State Bank of India (SBI), as well as other top banks, has lowered interest rates on its FDs due to the coronavirus pandemic. FD deposits with the Post Office can also be an option for people to start apart from banks.
SBI FD interest rates are applicable with effect from January 8
People who are looking for safe and assured returns on their investments, fixed deposits (FDs) are considered to be the preferred investment choice for them.
State Bank of India (SBI), as well as other top banks, has lowered interest rates on its FDs due to coronavirus pandemic. FD deposits with the Post Office can also be an option for people to start apart from banks. Post Office Time Deposits sees a quarterly revision of rates.
Here are latest Post Office term deposit interest rates
Post Office term deposit interest rates are effective from January 1. Post Office term deposit schemes are similar to bank FDs. Post offices offer term deposits ranging from one year to five years. The Post Office offers an interest rate of 5.5 percent for a one-year time deposit to three years. The Post Office offers an interest rate of 6.7 percent for five-year time deposit accounts.
| MATURITY PERIOD | INTEREST RATES |
| 1 year | 5.5% |
| 2 years | 5.5% |
| 3 years | 5.5% |
| 5 years | 5.7% |
Here are latest SBI FD interest rates
These rates are applicable with effect from January 8. 2.9 percent interest rates are offered by SBI FD between 7 days to 45 days. Between 46 days to 179 days term deposits, it will give 3.9 percent. FDs of 180 days to less than one year will fetch 4.4 percent. 10 bps more now on deposits with maturity between 1 year and up to less than 2 years. These deposits will fetch an interest rate of 5 percent instead of 4.9 percent. FDs maturing in 2 years to less than 3 years will give 5.1 percent. FDs with 3 years to less than 5 years will offer 5.3 percent and term deposits maturing in 5 years and up to 10 years will continue giving 5.4 percent.
| MATURITY PERIOD | INTEREST RATES |
| 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% |
