Leading banks as well as post offices offer the option of opening fixed deposit accounts.
Fixed deposit (FD) accounts offered by banks and post offices offer lucrative interest rates.
The interest rates are fixed until a given maturity period.
The interest rates on fixed deposits do not change and thus the customer knows at the time of applying for a fixed deposit, the returns that he/she will make on his/her FD investment.
Leading banks as well as post offices offer the option of opening fixed deposit accounts.
The largest lender of the country State Bank of India (SBI) also offers this option.Given below is a comparison of interest rates on fixed deposit accounts offered by SBI and post officesFixed deposit interest rates of SBIThe following are the fixed deposit interest rates on deposits less than Rs 1 crore (according to sbi.co.in):(: SBI Vs HDFC Bank Vs ICICI Bank - Car Loan Interest Rates, Features Compared)(All figures in % per annum)TenorsExisting for Public w.e.f.
28.02.2018Revised For Public w.e.f.
28.03.2018Existing for Senior Citizens w.e.f.
28.02.2018Revised for Senior Citizens w.e.f.
28.03.20187 days to 45 days5.755.756.256.2546 days to 179 days6.256.256.756.75180 days to 210 days6.356.356.856.85211 days to less than 1 year6.46.46.96.91 year to less than 2 year6.46.46.96.92 years to less than 3 years6.56.677.13 years to less than 5 years6.56.777.25 years and up to 10 years6.56.7577.25Fixed deposit interest rates of post officesPost office fixed deposits require a minimum investment of Rs 200, according to India Post's website, indiapost.gov.in.
The following interest rates are with effect from January 1, 2018:PeriodRate1yr.A/c6.60%2yr.A/c6.7%3yr.A/c6.90%5yr.A/c7.40%SBI also offers savings accounts, savings plus accounts, and basic savings bank deposit accounts, among others.Post offices offer nine savings schemes, including fixed deposits.
The other eight savings schemes are: savings accounts, recurring deposits, public provident funds, Sukanya Samriddhi accounts, monthly investment saving scheme, senior citizen savings scheme, national savings certificates, and Kisan Vikas Patra.