Deposit schemes resembling Fixed deposits (FDs) and others can show to be useful if executed at common intervals and a shopper can get good returns if invested in a proper investing scheme.
One such scheme is Post Office time period deposit schemes that are virtually just like financial institution FDs and it witnesses a quarterly revision of rates.
The authorities withdrew the choice of bringing down the rate of interest on Small Savings Schemes and thus, it’s going to stay unchanged.
Post Office time period deposit schemes contain deposits from one 12 months to 5 years and the interest on Post Office deposits was revised on April 1, 2021. For 1 to three years deposit time, it presents an interest rate of 5.5% and for a 5-year time deposit account, the Post Office presents an interest rate of 6.7%.
1-year: 5.5%
2-year: 5.5%
3-year: 5.5%
5-year: 6.7​ %
SBI’s newest FDs between 7 days to 45 days will usher in 2.9%. The financial institution’s interest rates on other FDs embody:
7 days to 45 days – 2.9%
46 days to 179 days – 3.9%
180 days to 210 days – 4.4%
211 days to lower than 1 12 months – 4.4%
1 12 months to lower than 2 years – 5%
2 years to lower than 3 years – 5.1%
3 years to lower than 5 years – 5.3%
5 years and as much as 10 years – 5.4%
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