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New Delhi- Bank FD is a popular investment option in India. Because, with stable returns, the investment is completely safe. Generally, crores of people of the country prefer to make FD in government bank (Bank FD Interest Rate) or post office (Post Office Time Deposit).
Fixed deposit is called time deposit in post office. But, do you know how much interest is given in post office time deposit and SBI FD and where is the interest higher.
Since people across the country like to invest money in State Bank of India and Post Office schemes and FDs, it is important for you to know which of these two gives higher interest on FD and in how many years the money doubles.
What is the interest rate on SBI FD?
India’s largest public sector bank, State Bank of India, offers interest on FDs based on the deposit tenure. SBI offers interest in the range of 6.25% to 6.30% for FDs with tenures of 1 to 5 years.
– The interest rate on FDs with tenors of one year and less than 2 years is 6.25%.
– The interest rate on FDs with tenors 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 SBI.
– The interest rate on post office time deposit for one year is 6.9%.
– The interest rate on Post Office Time Deposit for 2 years is 7.0%.
– The interest rate on Post Office Time Deposit for 3 years is 7.1%.
– The interest rate on Post Office Time Deposit for 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. Because, Post Office gives 7.50% interest on a period of 5 years, so the money doubles in 9.5 years.
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