SBI FD vs Post Office FD: Check account opening process and interest rates | Rare Techy

SBI FD rates

On fixed deposits of less than ₹2 Cr, SBI had last changed the interest rates on 14.06.2022. Following the revision, the bank now offers an interest rate of 2.90% – 5.50% for the general public and 3.40% – 6.30% for senior citizens. On tax saving fixed deposits, SBI offers senior citizens an interest rate of 5.50% and 6.30%.

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In favor of senior citizens, SBI said on its website that “A special ‘SBI Wecare’ portal for Senior Citizens has been introduced in the Retail TD segment with an additional premium of 30 bps (up from the existing 50 bps) mentioned in the above table. ) will be given to senior citizens on their retail TD only for “5 Years and above”. “SBI Wecare” deposit scheme extends till September 30, 2022 .”

How to open an SBI FD account online?

1. Visit retail.onlinesbi.com/retail/login.htm and click on ‘Continue Login’.

2. Now enter your username, password and click on ‘Login’.

3. Now click on the ‘Deposit & Investment’ option and under the drop-down menu, select ‘Fixed Deposit’.

4. Now click on ‘Fixed Deposit (e-TDR/e-STDR)’ and then enter the OTP sent to your registered mobile number.

5. Now click on ‘Continue’ and enter the amount you want to deposit.

6. If you are a senior citizen, check the category.

7. Now select the investment type from STDR which is a cumulative option and TDR which is a non-cumulative option.

8. Select the term and size instruction.

9. Accept the terms and conditions and click on ‘Submit’.

10. Verify the submitted details and click on ‘Submit’.

11. Now you will get a success message on the screen, and your fixed deposit account details will be displayed under the account summary section.

Post Office FD

To open a Post Time Deposit account, a minimum deposit of INR 1000 and deposits in multiples of 100 with no maximum amount are required. The account comes with an age of 1 to 5 years. Section 80C of the Income Tax Act, 1961 applies to investments under five years, exactly as it does to bank fixed deposits. However, the Post Office Term Deposit offers interest rates of 5.5 percent for deposits made for one to three years and 6.7 percent for those made for five years. This interest rate on post office fixed deposits, which is 6.7 percent, is higher than the FD rates offered not only by SBI, but also by other major banks such as HDFC, ICICI, Axis, BoB, PNB, and are presented to others, is more important. One thing to keep in mind is that while the Post Office Fixed Deposit Scheme does not offer such a benefit to senior citizens, bank fixed deposits offer a higher rate of interest to senior citizens.

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How to open a Post Office FD account online?

1. Visit ebanking.indiapost.gov.in and login to DoP eBanking portal with your username and password.

2. Now click on ‘General Services’ menu and then select ‘Service Request’ option.

3. Now select ‘New Requests’ from the drop-down menu, and then click on ‘TD Accounts – Open a TD Account’.

4. Now enter the deposit amount, deposit period, and select your debit account.

5. Now specify your update and redemption instructions and click on ‘Submit Online’.

6. Under the ‘Request Request’ page, correct your login details and enter your account password to confirm the details.

7. You will now receive a success message on the screen and an online receipt of your transaction, which you can download in PDF format.