates and vice versa.
  • The Bank’s Depoit-to-lending ratio: The bank’s deposit-to-lending ratio is the ratio between the amount of money the bank lends as loans and the amount of money it has as deposits. This ratio directly impacts the FD interest rates. If the bank has a shortage of deposits, it will offer high FD rates to attract investing. Similarly, if the demand for loans is more, banks will increase the FD rates to attract depositors.
  • Competition: Fixed deposit accounts are offered by various Banks in India, thereby making banks competitive when it comes to interest rates. When the competition is high, banks will offer higher interest rates to get more investments.
  • Credit rating of the bank: A well-established bank with high credit rating may offer lower interest rates compared to banks with a lower credit rating.
  • FD type: The FD types you choose will also influence the FD interest rate. A 90-day FD for example may give you lower interest as compared to a 2-year FD.

Tips to Choose the Right FD for 90 Days

With high competition between banks and most of them offering attractive 90-day FD rates, how will you choose the right FD? For a short-term deposit of 90 days, your goal should be to get the best returns on your savings. Here are some tips on how to choose the right short-term fixed deposit:

  • Compare interest rates: While many banks are offering competitive FD rates, it is important to compare them as the higher the rate, the more returns you will get. Especially with a short-term investment plan of 3 months, it is important to get the best FD rates for 90 days.
  • Credibility of the Bank: Consider the Bank’s reputation when choosing the FD. The better the ranking of the bank, the safer your money will be. It also assures guaranteed returns on your investment.
  • Penalty charges on premature withdrawal: Consider the penalties associated with premature withdrawal on your FD. A high penalty will affect your returns in case you need to withdraw your funds prematurely in an emergency. Look for a bank that offers lower penalty rates.
  • Digital access: Most banks have become digitally available offering online account opening and managing of your fixed deposit account. This makes it convenient and easy for you to access your investment at any time from the comfort of your electronic devices.

Tax Implications of 90 Days FDs

A 90 days FD is a short tenure, however, your return on investment can still be taxed, here is an overview of the tax implications on 90 days FD:

  • Tax on interest earned: The interest you earn on your FD is taxed under the Income Tax Act, 1961, depending on your tax bracket and the interest you earn. So, if the income you earn falls under the 30% tax bracket, then you will be taxed at 30% on your FD interest. If you fall under the 20% tax bracket, then you will be taxed on 20% of your FD interest.
  • Tax Deducted at Source (TDS): Banks will deduct TDS if the interest earned on your FD exceeds ₹40,000 for general investors and ₹50,000 for senior citizens. The TDS is deducted at 10% if you provide a PAN card to the Bank and 20% if you do not provide a PAN card.

Steps to Open a 90-Day FD Account

Opening an FD account with Banks has now become convenient as you can open a short-term fixed deposit account online and by visiting the Bank. Here are the steps to open an account online and offline:

Steps to Open 90 days FD Online

Step 1: Visit your chosen Bank’s website and navigate to the FD section to open your account.

Step 2: Fill in the application form, providing your KYC details, investment amount and the 90 days maturity period.

Step 3: Provide all the required documents, which can include ID proof, address proof and PAN card.

Step 4: Transfer the deposit amount to the FD account.

Step 5: Once your chosen Bank verifies your documents, you will receive a confirmation of your FD account being active.

Steps to Open a 90 days FD Offline

Step 1: Visit the Bank of your choice and inform the Bank representative that you wish to open an FD.

Step 2: Fill in the application form and submit all the required documents like your ID proof, Address and PAN card.

Step 3: Make a cash deposit or you can initiate the transfer from your savings to the 90 days FD account.

Step 4: The Bank will then process and verify your documents to activate your FD account.

Step 5: Once activated, you will receive a confirmation email or slip and the account details.

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Frequently Asked Questions

Yes, many Banks offer FD accounts for a 3 months maturity period.

Factors such as repo rate, bank liquidity, competition, and credit rating.

Whether 90 days FD is better than longer term FD will depend on your preferences. However, a shorter term FD might offer better flexibility.

Usually, with a 90 day FD, you will not be able to prematurely withdraw your funds. However, there can be exceptions depending on the Banks.

Yes, there will be penalties for premature withdrawal of your 90 day FD.

Banks can update 90-day FD rates any time, but changes often occur based on market conditions.

Whether you opt for a 90 day For a savings account with a higher interest rate will depend on your financial goals. However, keep in mind that savings accounts offer higher liquidity while 90 days FD offers higher returns.

City Union Bank currently offers the highest interest rate of 5.75% on an FD for 3 months, giving you potentially higher returns on your investment.

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