Now we will learn which option gives you the most benefit when investing between the two or what is the difference between the two.
New Delhi: People often keep money in term deposits (FDs) for safe investments . During the Corona outbreak, most banks cut interest rates on term deposits (FDs). Even so, owning one is still beyond the reach of the average person. Fixed deposits can also be withdrawn at the post office, but most people choose to invest only in banks. Now we will learn which option gives you the most benefit when investing between the two or what is the difference between the two. Which is the highest interest rate offered by State Bank of India (SBI) and Post Office? (sbi fd or post office time deposit know who is giving more interest)
Difference between Bank Fixed Deposit and Post Office FD
Term Deposits (FDs) can be kept in any bank and most banks also have the option of online FD account. FD is available in the bank for a period of 7 days to a maximum of 10 years. The minimum deposit at the post office is minimum 1 year and maximum 5 years.
Does SBP pay too much interest?
State Bank of India’s term deposits are subject to new rates on January 8. Under the new rates, customers will get 2.9 per cent interest on maturity FDs from seven days to 45 days at the bank. At the same time, the interest rate is 3.9 per cent on Maturity FD in 46 to 179 days, 4.4 per cent on Maturity FD in 180 to 210 days and 4.4 per cent on Maturity FD in 211 days.
The bank offers 50 basis points more interest on all FDs to senior citizens.
SBI offers interest rates of 5% on FDs for one year to 2 years, 5 to 10 per cent on FDs for two years to three years and 5.30% on FDs between 3 years and 5 years. 5.40 per cent interest is paid on long term FDs of 5 years to 10 years. The bank offers 50 basis points more interest on all FDs to senior citizens.
What is the interest on deposits?
Post office time deposit is similar to bank FD, in which you can invest money for one to five years. The interest rate offered by the Post Office on time deposits is applicable from 1st January 2021. The post office is offering customers an interest rate of 5.5 per cent on one-year term deposits. At the same time, investors get only 5.5 per cent interest on two-year and three-year deposit periods. But investing in a five-year post office time deposit earns customers 6.7 per cent interest.
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