Saving is very important these days to meet future needs, and people invest along with saving. There are many investment options available. Many investors prefer secure investments, and when it comes to secure investment options, the first consideration is usually Bank FD and Post Office Schemes.

If you are planning to select the Bank FD option, wait a moment. Let us tell you that in the Post Office Time Deposit scheme, you will get more interest and guaranteed returns than with a Bank FD. In this article, we will share all the reasons behind that in detail.

Post Office Term Deposit

There is no risk in the Post Office Term Deposit Scheme, and it provides guaranteed returns. Currently, the Post Office Term Deposit offers an interest rate of 7.5% for a five-year tenure. This interest rate is the same for all investors, including senior citizens.
Interest is paid annually, but it is calculated quarterly. You can close this scheme before the maturity date, but if you withdraw early, the interest rate will be lower. For example, if you withdraw after four years in a five-year scheme, you will receive interest at a rate of 4%.

Maturity period: 5 years
Interest rate: 7.5%

Bank FD

The interest rate for Bank FDs varies depending on the bank. Additionally, senior citizens and super senior citizens typically get higher rates compared to the general public. Most major banks offer around 7% interest on FDs maturing in five years.

Bank FD Interest Rates:

Bank	Interest Rates for General Public	Interest Rates for Senior Citizens
State Bank of India	7%	7.5%
HDFC Bank	7%	7.5%
ICICI Bank	7%	7.5%
PNB Bank	6.5%	7.3%
Bank of India	6.5%	7%
IDBI Bank	6.5%	7%
IDFC First	7%	7.5%
Bank of Baroda	6.5%	7.15%
Indian Bank	6.25%	6.75%
Canara Bank	6.7%	7.2%

If you plan to invest in a bank FD, you should compare the interest rates offered by different banks. Also, make sure to carefully read the terms and conditions of the FD before investing.

Disclaimer: This post is based on the September 2024 update. Times Bull is not responsible for any financial investments made based on this information, as it is entirely your responsibility. Please consult a financial advisor for better results.

About the Author

Avijit Das

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AvijitDas@tb.com Author at TimesBull TimesBull

A sports journalist driven by passion and dedication, I seamlessly blend my love for writing and sports. Currently with Timesbull, I have honed my craft at Sportskeeda, Cricreads, and Athlete Fortune. I live and breathe sports—whether it's football, cricket, cards, or chess, I'm always up for a challenge. A die-hard football fan, proud Madridista, and loyal Juventus Tifoso, I have turned my passion into my profession. For me, sports aren't just entertainment; they are a way of life and a story worth telling every day. For inquiries, contact me at timesbull@gmail.com.