All the top banks including State Bank of India (SBI) offer customers the option to open FDs depending on their needs and requirements- be it short term or long term. Apart from banks, post office time deposits are also considered a safe alternative to FDs. There is quarterly revision in post office time deposit rates.
Post Office Fixed Deposit or Post Office Fixed Deposit Schemes
Post office fixed deposit schemes are similar to bank FDs. Post offices offer fixed deposits for tenors ranging from one year to five years. Like bank FDs, investors earn guaranteed returns during the tenure of post office term deposits. Interest on post office deposits was revised on 1st April 2020. For one year fixed deposit for three years, it offers an interest rate of 5.5%. For a five-year fixed deposit account, the post office offers an interest rate of 6.7%.
Latest Post Office Fixed Deposit Interest Rates from 1st April 2020
1yr-5.5%
2yr-5.5%
3yr-5.5%
5 years-6.7%
SBI Fixed Deposit (FD)
For SBI FDs, the tenure can vary from 7 days to 10 years, depending on the investment requirement, be it short term or long term. SBI FD interest rates vary between 2.9% to 5.4% for general customers.
SBI Latest FD Interest Rates (Below ₹2 crore) for general public effective January 8, 2021
7 days to 45 days – 2.9%
46 days to 179 days – 3.9%
180 days to 210 days – 4.4%
211 days to less than 1 year – 4.4%
1 year to less than 2 years – 5%
2 years to less than 3 years – 5.1%
3 years to less than 5 years – 5.3%
5 years and up to 10 years – 5.4%
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.