New Delhi: Fixed Deposit (FD) is considered to be the most preferred choice among the Indians for saving. One of the biggest reasons for its popularity is that the depositor gets good interest as well as a guarantee of money. Notably, the demand for FD has risen in the last couple of days as the Reserve Bank of India (RBI) increased the interest rate by 40bps.
Following the RBI’s move, the State Bank of India (SBI), India’s largest lender, hiked its rate of FDs for its customers.
If you are looking for investing in FDs then you can also consider FDs in Post Office. Investments in Post Offices are also much similar to banks so we have provided details for you to compare it with the interest rate of SBI FD below.
Interest on SBI Fixed deposit
The data on the rate of interest of SBI is taken from the official website of the bank. The new interest is applicable w.e.f 15 February 2022 in the country:
For the tenors of 7 days to 45 days- The general public gets an interest rate of 2.9% while senior citizens receive 3.4%.
For the tenors of 46 days to 179 days- The general public gets an interest rate of 3.9% while senior citizens receive 4.4%.
For the tenors of 180 days to 210 days- The general public gets an interest rate of 4.4% while senior citizens receive 4.9%.
For the tenors of 211 days to 1 year- The general public gets an interest rate of 4.4% while senior citizens receive 4.9%.
For the tenors of 1 year to less than 2 years- The general public gets an interest rate of 5.1% while senior citizens receive 5.6%.
For the tenors of 2 years to less than 3 years- The general public gets an interest rate of 5.2% while senior citizens receive 5.7%.
For the tenors of 3 years to less than 5 years- The general public gets an interest rate of 5.45% while senior citizens receive 5.95%.
For the tenors of 5 years and up to 10 years- The general public gets an interest rate of 5.5% while senior citizens receive 6.3%.
Interest on Post Office Fixed Deposit
For the period of 1 year- One receives 5.50%.
For the period of 2 years- One receives 5.50%.
For the period of 3 years- One receives 5.50%
For the period of 5 years- One receives 6.7%.
