SBI fixed deposit vs Post Office term deposit: All top banks give the customers an option of opening an FD. In a bid to attract fresh depositors, several banks have increased their deposit rates in recent weeks. From an average of 5 per cent, around 10 months ago, FD rates have surged to more than 7 per cent. Recently, the State Bank of India (SBI), HDFC Bank were among the banks to hike their FD interest rates. Apart from the banks, Post Office Time Deposits are also considered a safe option for FDs. Post Office Time Deposits sees a quarterly revision of rates.
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Post office term deposit schemes are similar to bank FDs. Post offices offer term deposits ranging from one year to five years. Like bank FDs, investors earn a guaranteed return through the tenure of the post office term deposit. For a one-year time deposit, it offers an interest rate of 6.6%. For a five-year time deposit account, Post Office offers an interest rate of 7%. These rates are effective 1 January 2023.
Latest Post Office term deposit interest rates
1 Year Time Deposit 6.6
2 Year Time Deposit 6.8
3 Year Time Deposit 6.9
5 Year Time Deposit 7.0
Latest SBI fixed deposits interest rates
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SBI FDs between 7 days to 10 years will give 3% to 7.1% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. 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%
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3 years to less than 5 years – 6.5%
5 years and up to 10 years – 6.5%
