A post office scheme is giving higher returns as compared to bank FD. Under this scheme, investors can invest money for five years.
In the recent past, the interest rate has increased a lot. From government scheme to bank FD, a record increase has been seen in the interest. There has been an increase in interest under the post office savings schemes. Even the interest rate on post office fixed deposits maturing in five years has gone up to 7.5 per cent for the July-September quarter of 2023.
At the same time, public and private sector banks are also offering interest ranging from 7 percent to 7.25 percent for five years. In such a situation, post office savings schemes can be a better option for you. Post Office Time Deposit is similar to Bank Fixed Deposit. You can deposit money in it for a period of time and enjoy the benefits of fixed returns. This is a government scheme, which gives guaranteed returns to the investors and is completely safe.
Where is getting more interest
If we compare post office time deposit and bank FD, then post office time deposit is getting 7.5 percent interest for five years. At the same time, in other banks, a lower interest rate is being given on FDs of five years. Let’s see where what percentage of return is being given.
Return on five year FD in public sector bank
- 6.5 percent interest on five year FD in Bank of Baroda
- Bank of India 6% on five year FD
- Bank of Maharashtra 5.75% interest
- Canara Bank 6.7 percent interest
- Central Bank of India 6.25 percent interest
- Indian Bank 6.25 percent interest
- Punjab National Bank 6.5 percent interest
- State Bank of India 6.5 percent interest
- Union Bank is paying 6.7 percent interest
Private Sector Bank FD Interest Rates
Talking about private sector banks, Axis Bank is offering 7 percent interest on five-year FDs. Bandhan Bank is offering an interest of 5.85 per cent. On the other hand, DBS Bank is offering an interest of 6.5 per cent. DCB Bank is offering an interest of 7.75 per cent. HDFC, ICICI and IDFC First Bank are giving 7% interest. IndusInd Bank is paying 7.25 percent and Kotak Mahindra Bank is paying 6.25 percent.
