INSUBCONTINENT EXCLUSIVE:
SBI fixed deposit accounts can be maintained with a minimum balance of Rs 1,000.
Fixed deposit (FDs) accounts of banks and post offices are viable investment
options for the risk-averse investors since they offer guaranteed returns
At the same time, depositors also have the option of investing in the tax-saving fixed deposits (FDs) wherein income earned is allowed to be
exempted under section 80 (C) of the Income Tax (I-T) Act
Tax-saving FDs, however, keep the capital locked-in for five years, which means that subscribers cannot access their money from these term
deposits for a period, which is shorter than five years.(: What Utkarsh Small Finance Bank, SBI, ICICI Bank, HDFC Bank Offer As FD Interest
Rates)However, the regular fixed deposits offered by banks and post offices allow premature withdrawal facility, but do not enable tax
saving.Given below is a comparison of interest rates offered by State Bank of India (SBI) and India post:Fixed deposit interest rates of
SBISBI, the largest lender of the country, revised interest rates on FDs in the month of March
On deposits of less than Rs 1 crore, SBI offers interest rates ranging from 5.75 per cent to 6.75 per cent on fixed deposits of up to 10
Interest rates for senior citizens are marginally higher by 20-50 basis points.(: Five Investment Schemes That Can Make You Money, Offer
Security)SBI fixed deposit accounts can be maintained with a minimum balance of Rs 1,000
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 years6.56.7577.25(: Fixed Deposit Rates Of These Banks Are As High As 8.75%)Fixed deposit interest rates on post office fixed
deposit accountsCustomers can deposit their money in fixed deposit accounts of India Post, run under the Ministry of Communications
Individual and joint fixed deposit accounts can be opened with India Post via cash or cheque, stated its website, indiapost.gov.in
There is no maximum limit on the maximum amount of fixed deposit
However, the fixed deposit account requires a minimum balance to be kept at least at Rs 200.(: Interest Rates On Post Office Saving Schemes
Compared : PPF Vs Recurring Deposit)The following are the interest rates on January 1,
option depending on the purpose of making the investment
For instance, investors who look forward to pocketing a regular flow of money can embrace the monthly or quarterly interest pay-out option,
while the ones who aim for a consolidated sum at the end of a stipulated term can zero in on the latter option.(: Sukanya Samriddhi Account:
Why You Should Put Money By The 10th Of Every Month)"On maturity, customers can opt to re-book the entire amount for another tenor at the
then prevailing rates or withdraw the FD and use the money for the purpose it was originally invested for," said Ambuj Chandna, Sr
EVP Head - Retail Liabilities, Investment Payment Products, Kotak Mahindra Bank.
