SBI fixed deposit vs India Post office fixed deposit, which one is better

 State bank of India FD vs Post office FD, which is better ?

Every investor will make a fixed deposit in the same bank from where he will get higher interest. It is very good to think, but before getting a fixed deposit, one should always understand the interest on it properly. Many times investors get fixed deposits made in a private financial institution whose financial track record of its own is not good. We always bring safe investment options for our website visitors.

Today we will talk about the angle from which government banks and financial institutions are giving maximum interest on fixed deposits.

Today we will take a look at the interest rate offered on Fixed Deposits by the strongest and biggest banks in India.

State Bank of India & Post Office of India, both are such financial institutions on which everyone trusts a lot. FD interest rates have been increased by banks in the last few months and this is done to attract more and more investors. In such a situation, the interest rate of FD has also been increased by the post office. Due to this, investors are getting much higher interest on FD than before.

Post Office increased interest rates on April 1, 2023

At the end of March, the Indian central government had announced an increase in interest on all post office small savings schemes from 0.10 percent to 0.70 percent, due to which investors would get 6.8 percent to 7.5 percent interest on post office FDs. Interest is being received up to Rs. In such a situation, this fixed deposit scheme of the post office is attracting all the investors. Let us understand how much interest investors will get on fixed deposits in the post office for how many years.

• On 1 year fixed deposit and FD - 6.8 percent
• On 2 year fixed deposit and FD - 6.9 percent
• On 3 year fixed deposit and FD - 7.0 percent
• On 5 year fixed deposit and FD - 7.5 percent

Best India Post Office long term investment schemes must read it:

SBI's interest rate on fixed deposits for the year 2023:

State Bank of India is such a brand name in the Indian banking sector that everyone trusts. State Bank of India has always kept its investors happy by offering them the best investment schemes. To attract investors from State Bank of India, FDs ranging from 7 days to 10 years are being offered to investors by the bank. Along with this, 50 basis points additional interest rate is also being given to senior citizens.

Let us understand how much interest State Bank of India is giving to its investors on fixed deposits.

 Interest on FD to general citizens by State Bank of India:

•  7 days to 45 days on Fixed Deposit -3.00 percent
• 46 days to 179 days on Fixed Deposit - 4.50 percent
• 180 days to 210 days on Fixed Deposit - 5.25 percent
• 211 days to less than one year on Fixed Deposit - 5.75 percent
• On fixed deposits from one year to less than two years - 6.80 percent
• Fixed Deposit for 400 days (Amrit Kalash) - 7.10 percent
• On Fixed Deposits of two years to less than three years - 7.00 percent
• On fixed deposits of three years to less than five years - 6.50 percent
• On fixed deposits ranging from five years to ten years - 6.50 percent

Must Note:

On the other hand, State Bank of India has kept a little more interest on fixed deposits for retired employees, which is a very good thing because the retired employees of State Bank of India have faithfully served the customers of the bank for many years. This is why the bank keeps running some benefit schemes for its retired employees.

Disclaimer:  This can be our personal opinion, so do your own research before taking any decision.