Which investment in a Post Office FD or SBI FD would provide you a higher return? comprehend math

 Which investment in a Post Office FD or SBI FD would provide you a higher return? comprehend math

There are numerous investment alternatives available in India today, yet a sizable portion of the population still favours fixed deposit programmes. Post Office FD vs. SBI FD: There are many investment options available in India today. Customers have the choice of FD plans from both banks and post offices. Due to the rise in the repo rate, numerous banks recently raised the interest rates on their FD programmes. State Bank's name is also mentioned.

On February 15, 2023, the bank boosted its interest rates. Additionally, the post office offers its customers the option of time deposits for a duration of one to five years. In this case, we are providing you with information regarding the interest rates of both the SBI FD plan and the post office time deposit scheme in case you wish to invest in one of them.

Postal time deposit programme

The time deposit system is the name of the post office's FD programme. Customers have the option to invest in FDs for terms of 1, 2, 3, or 5 years, according to information provided on the post office's official website.

Customers receive 6.9 percent interest on a one-year loan, 7.00 percent on a two-year loan, 7.0 percent on a three-year loan, and 7.5 percent on a five-year loan out of this. It is important to note that consumers who use the post office generally and senior citizens both benefit from the same rate of interest.

SBI FD Programme

The largest public sector bank in India, State Bank of India, offers FDs with interest rates ranging from 7 days to 10 years. On FDs between 7 and 45 days, 3.0% interest will be paid to general customers; on FDs between 46 and 179 days, 4.50% interest will be paid; on FDs between 180 and 210 days, 5.25% interest will be paid; and on FDs between 211 days and 1 year, 5.75% interest will be paid. being paid.

FDs with terms of one to two years are offered at 6.80 percent, two to three years at 7 percent, three to five years at 6.50 percent, and five to ten years at 6.50 percent. On the other hand, when it comes to older persons, consumers always provide them a 0.50 percent higher interest rate.

SBI FD vs. Post Office TD Scheme

Whereas in the post office you can invest money for at least a year, SBI clients can also choose a 7-day FD. In the post office, regular customers are receiving higher yields on FDs with terms between one and five years. Seniors are receiving greater perks in the bank at the same time. In this case, you might choose to invest in the SBI or post office FD programme depending on your age.