Invest in the right place: Banks have changed the interest rate of FD, find out now time deposit scheme or where to invest FD would be right for you
Recently, Punjab National Bank (PNB), ICICI and Axis Bank have changed the interest rate on Fixed Deposit (FD). In these banks you are getting maximum interest of 5 to 6%. If you want more interest on FD than that, it would be appropriate to invest money in the post office time deposit scheme. Here we are telling you where you will get the most out of investing.
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Special thing related to time deposit scheme ...
- Anyone can open a fixed deposit account at the post office by cash or check.
- According to India Post, in the case of a check, the account will be deemed to have been opened from the date of receipt of the check in the government's account.
- This account can also be opened in the name of a minor and a joint account in the name of two adults.
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- To open an FD account at the post office, a minimum deposit of Rs.1000 is required. There is no maximum limit.
- Post Office Time Deposit Account offers interest at the rate of 5.5% to 6.7% for a period of 1 to 5 years.
- Interest is paid annually under this scheme. But it is calculated on a quarterly basis.
Time Deposit vs Banks Interest Rate
Interest on 1 year FD
| Bank | Interest rate (in%) |
| Post Office | 5.50 |
| Axis | 5.15 |
| PNB | 5.10 |
| ICICI | 4.90 |
Interest on 2 year FD
| Bank | Interest rate (in%) |
| Post Office | 5.50 |
| Axis | 5.25 |
| PNB | 5.10 |
| ICICI | 5.00 |
Interest on 3 year FD
| Bank | Interest rate (in%) |
| Post Office | 5.50 |
| Axis | 5.40 |
| PNB | 5.10 |
| ICICI | 5.15 |
Interest on 5 year FD
| Bank | Interest rate (in%) |
| Post Office | 6.70 |
| Axis | 5.75 |
| PNB | 5.25 |
| ICICI | 5.35 |
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