Many banks have increased the interest rate
After the increase in the repo rate by RBI, many banks have increased the interest rates of their savings accounts including FD and RD. Many of these banks are also giving the benefit of more than 9 percent interest rates to their customers. Recently, SBI has also increased the interest rates of its RD and FD rapidly. Many small finance banks including HDFC have also been ahead in this race.
SBI is giving its customers the benefit of 3% to 7.1% interest rate to non-senior citizens on fixed deposits ranging from 7 days to 10 years. Senior citizens are getting an additional benefit of 50 basis points (bps).
You can also get strong returns from the post office
In such a situation, if you are also excited about the term deposit of the post office, then you can earn profit by depositing in it as well. The post office gives its customers the benefit of term deposits with tenures ranging from 1 to 5 years.
getting this much interest rate
Post office is giving the benefit of 6.6% interest rate on 1 year term deposit and up to 7% interest rates to its customers on 5 year time deposit account. Talking about the rest of the term deposits, 6.6% interest rate is available on 1 Year Time Deposit, 6.8% interest rate on 2 Year Time Deposit, 6.9% interest rate on 3 Year Time Deposit and 7.0% interest rate on 5 Year Time Deposit. Used to be. After the details of post office and bank interest rates, you can easily understand and decide where to invest will be beneficial.