Post Office Time Deposit Vs SBI Fixed Deposit: To attract new depositors, many banks have increased their deposit rates following the RBI rate hike. The central bank has hiked the repo rate by 250 bps from May 2022, and after six consecutive repo rate hikes, has decided to hit the pause button this month.
From an average of 5 per cent about 10 months ago, FD rates have crossed 7 per cent. Apart from banks, post office time deposits are also considered a safe option for FDs. The post office sees quarterly revision in time deposit rates.
Post Office FD Interest Rates with effect from 1 April 2023
Post office term deposits, which were fetching lower returns than bank FDs in the recent past, have become competitive again as the government made three back-to-back hikes in interest rates on small savings schemes.
The return on a two-year post office time deposit under small savings schemes is 6.9 per cent, which is similar to the maturity deposit offered by most banks. The rate on three-year POTD was increased from 5.5 per cent to 7 per cent.
About Small Savings Instrument (SSI)The government has hiked interest rates by 10-70 bps for the first quarter of the current financial year.
1 year -6.8%
2 years -6.9%
3 years – 7.0%
5 years – 7.5%
SBI Fixed Deposit Interest Rates
SBI FD Will give 3% to 7.1% to general customers between 7 days to 10 years. Senior citizens will get an additional 50 basis points (bps) on these deposits. The interest rate offered by India’s largest lender State Bank of India on deposits of one year to less than two years is 6.8 per cent. SBI’s interest rate on deposits from two years to less than three years is 7 percent. These rates are effective from 15 February 2023.
7 days to 45 days – 3%
46 days to 179 days – 4.5%
180 days to 210 days – 5.25%
211 days to less than 1 year – 5.75%
1 year to less than 2 years – 6.8%
400 days (Amrit Kalash) – 7.10%
2 years to less than 3 years – 7.00%
3 years to less than 5 years – 6.5%
5 years and up to 10 years – 6.5%
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