January 4, 2024Anmol Nagpal

SBI vs Post Office: Three-year fixed deposit rates

Several banks including, the State Bank of India ( SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), and Union Bank of India recently hiked fixed deposit rates.

Source: PTI/File

On December 29, the BJP government raised the interest rates on the three-year post office term deposit (POTD) scheme by 10 basis points for the January-March quarter.

Source: Facebook Photo

The SBI has hiked interest rates on nearly all term deposits. This interest rate is applicable on FDs below ₹2 crore. The new rate is effective from 27 December, 2023.

Source: SBI

The bank has hiked rates by 25 bps on FDs maturing in 3 years to less than 5 years. These deposits are now fetching 6.75%.

Source: SBI

SBI FDs between 7 days to 10 years will give 3.5% to 7% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits.

Source: Freepik

The government has hiked the interest rate of 3-year time deposits by 10 basis points (bps) from 7% to 7.10%. These rates are effective from 1 January 2024.

Source: Facebook Photo

1-Year Deposit - 6.9% | 2-Year Deposit - 7.0% | 3-Year Deposit - 7.1% | 5-Year Deposit - 7.5% | 5-Year RD - 6.5%

Source: Unsplash