Deposit schemes such as Fixed deposits (FDs) and others can prove to be beneficial if done at regular intervals and a consumer can get good returns if invested in a right investing scheme.
One such scheme is Post Office term deposit schemes which are almost similar to bank FDs and it witnesses a quarterly revision of rates.
The government withdrew the decision of bringing down the rate of interest on Small Savings Schemes and thus, it will remain unchanged.
Post Office term deposit schemes involve deposits from one year to five years and the interest on Post Office deposits was revised on April 1, 2021. For 1 to 3 years deposit time, it offers an interest rate of 5.5% and for a 5-year time deposit account, the Post Office offers an interest rate of 6.7%.
5-year: 6.7 %
SBI’s latest FDs between 7 days to 45 days will bring in 2.9%. The bank’s interest rates on other FDs include:
7 days to 45 days - 2.9%
46 days to 179 days - 3.9%
180 days to 210 days - 4.4%
211 days to less than 1 year - 4.4%
1 year to less than 2 years - 5%
2 years to less than 3 years - 5.1%
3 years to less than 5 years - 5.3%
5 years and up to 10 years - 5.4%