Tuesday, April 16, 2024
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SBI FD vs Post Office deposit vs Kisan Vikas Patra: Latest interest rates comparison


In order to tame the inflation, the Reserve Bank of India (RBI) is hiking the interest rates. The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the key lending rate or the repo rate to 5.90 per cent — the highest since April 2019.  A number of banks revised their fixed deposit (FD) interest rate as well. The interest rates on Post Office two-year and three-year time deposits have also been hiked. The rates are effective from 1 October

The government on Thursday raised rates on some small savings schemes as it began passing the hardening of interest rates to depositors.

So let’s take a look at the latest interest rates offered by SBI FD, Post Office deposit and Kisan Vikas Patra

SBI FD latest interest rates

The State Bank of India (SBI) had last hiked the interest rates in August. According to the information available on SBI website, the interest were last revised on 13 August.

According to the bank’s official website, the fixed deposits maturing in seven days to 10 years offer an in interest rate ranging from 2.90 % to 5.65% to general customers and 3.4% to 6.45% to senior citizens.

Post Office term deposit latest interest rates

The one-year term deposit scheme of the post office will continue to earn an interest rate of 5.5 per cent in the quarter, as offered in the previous three months. The interest rate is hiked by 20 basis points in the 2-year time deposit to 5.7%. With the revision, a three-year time deposit with post offices would earn 5.8 per cent from the existing 5.5 per cent, an increase of 30 basis points. Term deposits of five years will fetch an interest rate of 6.7 per cent.

Kisan Vikas Patra latest interest rates

The government has revised both tenure and interest rates of Kisan Vikas Patra (KVP). The new rate for KVP would be 7 per cent and the maturity period is 123 months, compared to the existing interest rate of 6.9 per cent and maturity period of 124 months.

So, compared to the rates offered by the country’s top lender SBI, the rates offered by post office deposits look attractive.


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