If you also keep your savings in the bank, then you must know about this scheme of the post office. This will not only give you more returns than the bank. You can start investing in this with just Rs 100. Let us know its details
These days, interest in bank savings account is equal to ‘a cumin in a camel’s mouth’. In such a situation, if you find such a scheme which not only gives more interest than the bank. Rather, it should be easy to collect it from the neighboring post office. What’s more, investment in it can also start from just Rs 100. So there is such a scheme in the post office and it is completely safe.
Whenever there is talk of safe investment, then there is talk of FD and RD of banks. People also get the option to do RD in the post office. Investing in Post Office Recurring Deposit (RD) starts with just ₹ 100. Let us tell you which bank’s RD is getting more interest than the post office’s RD.
Interest on post office RD
The government has kept the interest on Post Office RD at 6.7 percent for October-December. This is a kind of systematic investment plan, in which you have to deposit a fixed amount every month. This can be a minimum of Rs 100 in post office RD. You have to run this plan for at least 5 years.
These banks are giving less interest than post office RD
If you see the complete list of banks, all of them offer less interest on 5 year RD than the post office.
| Name of bank |
Interest rate on RD |
| yes bank | 6.50% |
| SB I | 6.50% |
| Indian Overseas Bank | 6.50% |
| DBS Bank | 6.50% |
| IndusInd Bank | 6.50% |
| South Indian Bank | 5.65% |
| Union Bank of India | 5.60% |
| Bandhan Bank | 5.60% |
| Karur Vysya Bank | 5.35% |
| Punjab National Bank | 5.30% |
| IDBI Bank | 5.25% |
| Bank of Maharashtra | 5.25% |
| Bank of India | 5.25% |
| Kotak Mahindra Bank | 5.20% |
| City Bank | 3.00% |
|
Source: BankBazaar.Com |
