HomeMoneySBI special deposit scheme vs post office time deposits: Latest interest rates

SBI special deposit scheme vs post office time deposits: Latest interest rates

Published on

State Bank of India (SBI), the country’s top lender, recently launched a special deposit scheme offering higher interest rates. This special FD deposits is available for a limited period offer. SBI special deposit scheme, which is known as ‘Utsav’ Deposit, will end on 28 October, the lender mentioned on its website. 

‘Utsav’ Deposit, SBI special deposit scheme tenor

1000 Days

‘Utsav’ Deposit, SBI special deposit scheme latest interest rates

On Utsav Fixed Deposit Scheme, SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. Senior citizens will get an additional interest rate of 50 basis points (bps) over and above the regular rate. For them, these special deposits will fetch an interest rate of 6.5%

SBI latest FD rates for general and senior citizens

SBI offers FD interest rates of 2.90%-5.65% p.a. to the general public and 3.40%-6.40% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rates of SBI Tax Saving FDs is 5.65% p.a. for the general public and 6.45% p.a. for senior citizen depositors. The revised FD rates are applicable from 13 August 2022.

Post Office Time Deposit Account (TD), also known as Post Office fixed deposits (FDs)

  • The minimum deposit value is 1,000 without any maximum limit.

Post Office Time Deposits latest interest rates

Notably, the interest rate is 5.5% each on a 1-year, 2-year, and 3-year time deposit. Meanwhile, the rate is 6.7% on a 5-year time deposit. There is also a tax benefit of 1.5 lakh under section 80C of the IT Act for a 5-year TD. As per the India Post, on deposits of 10,000 – the annual interest is 561 on 1-3 year time deposits. While the annual interest earned is 687 for 10,000 deposits on 5-year TD.

Since the RBI increased the repo rate in August, all major banks have increased their interest rates on fixed deposits in an effort to woo the investors.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Post your comment

Source link

Latest articles

Raging Bulls! Sensex Jumps Over 1,200 pts, Nifty Atop 17,150; Why Market is Rising Today

After seven consecutive sessions of losses, domestic equities witnessed a relief rally on...

Stunned Casper Ruud Follows Ill Cameron Norrie Out Of Korea Open | Tennis News

World number two Casper Ruud crashed out of the Korea Open quarter-finals.© AFPWorld...

PM Narendra Modi to launch 5G services in India on October 1; Here is all you need to know

New Delhi: PM Narendra Modi is going to launch 5G services in India...

Suicide bomber blows himself up minutes before Friday prayers in Pakistan – Times of India

PESHAWAR: A suicide bomber on Friday blew himself up in an open field...

More like this