If you are Post Office’s scheme lover, then this article is for you. There was a time when people did not have many options available for safe and fixed returns, but now the time has changed a lot. Today, all classes of people have all the investment options available in the country. The post office is now running a variety of investment schemes.
1% higher returns than SBI
The special thing is that the post office is not only running attractive schemes for its customers but is also giving higher returns than the big banks of the country. Yes, the post office is paying 1 percent more interest on the 5-year FD scheme than the country’s largest government bank, SBI.
SBI offers 6.5% interest rate on 5-year FD
The country’s largest government bank, the State Bank of India (SBI), is offering 6.5 percent interest on its 5-year FD, i.e., fixed deposit, to its customers. SBI is offering 7.5 percent interest to senior citizens on an FD scheme with a period of 5 years.
Post office interest rate of 7.5% on 5-year TD
On the other hand, the post office is offering an interest rate of 7.5 percent on a 5-year TD, i.e., time deposit, to all its customers, irrespective of your age. The post office TD scheme is similar to the FD scheme run by banks. Like FDs, TD also offers fixed and guaranteed returns to investors after a certain period of time.
Understand with an example how much difference will come
For example, if you are not a senior citizen and deposit Rs 5 lakh in a 5-year FD in SBI, then you will get a total of Rs 6,90,209 lakh on maturity. On the other hand, if you invest the same amount in the post office TD, then you will get a total of Rs 7,24,974 on maturity. That is, you will get Rs 34,765 more in the post office than the State Bank of India.
