Investment Tips: Where will you get more returns on FD in SBI or the post office, know here...
There are many people in the country today who are in search of a different option for those who invest away from the dangers of the market. For those people, investing in fixed deposits would be a better option. In the recent past, banks have been increasing their deposit schemes continuously since the Reserve Bank of India (RBI) increased its repo rate.
That's why the general public is preferring to invest in fixed deposits. If you are planning to invest in the country's largest public bank i.e. State Bank of India (SBI) or the post office fixed deposit scheme, then today we will tell you how much return is available in both the schemes. After that, You can invest in either of the two at your discretion.
FD Scheme of State Bank
On June 14, 2022, the State Bank of India (SBI) changed the interest rates of its FDs. SBI gives an interest of up to 5.50 percent to ordinary citizens on FD schemes of less than Rs 2 crore with tenures ranging from 7 days to 10 years. At the same time, it offers an interest rate of up to 6.30 percent to senior citizens. Now let us tell you about the interest rate available on different tenors- 2.90 percent from 7 days to 45 days, 3.90 percent from 46 days to 179 days, 4.60 percent from 211 days to less than 1 year, from 3 years 5 years - 5.45 percent, 5 years to 10 years - 5.50 percent.
Post office interest rate
The interest rate offered by the post office on a fixed scheme is called a time deposit scheme. On behalf of the post office, it offers FDs of up to 1 - 5 years to its customers. The post office offers an interest rate of 5.5 percent on FDs of 1, 2, and 3 years and 6.7 percent on FDs of more than 5 years.