Bank Fixed Deposit Interest Rates: For safe investment, investing money in fixed deposits (FD) of banks or post office is a better option. On this investment, the account holder gets the benefit of predetermined interest from the bank or post office. It is not affected by market fluctuations. Fixed deposits earn more interest than normal savings bank accounts. But in this your money gets locked for a long time.
In FD, there is an option to withdraw money before maturity, but in doing so, some charges or interest has to be lost. Apart from this, deposit insurance guarantee is also given to investors on FDs up to 5 lakhs. Banks, Non-Banking Financial Companies (NBFCs) and Post Offices change the interest rates of their fixed deposits when the policy interest rates are changed by the Reserve Bank of India (RBI) from time to time.
Here we are giving information about the interest currently being given by SBI, HDFC Bank and Post Office on FD up to Rs 2 crore so that you can decide where to invest more beneficially.
SBI FD Interest Rates
After the increase in the repo rate by the RBI, the largest public sector bank SBI has increased the interest rate on its FDs. At present, interest from 2.9% to 5.65% is being given by SBI on FDs with tenor from 7 days to 10 years. The interest rate on FD for senior citizens ranges from 3.4% to 6.45%.
SBI has introduced a special tenor FD scheme, which will mature in 1000 days. Under this new FD scheme implemented from 15 August 2022, the bank is giving 6.10 percent interest. This scheme is available for 75 days from 15th August. The bank has also come up with a special plan for senior citizens in the name of SBI Wecare, in which an additional interest of 30 basis points is being given to senior citizens. SBI Wecare plan is for FDs maturing in 5 years or more.
HDFC Bank FD Interest Rates
HDFC Bank is offering 6.1% interest on FDs with tenures ranging from 3 years 1 day to 5 years. Whereas SBI is giving only 5.6% interest on FDs of the same duration. HDFC Bank is offering 0.5% additional interest to its senior citizen customers. The new interest rates of the bank are applicable from 18 August 2022.
Post Office FD Interest Rates
Post office FD is getting more interest as compared to SBI and HDFC Bank. If you invest in post office FD for 5 years, then you will get interest up to 6.7%. The post office is offering 5.5% interest rate on FDs with tenures ranging from 1 to 3 years.
