Bank FD VS POTD: A Quick Comparison in Interest Rate

The interest rates on a number of minor savings plans, including post office term deposits, have been hiked by the government. Along with the Central Bank of India's repo rates, banks are also raising the interest rates on fixed deposits. If you're thinking of making an investment but are unsure whether to invest in a fixed deposit or a post office term deposit? Take a look at the comparison of FD interest rates of SBI, HDFC Bank, ICICI Bank, and Punjab National Bank vs all post office term deposits.

Post Office Time Deposit

The interest rate on time deposits held at the post office has increased by the government by up to 50 basis points. The quarter from April to June 2023 will be subject to the new rates. The interest rate for a 1-year time deposit increased from 6.6% to 6.8% as a result, and the interest rate for a 2-year time deposit increased from 6.9% to 7%. Five-year tenure POTD rose from 7% to 7.5%, while the three-year tenure POTD increased from 6.9% to 7%.

SBI

For a duration of one year to less than two years, State Bank of India gives an interest rate of 6.8% to common citizens. The bank gives 7% interest on terms of two years to three years or less, and 6.50% on terms of three years to five years or less.

PNB

The interest rate offered by Punjab National Bank is 6.80% for terms of one year to 665 days and 7.25% for terms of 666 days. PNB offers 6.75% for terms lasting between 2 and 3 years, 6.50% for terms lasting over 3 years and up to 5 years.

ICICI Bank

For terms of 1 year to less than 15 months and 15 months to less than 2 years, ICICI Bank offers an interest rate of 6.70% and 7.10%, respectively. The bank offers 7% on terms of two years to five years or less.

HDFC Bank

For terms of one year to less than 15 months and 15 months to less than 18 months, HDFC Bank offers interest rates of 6.60% and 7.10%, respectively. 7% interest is offered by the bank for terms of 18 months to 5 years.