SBI fixed deposits vs Post Office deposits: All the top banks including State Bank of India (SBI), the country’s largest government bank, are offering short-term and long-term deposits.
Know where you are getting more interest
Fixed deposit (FD) is considered to be the preferred investment option for those looking for a safe and assured return on their investment. All the top banks, including the country’s largest public sector bank, State Bank of India (SBI), are offering short-term and long-term deposits. Depending on your need, you can choose a tenure. Apart from banks, you can also start a fixed deposit with the Post Office. The rates of Post Office Time Deposits change every quarter.
FD interest rates of the post office from 1 April 2021
The Government of India withdrew the decision to reduce the interest rates of Small Savings Schemes. Now on the small saving scheme till the last quarter of the financial year 2020 – 21, the same interest rate will continue to be available. On Thursday, Finance Minister Nirmala Sitharaman gave this information.
Post office term deposit schemes are similar to bank FDs. The post office offers term deposits for a period ranging from 1 year to 5 years. Interest on post office deposits was revised on 1 April 2021. It offers an interest rate of 5.5 per cent for deposits of 1 year for 3 years. The post office offers 6.7 percent interest on the deposit account of 5 years time.
On 1 year deposit – 5.50 percent
On 2-year deposit – 5.50 percent
On 3-year deposit – 5.50%
On 5-year deposit – 6.70 percent
Check SBI’s latest FDs rates
Interest rate of 2.9 per cent will be given on fixed deposits of SBI from 7 days to 45 days FD. 3.9 per cent on FDs of 46 days to 179 days, on FDs of less than 1 year from 180 days will get interest at the rate of 4.4 per cent. FDs less than 1 year to 2 years will get 10 bps more interest. These deposits will get 5 percent interest instead of 4.9 percent.
Interest will be given at 5.1 per cent on FDs between 2 and 3 years, 5.3 per cent on FDs of 3 to 5 years and 5.4 per cent on FDs of 5 years and 10 years. These rates are applicable from 8 January 2021.
Senior citizens will get more interest
SBI offers 50 BPS interest rate to senior citizens for all tenures. After the recent amendment, senior citizens will get 3.4% to 6.2% interest on FDs maturing from 7 days to 10 years.
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