Governance

SBI FD vs Post Office FD: Which one to choose

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Fixed Deposits (FDs) with largest public sector lender State Bank of India (SBI) and Post Office are two most popular investment choices of the common people.

With the revision of interest rates being offered, here is a comparison between SBI FD and Post Office FD to help you make a better choice:

SBI FD:

1. SBI has revised its rate of interest on FDs in March 28, 2018.

2. On deposits less than Rs. 1 crore, the interest rates range from 5.75% to 6.75% on FDs of up to 10 years.

3. For senior citizens, the interest rate is marginally higher by 20-50 basis points.

4. You need a minimum balance of Rs 1000 to maintain the account.

5. There is no cap on the maximum amount which can be put in FDs.

6. For FDs with tenor 7 days to 45 days, the interest rate is 5.75% for public and 6.25% for senior citizens.

7. For FDs with tenor 46 days to 179 days, the interest rate is 6.25% for public and 6.75% for senior citizens.

8. For FDs with tenor 180 days to 210 days, the interest rate is 6.35% for public and 6.85% for senior citizens.

9. For FDs with tenor 211 days to less than 1 year, the interest rate is 6.4% for public and 6.9% for senior citizens.

10. For FDs with tenor 1 year to less than 2 year, the interest rate is 6.4% for public and 6.9% for senior citizens.

11. For FDs with tenor 2 years to less than 3 years, the interest rate is 6.6% for public and 7.1% for senior citizens.

12. For FDs with tenor 3 years to less than 5 years, the interest rate is 6.7% for public and 7.2% for senior citizens.

13. For FDs with tenor 5 years and up to 10 years, the interest rate is 6.75% for public and 7.25% for senior citizens.

Post Office FD:

1. For FDs with the Post Office, subscribers can go for individual as well as joint fixed deposit accounts.

2. The FDs can be opened by depositing cash or cheque.

3. The minimum balance for FD account is Rs 200.

4. There is no maximum cap.

5. For more information, customers can visit indiapost.gov.in.

6. For FD with a tenor of 1 year, the interest rate is 6.60%.

7. For FD with a tenor of 2 years, the interest rate is 6.7%.

8. For FD with a tenor of 3 years, the interest rate is 6.90%.

9. For FD with a tenor of 5 years, the interest rate is 7.40%.

 

Sreya Basu

Sreya is based in Kolkata. She is a Senior Editor of Big Wire.

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