Fixed deposits (FDs) are considered to be the preferred investment choice for them those who are looking for safe and assured returns on their investments. All top banks, including the State Bank of India (SBI), offer short-term and long-term deposits. Depending upon your need, you can opt-in for the desired tenure. Apart from banks, you can start an FD deposit with the Post Office too. Post Office Time Deposits sees a quarterly revision of rates.
Post Office latest term deposit interest rates with effect from 1 April 2021
The Government of India withdrew the lowered rate of interest on Small Savings Schemes announced earlier, and now the rate of interest on these will remain unchanged as the last quarter of 2020-2021, said Union Finance Minister Nirmala Sitharaman on Thursday.
Post Office term deposit schemes are similar to bank FDs. Post offices offer term deposits ranging from one year to five years. The interest on Post Office deposits was revised on 1 April 2021. For a one-year time deposit to three years, it offers an interest rate of 5.5%. For a five-year time deposit account, the Post Office offers an interest rate of 6.7%.
5-year: 6.7 %
Also Read | Why Kerala may not swing this time round
SBI latest FD interest rates (below ₹2 crores) for the general public effective 8 January 2021
SBI FDs between 7 days to 45 days will fetch 2.9%. Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. Deposits with maturity between 1 year and up to less than 2 years will give 10 bps more now. These deposits will fetch an interest rate of 5% instead of 4.9%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will continue giving 5.4%. These rates are applicable with effect from 8 January 2021. SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.4% to 6.2% on FDs maturing in 7 days to 10 years.
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%