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

 Here is the comparison in interest rates of SBI special deposit scheme and Post Office Time Deposit

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 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.

Source By:- livemint