In banks, you can FD for 7 days to 10 years, then you get 1 year to 5 years option in the post office time deposit.
new Delhi. Even today when talking about investment, most of the people recommend FD ie Fixed Deposit. FD is considered a better option in terms of investment, in which returns are guaranteed with a guarantee. In this, you get higher returns than Saving Account. Apart from banks, you can also get FD in Post Office, which is called Post Office Time Deposit. In banks, you can FD for 7 days to 10 years, then in the post office you get 1 year to 5 years option.
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SBI’s FD interest rates
The new interest rates on FD of SBI have come into effect from 8 January. According to this, the bank is paying 2.9% interest to customers on FDs maturing in 7 days to 45 days. At the same time, interest is getting 3.9% on FDs maturing in 46 to 179 days, 4.4% on FDs maturing in 180 to 210 days, and 4.4% on FDs maturing within 211 days.
SBI offers 5% interest on FDs maturing between 1 year and 2 years, 5.10% on FDs between 2 years and 3 years and 5.30% on mid-term FDs of 3 years to 5 years. At the same time, 5.40% interest is being given on long term FDs from 5 years to 10 years. The bank pays 50 basis points more on all FDs to senior citizens.
Interest rates on post office time deposits
You can deposit money from 1 year to 5 years in the post office time deposit. The new interest rates offered by the post office on time deposits are effective from January 1, 2021. The post office pays 5.5% interest on time deposits of 1 year, 2 years or 3 years. However, depositors get 6.7% interest after investing for 5 years.
Obviously, if you are going to make a fixed deposit for a period of 1 year to 5 years, then you will get more interest in the time deposit of the post office.
