SBI vs Post Office FD Interest Rate: In this uncertain environment, everyone wants to secure their future by saving a little. But he does not understand whether to invest money in FDs of banks or it will be right for him to deposit money in post offices. Today we guide you right about this.
SBI vs Post Office FD Interest Rate: In today’s era, inflation has increased so much that both husband and wife have to work to run the family. After meeting the household expenses, they want to save a little, then they do not understand the right option where they should invest their money. When it comes to good investments, the first thing that comes to the mind of people is the fixed deposit. The reason for this is that the interest is highest in it.
Who is right in banks and post offices for savings?
Now the problem is whether it is good to get fixed deposit done in banks or it is better to get it done in post offices. If you are also going through such confusion, then today we guide you properly. The money deposited in banks for a certain period is called fixed deposit and the amount deposited in the post office is called post office time deposit.
Interest up to 6.7 percent in post offices
You can deposit money in post office time deposit accounts for a period of 1 to 5 years. On depositing money there, interest at the rate of 5.5% is available on time deposits with a tenure of 1 to 3 years. Whereas interest is given at the rate of 6.7% on investing for 5 years.
SBI FD interest rates up to 6.30 percent
If we talk about the FD rates of the country’s largest government bank SBI, then it is also giving the same interest rates as the post offices. SBI is offering interest rates ranging from 2.90 percent to 5.50 percent on FD to woo consumers. At the same time, for senior citizens, interest rates ranging from 3.40 percent to 6.30 percent are being given.
Post office is better in terms of savings
Now if a comparison is made between the two, then the post office looks better in terms of investment. Interest at the rate of 5.5 per cent is available on getting a 5-year FD in SBI, while 6.7% interest is available on time deposit in the post office for the same period. In such a situation, if you are thinking of investing for savings, then you can blindly apply for post office schemes.
