Post Office Fixed Deposit: After the announcement of increasing the repo rate by the Reserve Bank of India, most of the big banks in the country have increased the interest rate of FD. Customers have also benefited from this. Many big banks are giving high returns on FD to the customers.
Even after increasing the FD interest rates of banks, customers remain confused about investing in post office FD and bank FD. Here let us tell you about the interest rate offered by the post office and the big banks in the country. This interest rate is given on FDs with tenor up to 1 year.
Customers get good returns by investing in Post Office FD Scheme. If you invest in a post office FD scheme for 1 year, you will get a return of 5.5%. You can open a post office FD with an investment of Rs 1,000. On the other hand, on FD for up to 5 years, you will get an interest rate of up to 6.70 percent in the bank.
The country’s largest public sector bank. State Bank of India offers its customers an interest rate of 4.90 on FDs of less than 1 year and 5.10 percent on FDs of 1 to 2 years.
The country’s largest private sector bank HDFC Bank is offering its customers an interest rate of up to 5.10 percent on FDs for up to 1 year. The country’s second-largest public sector bank. Punjab National Bank offers a 5.10 percent interest rate to its customers on FDs for up to 1 year.
Bank of Baroda gives a 5 percent return on FD to its customers for 1 year. According to the information given on the ICICI Bank website, the bank offers an interest rate of about 5.10 percent for a period of 1 year on FDs of less than 2 crores.