Many top banks like the SBI or Sate Bank of India, HDFC Bank, IDFC Bank and the ICICI Bank offers option of both short and long-term deposits.
Moreover, Post Office also provides term deposit services along with a quarterly revision rates alike the banks.
Further, the interest rates on the FDs or fixed deposits were last revised on April amid Covid-19. Hence, as FDs are always considered a preferred investment-choices here are the latest updates on the revised interest rates.
Depending upon the need of the investment, either its short-term or long-term, the tenures may vary from 7 days -10 years.
However, the SBI FD interest rates is be effective from January 08. The interest rates for SBI may vary in between the range of 2.9 percent to 5.4 percent regarding general customers.
Moving on to the Post Office, Post Office FD schemes are usually effective from April 1, 2020. Further, the PO fixed deposit schemes are no different from the banks.
It offers FDs in the tenure of 1 to 5 years.
Post Office is currently offering interest rate of 5.5% to 6.7% from the tenures of 1 – 5 years.
Going forward, the IDFC First Bank’s FD rates range from 2.75% – 5.75% for tenure of 7 days to 10 years.
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