Generally, FD rates in all government and private banks are in this range between 5 to 6 per cent.
Amid rising inflation, people's understanding of investment is increasing. For a long time, the interest rate on fixed deposits ie FDs has come down. In such a situation, if you are also worried about getting less interest on your FD, here's some good news for you.
In the country's top bank SBI, the FD rate for 1 year to less than 2 years is just 5 per cent. The interest rate for 5 years is 5.40 per cent. At the same time, ICICI Bank has 4.9 per cent for 365 to 389 days, while it is 5.35 per cent for five years. Generally, FD rates in all government and private banks are in this range. But the post office is giving more profit than this. Now post office schemes give more returns than bank FDs. Along with sureity, there is security as well in these schemes. Here are some savings schemes that can give you good returns.
Time Deposit Account
The Post Office Time Deposit Account (TD) is much better than bank FD. In this, you get 6.7 per cent interest for five years. One of the most preferred investments of post office is Time Deposit Scheme.
RD in post office
If you want more interest than bank FD, you can invest in the Post Office Recurring Deposit (RD) scheme (National Savings Recurring Deposit Account). In this, you will get 5.8 per cent interest for 5 years.
Post Office National Saving Certificate (NSC)
In the post office's five-year National Savings Certificate, you will get 6.8 per cent interest more than the bank FD.
PPF account
You can also invest money deposited in bank FD in PPF account. At present, an interest of 7.1 per cent is available in it. However, the money invested in PPF will go into the lock-in mode of 15 years. So think about it once before investing here.
National Savings Monthly Income Account
You can get more interest than bank FD in the National Savings Monthly Income Scheme of the Post Office. At present, it is getting 6.6 per cent annual interest. You can invest here to get better interest.
Kisan Vikas Patra too
In the Kisan Vikas Patra scheme of the post office, 6.9 percent i.e. more interest is offered than bank FD. If you want, you can also invest bank FD money in KVP. It can give you a safe and better return.
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