State Bank Of India (SBI) hiked its Fixed Deposit rate today. The news went into the limelight and made everyone curious to compare SBI’s hiked FD rate with the post-officer term deposits. Now, it is known as SBI three years FD rates. On 29th December, several banks hiked their Interest Rates on Fixed deposits, which is a good option for people who prefer to save their money in FDs. These banks include the State Bank of India, Bank of Baroda, Punjab National Bank, and Union Bank of India.
SBI three years FD vs Post Office Term Deposit
Now moving towards the three-year SBI FD rate, it has been increased on all term deposits. But there is a limitation, people with below ₹2 crores FD can only take benefit from this interest rate hike. As per the calculation, the hiked interest rate by 25 bps on FD maturing in 3 years and less than 5 years. As per the information, this hiked interest rate has been effective from 27th December 2023. Currently, SBI FDs offering 7 days to 10 years will give 3.5% to 7% to general customers.
On the other side, the Indian government also increased the interest rate on post office term deposits. The 3-year time deposits by 10 basis points (bps) from 7% to 7.10%. As per the official notification, these rates are effective from 1 January 2024. Some so many people prefer to opt for this option to grow their money without any hassle. In our country, millions of people invest in post office term deposits. Now after the rate hike, it will get more attention around the country. If you want a detailed report on different investment options in 2024 with the highest interest rates. Stay tuned to our website for the latest business news and updates.