It is better to do FD at SBI or term deposit at Post Office, find out where you are getting bumper returns

Post office term deposit for one year, two years, three years and 5 years

Post office fixed deposit (FD) schemes are similar to bank FDs. Post offices offer term deposits of one to five years. Like an FD in a bank, the investor offers a guaranteed return on the term of the post office term deposit. Post office term deposit for one year, two years, three years and 5 years.

At the post office, 1 to 3 year FDs carry an interest rate of 5.50 percent, while up to 5 years FDs carry an interest rate of 6.70 percent.

Find out the new post office interest rates

The post office offers 5.50 per cent interest on one-year FDs. 1 year 1 day to 2 year FDs have the same interest rate. Interest is also available on FDs up to 3 years at a rate of 5.50%. 6.70 per cent interest is available on FD from 3 days to 5 years.

Bank Holiday January 2022: Banks will be closed for 16 days in January, check the complete list before knowing the branch

Find out the FD rate in SBI

The interest rate on FDs in State Bank of India can vary from 7 days to 10 years. Typically, interest rates for SBI customers range from 2.9 percent to 5.4 percent. SBI offers a further 50bps for senior citizens. Also, SBI launched a special SBI Wecare deposit scheme for senior citizens to reduce interest rates during the corona virus epidemic. In this special FD scheme, 30 bps interest is available for a period of 5 years. Explain that under SBI Wecare Deposit Scheme, if a senior citizen makes a permanent deposit under a special FD scheme, the interest rate applicable on FD will be 6.20 percent.

Find out the new interest rate of SBI is less than Rs 2 crore

7 days to 45 days – 2.9%

For 46 days to 179 days – 3.9 percent

180 days to 210 days – 4.4%

211 days to less than 1 year – 4.4%

Over 1 year and under 2 years – 5%

Over 2 years and under 3 years – 5.1%

5.3 percent less than 3 years and more than 5 years

5 years and up to 10 years – 5.4%

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