The time deposit scheme in the post office is also like a bank FD, in which you can invest money from one year to five years.
The Corona era has made us understand the importance of savings and investment. Only small savings make big capital. It is difficult to say when suddenly the money is needed in life. Therefore, saving is also important and investing the saved money in the right scheme is also important.
Many times when we suddenly need money and there is no cash in our house, then our investment comes in handy. Therefore, it is important to invest the money in the right place, so that we can get a bumper return on our investment and when we get this entire amount, then it can prove to be a big capital for us.
Home Minister Amit Shah has also invested in the bank
Do you know that from the Chief Ministers of the states to the Prime Minister of India, Narendra Modi, big people also invest their money in schemes. Like PM Modi has also invested in a post office scheme. At the same time, Home Minister Amit Shah has also invested the amount in the bank. The Home Minister has fixed FD (fixed deposit) in banks with more than 9 lakhs. This is mentioned in the details of their assets and liabilities recorded on the website www.pmindia.gov.in .
What is the fix deposit scheme?
Many people invest their savings in Fixed Deposit. The reason is low risk and safe returns. You can also make a fixed deposit in banks and there is such a scheme in the post office as well. Where you will get more benefit in these two, in which you will get more interest… It is more important to pay attention to this. Here we will explain the example of State Bank of India (SBI) and Post Office.
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Difference between bank FD and post office time deposit
Fixed deposits can be made in any bank. Online option of FD account is also available in most banks including SBI. In the bank, you can FD for a maximum period of 7 days to 10 years. At the same time, you can invest in post office time deposit for at least 1 year and maximum of 5 years. However, it can be extended for the next 5 years before maturity is completed.
How much interest is State Bank paying?
State Bank of India fixed rates on January 8, the new rates are applicable. According to the new rate,
seven-day and 45-day maturities at 2.90 per cent
at maturity of 46 to 179 days to 3.90 per cent
at maturity of 180 to 210 days 4.40 per cent
on a year of maturity of 211 days, 4.40 per cent
a year Interest of 5.10 percent on 3-year maturity is 5.30 percent
on mid-term FD of 3 years to 5 years and 5.40 percent interest on 5 to 10 years long term FD . Interest rates are higher for senior citizens, so they will get higher returns.
Time deposit at the post office
The time deposit scheme in the post office is also like a bank FD, in which you can invest money from one year to five years. The new interest rates offered by the post office on time deposits are applicable from January 1, 2021. The post office is paying 5.5 percent interest to customers on time deposits of one year duration. Interest is being received at the same rate on the deposit period of 2 to 3 years. At the same time, customers get 6.7 percent interest after investing for five years.
When compared to other banks in long term fixed deposits, interest is paid at these rates:
