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Post Office Time Deposit Vs SBI Fixed Deposit In terms of returns on FD, the post office is ahead of SBI. SBI offers interest in the range of 6.25% to 6.30% for FDs with tenures of 1 to 5 years, while the interest rate on time deposit for a tenure of 5 years in the post office is 7.5%.
Bank FD is a popular investment option in India. Because, along with fixed returns, the investment is completely safe. Usually, crores of people of the country prefer to make FD in government bank (Bank FD Interest Rate) or post office. Fixed deposit is known as time deposit in post office. But, do you know how much interest is available in post office time deposit and SBI FD and where is the interest more.
Since people across the country like to invest money in State Bank of India and Post Office schemes and FD, it is important for you to know where in these two, more interest is available on FD and in how many years the money doubles.
What is the interest rate on SBI FD
State Bank of India, India’s largest public sector bank, offers interest on FDs based on the deposit period. SBI offers interest in the range of 6.25% to 6.30% for FDs with tenures ranging from 1 to 5 years.
- The interest rate on FDs with tenures of one year and less than 2 years is 6.25%.
- The interest rate on FDs with tenures of two years and less than three years is 6.45%.
- The interest rate on FDs with tenures of three years and less than 5 years is 6.30%.
Interest rates in post office time deposits
- The interest rate in post office time deposits is higher than that of SBI.
- Interest rate in one year post office time deposits is 6.9%
- Interest rate in Post Office Time Deposit for a period of 2 years is 7.0%
- Interest rate in Post Office Time Deposit for a period of 3 years is 7.1%
- Interest rate in Post Office Time Deposit for a period of 5 years is 7.5%
Where money doubles quickly
If the interest on SBI FD and post office time deposit is calculated as per Rule 72, then money doubles quickly in post office time deposit. Since, post office gives 7.50% interest on a period of 5 years, hence the money doubles in 9.5 years.
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