SBI fixed deposits vs Post Office deposits: Latest interest rates

  • For an SBI fixed deposit(FD), the tenures may vary from 7 days to 10 years
  • Post offices offer term deposits ranging from one year to five years

Sangeeta Ojha
Updated5 Nov 2020, 12:06 PM IST
Fixed deposits are preferred investment choice for those who are looking for safe and assured returns on their investments,
Fixed deposits are preferred investment choice for those who are looking for safe and assured returns on their investments,

Are fixed deposits (FDs) your preferred investment choice? It is atleast for them those who are looking for safe and assured returns on their investments, especially senior citizens. All top banks, including State Bank of India (SBI) have been lowering interest rates on its FDs on select maturities, following a reduction in the repo rate by the Reserve Bank of India (RBI). This move has prompted many individuals to consider other options such as Post Office 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.

Post Office Time Deposits or Post Office term deposit schemes

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 one-year time deposit to three years, it offers an interest rate of 5.5%. For five year time deposit account, Post Office offers an interest rate of 6.7%.

Latest Post Office term deposit interest rates with effect from 1 April 2020

1yr-5.5%

2yr-5.5%

3yr-5.5%

5yr-6.7​ %

SBI fixed deposits (FDs)

For an SBI FD, the tenures may vary from 7 days to 10 years, depending upon the need of investment, whether it is for short-term or long-term. SBI FD interest rates vary between 2.9% to 5.4% for general customers.

SBI latest FD interest rates (below 2 crore) for general public effective 10 September

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 - 4.9%

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%

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First Published:5 Nov 2020, 12:06 PM IST
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