SBI vs Post Office FD Interest Rate: People have this problem whether it is good to get fixed deposit in banks or in post offices. If you are also going through such confusion, then today we will tell you where you should invest, so that you can get maximum benefit. Let us tell you that the money deposited in banks for a certain time is called Fixed Deposit and the amount deposited in the Post Office is called Post Office Time Deposits.
6.7% interest in the post office
You can deposit money in post office time deposit accounts for a period of 1 to 5 years. On depositing money there, interest at the rate of 5.5% is available on time deposits with a tenure of 1 to 3 years. Whereas interest is given at the rate of 6.7% on investment for 3 years.
In this way, you open an account in the post office and invest 8 lakh 35 thousand rupees, then after 3 years you will get a return of more than 10 lakh 19 thousand rupees. In this, you will get interest of 1 lakh 84 thousand 194 rupees. That is, the total amount will be 10 lakh 19 thousand 194 rupees.
SBI is giving 6.10 percent interest on FD
If we talk about the FD rates of the country’s largest government bank SBI, then under the Amrit festival of independence, they have launched Unsav Deposit Scheme, under which the account can be opened from 15 August 2022 to 28 October 2022. Under this scheme, the bank is giving annual interest at the rate of 6.10%. At the same time, senior citizens are being given interest at the rate of 6.60%.
If you open an account in this scheme and invest 8 lakh 35 thousand rupees, then after 3 years you will get a return of more than 10 lakh rupees. In this, you will get interest of 1 lakh 66 thousand rupees. That is, the total amount will be 10 lakh 1 thousand 296 rupees.
Post office is better in terms of savings
Now if a comparison is made between the two, then the post office looks better in terms of investment. Interest is available at the rate of 6.10 percent for 3 years FD in SBI, while 6.7% interest is available on time deposit for the same period in the post office. In such a situation, if you are thinking of investing for savings, then you can blindly apply for post office schemes.
