Fixed deposits offered by post offices fetch interest rates between 6.60 and 7.40%.
State Bank of India (SBI), the largest lender of the country, has recently revised its fixed deposit (FD) interest rates.
The revision of up to 25 basis points, which has happened only on select maturities, took effect on May 28.
Fixed deposits or time deposits (TD) offered by post offices fetch interest rates between 6.60 and 7.40 per cent across one year-five year maturity periods.
Interest rate on SBI fixed deposits with a maturity of one year to less than two years has been raised to 6.65 per cent for the public, from the previous rate of 6.4 per cent.
Senior citizens will get an interest rate of 7.15 per cent as compared to 6.9 per cent previously.
SBI fixed deposits with a maturity of two years to less than three years will fetch an interest rate of 6.65 per cent, higher than 6.6 per cent before.
Senior citizens will get 7.15 per cent as compared to 7.10 per cent earlier.Given below are interest rates on fixed deposits offered by SBI, post officesFixed deposit (FD) interest rates of SBIInterest rates on retail domestic fixed deposits (Below Rupees One Crore) w.e.f.
28.05.2018, according to sbi.co.in:(All figures in % per annum)TenorsExisting for Public w.e.f.
28.03.2018Revised For Public w.e.f.
28.05.2018Existing for Senior Citizens w.e.f.
28.03.2018Revised for Senior Citizens w.e.f.
28.05.20187 days to 45 days5.755.756.256.2546 days to 179 days6.256.256.756.75180 days to 210 days6.356.356.856.85211 days to less than 1 year6.406.406.906.901 year to less than 2 year6.406.656.907.152 years to less than 3 years6.606.657.107.153 years to less than 5 years6.706.707.207.205 years and up to 10 years6.756.757.257.25Fixed deposit (FD) interest rates of post officesThe following interest rates are according to India Post's website, indiapost.gov.in:Interest rates From 1.01.2018PeriodRate1yr.A/c6.6%2yr.A/c6.7%3yr.A/c6.9%5yr.A/c7.4%Separately, SBI has raised the MCLR - Marginal Costs-Based Lending Rate- which means that the interest rate which it will charge from borrowers has been raised.Post offices offer a host of other saving schemes like recurring deposits, savings accounts, Sukanya Samriddhi accounts, public provident funds, monthly investment scheme, senior citizen savings scheme, national savings certificates, and Kisan Vikas Patra.