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When it comes to investment, the first thing that comes to mind is fixed deposit. You can trust it blindly. It has nothing to do with the market. The interest rate is fixed in advance. Guaranteed returns are paid at the end of the term.
The interest rate on fixed deposits is higher than that of savings accounts. So many people make fixed deposits when they have money in hand. FDs can be made in post offices as well as banks. But where is the profit more? Let's see.
Interest rate on fixed deposits in State Bank of India: Customers can make fixed deposits in SBI, the country's largest state-owned bank, for different tenors. The interest rate varies according to the tenor. Interest is available from 6.5 per cent to 7 per cent for tenors of 1 year to 5 years.
According to the SBI website, the current interest rate on one-year fixed deposits is 6. per cent Customers are interested at the rate of 7.00 per cent for a 2-year term, 6.75 per cent for a 3-year term, 6.7 per cent for a 4-year term and 6 per cent for a 5-year term.
Interest rate on fixed deposits at post offices: Fixed deposits at post offices are called time deposits. Customers can invest for a period of 1, 2, 3 and 5 years. Customers will be interested in the rate of 6.7 per cent cent 7.1 per cent on time deposits of different tenors from January 1 to March 31Thehe centre has kept the interest rate on the small savings scheme unchanged. The notification issued by the Department of Economic Affairs of the Ministry of Finance says, “The interest rate will remain unchanged in the fourth quarter of the financial year 2024-25.”
That is, the interest rate paid in the small savings scheme in the third quarter of the financial year 2024-25 (from October 1, 2024 to December 31, 2024) will be the same rate in the current quarter. There is no change.
Accordingly, the interest rate on one-year time deposits of the post office will remain at 6.9 per cent. In addition, customers will be interested in the rate of 7.00 per cent for a 2-year term, 7.1 per cent for a 3-year term and 6. per cent for a 5-year term. Statistics show that the interest rate of the post office is slightly higher than that of SBI. That is, investing in the post office's time deposit will yield more profit.