Post Office FD: Post time deposit scheme known as post office FD is overshadowing 5 big and big banks like SBI and HDFC Bank.
Post Office FD: After increasing the repo rate of the Reserve Bank of India, in recent times, many banks and financial institutions have increased the interest rate on fixed deposits i.e. FD. That is, more interest is being offered on their FDs than before. Despite this, the Post Office time deposit scheme, known as Post Office FD, is weighing heavily on 5 big and big banks. If we consider one year FD, then post office is ahead of five big banks.
The country’s largest bank State Bank of India (SBI) is also applicable an interest rate of 5.10 percent on FD (SBI Domestic term deposits) fixed deposits of less than Rs 2 crore for less than 2 years from one year.
HDFC Bank one year FD
If you make an FD in private sector giant HDFC Bank for one year, then you will be offered 5.10 percent interest annually. This rate is applicable on the amount less than Rs 2 crore.
FD of Punjab National Bank
If you make a one-year FD in the public sector Punjab National Bank (PNB) for an amount of less than Rs 2 crore, then 5.10 percent interest rate is being offered annually.
ICICI Bank Fixed Deposit
According to the official website, even if you make an FD of less than Rs 2 crore in private sector ICICI Bank for 1 year to 389 days, you will still be offered an interest rate of 5.10 percent per annum.
Bank of Baroda FD
Public sector Bank of Baroda is giving less FD interest for an amount of less than Rs 2 crore. According to the official website, if you make an FD for one year, then you will get only 5.0 percent interest annually. That is, there is less return than the above mentioned banks.
Post office FD or time deposit scheme heavy on all this
If you invest in the post office time deposit scheme (Post Office time deposit interest rate) for one year, then at present you are getting an interest rate of 6.50 percent. This rate is more than the interest available on one year FD of the above five banks.