SBI FD Or Post Office Fixed Deposit? Check Which Option Is Better For You
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The duration of a term deposit in the State Bank of India can be from 7 days to 10 years. Post office schemes are for a duration of 1, 2, 3 and 5 years only. If you are confused whether to invest your money in a post office FD or a SBI term deposit, there are several factors you need to consider.
Post office fixed deposits (FDs) are a safe option to invest your money. The schemes offer returns which are competitive with many bank FDs. After the Reserve Bank of India’s cycle of repo rate increases from May 2022, banks have also hiked the return on term deposits, with many banks offering over 7 percent interest. The State Bank of India offers returns between 3 and 7.5 percent on fixed deposits. If you are confused whether to invest your money in a post office FD or a SBI term deposit, there are several factors you need to consider. Duration: The duration of a term deposit in the State Bank of India can be from 7 days to 10 years. Post office schemes are for a dur...