Along with this, its effect will be visible on the account opened for a period between 12 months to 10 years. The new rates are effective from 15 February 2023. Apart from this, SBI has also announced to increase the interest rates on its FDs.

SBI’s new recurring deposit rates

RD account can be opened for a period between 12 months to 10 years and can be started with a deposit of just Rs 100. The interest available in this is between 6.5 percent to 7 percent. The RD interest rate available during different tenures is as follows.

You will get 6.8% interest rate on RD for a period of one year to less than 2 years. The interest rate on FDs for a tenure of two years to less than three years has been increased by 25 basis points to 7% from 6.75% earlier. For tenure of three years to less than five years, the rate is 6.5%. The interest rate is 6.5% for a tenure of five years to 10 years.

FD rate has also increased

For information, let us tell you that the State Bank of India has increased the interest rates on fixed deposits (FDs) of less than Rs 2 crore from 5 bps to 25 bps. According to the new rates, on FDs ranging from 7 days to 10 years by State Bank of India, general citizens are getting interest ranging from 3.00 percent to 7.00 percent and senior citizens from 3.50 percent to 7.50 percent.

The post SBI Super RD Plan: You will get the highest return by investing Rs 100 every month in this RD plan. first appeared on Rightsofemployees.com.

6.7% interest in the post office

You can deposit money in post office time deposit accounts for a period of 1 to 5 years. On depositing money there, interest at the rate of 5.5% is available on time deposits with a tenure of 1 to 3 years. Whereas interest is given at the rate of 6.7% on investment for 3 years.

In this way, you open an account in the post office and invest 8 lakh 35 thousand rupees, then after 3 years you will get a return of more than 10 lakh 19 thousand rupees. In this, you will get interest of 1 lakh 84 thousand 194 rupees. That is, the total amount will be 10 lakh 19 thousand 194 rupees.

SBI is giving 6.10 percent interest on FD

If we talk about the FD rates of the country’s largest government bank SBI, then under the Amrit festival of independence, they have launched Unsav Deposit Scheme, under which the account can be opened from 15 August 2022 to 28 October 2022. Under this scheme, the bank is giving annual interest at the rate of 6.10%. At the same time, senior citizens are being given interest at the rate of 6.60%.

If you open an account in this scheme and invest 8 lakh 35 thousand rupees, then after 3 years you will get a return of more than 10 lakh rupees. In this, you will get interest of 1 lakh 66 thousand rupees. That is, the total amount will be 10 lakh 1 thousand 296 rupees.

Post office is better in terms of savings

Now if a comparison is made between the two, then the post office looks better in terms of investment. Interest is available at the rate of 6.10 percent for 3 years FD in SBI, while 6.7% interest is available on time deposit for the same period in the post office. In such a situation, if you are thinking of investing for savings, then you can blindly apply for post office schemes.

The post Highest Return: 10 lakh rupees will be available in just 3 years, where to invest SBI or Post Office? first appeared on Rightsofemployees.com.