SBI fixed deposits vs IDFC First Bank FD vs Post Office deposits. Check latest rates here
2 min read.Updated: 21 Feb 2021, 01:46 PM IST Written By Sangeeta Ojha
For SBI, IDFC First Bank fixed deposit(FD), the tenures may vary from 7 days to 10 years
Post office term deposit schemes are similar to bank FDs
Fixed deposits (FDs) are considered to be the preferred investment choice. Top lenders, including the State Bank of India (SBI), HDFC Bank, ICICI Bank and IDFC First Bank have the option of short-term and long-term deposits. Just like banks, Post Office also gives you the op Time Deposits, which sees a quarterly revision of rates. The interest rates on these deposits were last revised on 1 April amid the coronavirus pandemic.
SBI latest FD interest rates (below ₹2 crore) for the general public effective 8 January 2021
For an SBI FD, the tenures may vary from 7 days to 10 years, depending upon the need for investment, whether it is for short-term or long-term. SBI FD interest rates vary between 2.9% to 5.4% for general customers.
Latest Post Office term deposit interest rates with effect from 1 April 2020
Post office term deposit schemes are similar to bank FDs. Post offices offer term deposits ranging from one year to five years. Like bank FDs, investors earn a guaranteed return through the tenure of the post office term deposit. The interest on Post Office deposits was revised on 1 April 2020. 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%.
IDFC First Bank latest FD interest rates (below ₹2 crore) for the general public effective 15 September 2020
Private sector lender IDFC First Bank offers short-term FDs ranging from seven days to one year and long-term FDs ranging from one to ten years. FD interest rates in IDFC First Bank range from 2.75%p.a. to 5.75% p.a. for deposits with a tenure of 7 days to ten years.