Post Office FD vs Bank FD: Post Office Term Deposit and Bank FD are similar investment products. Money deposited in the post office is guaranteed by the government and has guaranteed returns. For the July-September quarter of 2024, the interest rate on Post Office Time Deposit (POTD) is 7.5% for a period of five years
Post office FD vs Bank FD: Post Office Term Deposit and Bank FD are similar investment products. Money deposited in the post office is guaranteed by the government and has guaranteed returns. For the July-September quarter of 2024, the interest rate on Post Office Time Deposit (POTD) is 7.5% for a period of five years. Unlike many banks, senior citizens are not given any higher interest rate than regular citizens under the POTD scheme. Interest is paid annually but is calculated quarterly. These deposits can be closed prematurely by submitting the prescribed application along with the passbook at the post office.
Withdrawing money in POTD is easy
If the money deposited for five years is withdrawn prematurely after four years, interest at the rate of 4% will be paid on post office savings account.
Bank FD Deposits
The Deposit Insurance and Credit Guarantee Corporation (DGIC) guarantees up to Rs 5 lakh in bank FD deposits. The minimum investment varies according to the banks. The interest rate also varies according to the bank
Banks like HDFC Bank, ICICI Bank, Axis Bank and IDFC First Bank are offering an interest rate of 7 per cent on deposits maturing in five years. Indusind Bank is offering an interest rate of 7.25 per cent on FDs maturing in five years. SBI is offering an interest rate of 6.5 per cent for deposits maturing in five years.
| Post Office Term Deposit and Bank FD | General Public (Interest Rate) | Senior Citizen (Interest Rate) |
| Post Office Term Deposit | 7.50% | 7.50% |
| SBI | 7% | 7.50% |
| HDFC Bank | 7% | 7.50% |
| ICICI Bank | 7% | 7.50% |
| Canara Bank | 6.70% | 7.20% |
| IDFC First | 7% | 7.50% |
| Punjab National Bank | 6.50% | 7.30% |
| Bank Of Baroda | 6.50% | 7.15% |
| bank of india | 6.50% | 7% |
| Indian Bank | 6.25% | 6.75% |
| IDBI Bank | 6.50% | 7% |
Also Read-
- Bank FD Rates: Banks are offering 8.75% interest on one-year FD, check details
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- SBI Home Loan Rate: SBI increased MCLR, car and home loan EMI will increase
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