Here we are telling you about the interest received on State Bank of India (SBI) and Post Office FD. Where can you get more interest out of these two?
SBI vs Post Office Fixed Deposit Interest rate : If you do not want to invest because you are afraid that your money may sink somewhere? You also want to avoid investing in share market or mutual funds. You rely more on Fixed Deposit (FD) than the stock market. Here we are telling you about the interest received on State Bank of India (SBI) and Post Office FD. Where out of these two can you get more interest?
SBI FD Rates
The country’s largest public sector bank State Bank of India (SBI) has increased the interest on deposits of less than Rs 2 crore i.e. FD on June 14, 2022. SBI has increased the interest rate on FDs maturing in 211 days from 4.40 percent to 4.60 percent, from 5.10 percent to 5.30 percent on deposits of less than 1 year to 2 years. The interest rate on FDs of more than 2 years but less than 3 years has been reduced from 5.20 percent to 5.35 percent.
SBI is offering 4.60 percent interest on one year deposit, 5.30 percent interest on two year deposit, 5.35 percent interest on three year deposit, 5.45 percent interest. It is giving an interest of 5.50 percent on FDs ranging from five to 10 years. Senior citizens are getting an additional interest of 0.50 percent on FDs of 7 days to 5 years.
SBI is paying so much interest on FD.
Post Office FD
Post Office Time Deposit Account (TD) is a small savings account of the Department of Posts. It is run by the Ministry of Communications, Government of India. TD can be opened for up to five years. In this, a minimum deposit of Rs 1,000 has to be made. Interest of 5.5 per cent is being available in post office deposits of 1 to 3 years. This is more than the FD rate of SBI. Interest is getting at the rate of 6.7% on the post office FD of 5 years. SBI is getting more interest on post office time deposit than FD. Here senior citizens do not get additional interest.
Post office is paying so much interest on FD.