SBI, India Post Offer These Maturity Options For Fixed Deposit Accounts
State Bank of India, the country's largest lender, and financial institutions such as the post office offer a maturity period ranging from seven days to 10 years for fixed deposits. The fixed deposit interest rate varies from 5.75 per cent to 7.8 per cent for the general public, and 6.25-7.80 per cent for senior citizens. A fixed deposit or a term deposit is a fixed income financial instrument in which the deposit is locked in for a predefined period for guaranteed returns. India Post - which operates a network of more than 1.5 lakh post offices across the country - offers four maturity periods under its Time Deposit small savings scheme.
Here's a comparison of the fixed deposit options offered by State Bank of India (SBI) and India Post (post office) today:
State Bank of India fixed deposit maturity options/interest rates
On fixed deposits up to Rs 2 crore, State Bank of India offers maturity options ranging from 7-45 days to 5-10 years, according to its corporate website -Â sbi.co.in.
| Maturity period (term) | Interest rate with effect from February 22, 2019 | |
|---|---|---|
| For public | For senior citizens | |
| 7 days to 45 days | 5.75% | 6.25% |
| 46 days to 179 days | 6.25% | 6.75% |
| 180 days to 210 days | 6.35% | 6.85% |
| 211 days to less than 1 year | 6.40% | 6.90% |
| 1 year to less than 2 year | 6.80% | 7.30% |
| 2 years to less than 3 years | 6.80% | 7.30% |
| 3 years to less than 5 years | 6.80% | 7.30% |
| 5 years and up to 10 years | 6.85% | 7.35% |
| (Source: sbi.co.in) | ||
Post office fixed deposit interest rate/maturity options
For the quarter ending June 30, 2019, the government offers interest to the tune of 7-7.8 per cent on term deposits (fixed deposits), according to India Post's website -Â indiapost.gov.in. The government reviews the interest rates applicable to small savings schemes such as Time Deposit accounts on a quarterly basis. For the first quarter of financial year 2019-20, the interest rates on small savings schemes have been kept unchanged at the same levels as the previous quarter (fourth quarter of financial year 2018-19).
| Maturity period (term) | Interest rate | |
|---|---|---|
| One year | 7.0% | |
| Two years | 7.0% | |
| Three years | 7.0% | |
| Four years | 7.8% | |
| (Source: indiapost.gov.in) | ||
Meanwhile, India Post also provides a range of government-run small savings schemes such as Public Provident Fund (PPF), Kisan Vikas Patra, Senior Citizen Savings Scheme and Recurring Deposit accounts.
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