1, 2 year post office time deposits vs bank fixed deposits: Which offers best interest rate?
The government hiked the interest rates of certain small savings schemes by up to 30 bps for the July-September 2023 quarter. The interest rates of schemes like the 1-and 2-year post office time deposits, 5-year recurring deposits have been hiked.After the recent hike in POTD interest rates, let us take a look at how they compare with bank FDs of the same tenure.
Post office time deposits
For the July-September quarter, the government has hiked the interest rate of one year POTD by 10 basis points (bps) from 6.8% to 6.9%. It has raised the two-year POTD interest rate by 10 basis points (bps) from 6.9% to 7%.
SBI FD interest rates
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Latest private bank FD interest rates: What is highest FD interest rate offered, on which tenor
State bank of India offers interest rate of 6.8% on tenure of 1 year to less than 2 years for regular citizens. The bank offers 7% interest on tenure of 2 years to less than 3 years and 6.50% on tenure between 3 years to less than 5 years. These rates are effective from February 15, 2023.
TenorsRates w.e.f. 15/02/20237 days to 45 days346 days to 179 days4.5180 days to 210 days5.25211 days to less than 1 year5.751 Year to less than 2 years6.82 years to less than 3 years73 years to less than 5 years6.55 years and up to 10 years6.5 400 days (Special Scheme i.e. “ Amrit Kalash”)7.1
HDFC Bank FD interest rate
HDFC Bank offers an interest rate of 6.60% on tenure of 1 year to less than 15 months and 7.10% on 15 months to less than 18 months. The bank offers 7% interest on tenure ranging between 18 months to 5 years.
TenorInterest Rate (per annum)7 - 14 days3.00%15 - 29 days3.00%30 - 45 days3.50%46 - 60 days4.50%61 - 89 days4.50%90 days 4.50%6 months 1 days 5.75%9 months 1 day to 6.00%1 year to 6.60%15 months to 7.10%18 months to 7.00%21 months - 2 years7.00%2 Years 1 day to 7.00%2 Years 11 Months - 35 Months7.20%2 Years 11 Months 1 day 7.00%3 Years 1 day to 7.00%4 Year 7 Months - 55 months7.25%4 Year 7 Months 1 day 7.00%5 Years 1 day - 10 Years7.00%
ICICI Bank FD interest rate
ICICI Bank offers an interest rate of 6.70% on tenure of 1 year to less than 15 months and 7.10% on 15 months to less than 2 years.
General7 days to 14 days3.00%15 days to 29 days3.00%30 days to 45 days3.50%46 days to 60 days4.25%61 days to 90 days4.50%91 days to 120 days4.75%121 days to 150 days4.75%151 days to 184 days4.75%185 days to 210 days5.75%211 days to 270 days5.75%271 days to 289 days6.00%290 days to less than 1 year6.00%1 year to 389 days6.70%390 days to 6.70%15 months to 7.10%18 months to 2 years7.10%2 years 1 day to 3 years7.00%3 years 1 day to 5 years7.00%5 years 1 day to 10 years6.90%5 Years (80C FD) – Max to `1.50 lac7.00%
PNB FD rates
Punjab National Bank offers interest rate of 6.75% on tenure of 1 year and 6.80% on 1 year to 443 days. PNB offers 77.25% tenure of 444 days.
Canara Bank FD interest rate
Canara Bank offers interest rate of 7% on tenure of 1 year and 7.25% on 444 days tenure. Canara Bank offers 6.90% tenure of between 1 Year to less than 2 Years
Term Deposits (All Maturities)General PublicRate of Interest (% p.a.)7 Days to 45 Days446 Days to 90 Days5.2591 Days to 179 Days5.5180 Days to 269 Days6.25270 Days to less than 1 Year6.51 Year Only7444 Days7.25Above 1 Year to less than 2 Years6.92 Years & above to less than 3 Years6.853 Years & above to less than 5 Years6.85 Years & above to 10 Years6.7
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This story originally appeared on: India Times - Author:Faqs of Insurances
