Post Office 5 Year Term Deposit Interest Rates vs. Term Deposit Interest Offered by SBI, HDFC Bank & Others | Personal Finance News

However, the interest rate of 7.75% on Axis Bank’s 5-year fixed deposits for senior citizens is higher than the interest rate on Post Office’s 5-year fixed deposits.

The 7.5% interest rate on the Post Office’s 5-year FDs is higher than that given on the 5-year FDs of the country’s top 5 banks. (Photo credit: X-@IndiaPostOffice)

New Delhi: The Post Office’s 5-year fixed deposit scheme offers an interest rate of 7.5%, which is higher than the interest rate offered by most public sector banks for a similar tenure. It is true that the interest rate offered to senior citizens on the 5-year tax-secured term deposits is competitive with the rates on the Post Office’s 5-year term deposits.

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5-Year Post Office FD Rates vs. Bank FD Rates

Interest rates on 5-year term deposits at La Poste

The Post Office’s 5-year FD scheme offers a rate of return of 7.5% to ordinary citizens and senior citizens. Investments in this scheme are eligible for tax exemptions of up to Rs. 1.50 lakh per annum under Section 80C of the Income Tax Act, 1961.

Axis Bank 5 Year FD Interest Rate

Axis Bank’s 5-year FD interest rate for common citizens is currently 7%. Axis Bank is offering 7.75% interest rate to senior citizens on 5-year FDs.

The private bank currently grants a higher rate to depositors aged 60 and over on 5-year tax-saving term deposits compared to 5-year Post Office term deposits.

Interest rates on 5-year fixed deposits of SBI, HDFC Bank and ICICI Bank

The interest rate on HDFC Bank’s 5-year FDs is currently 7% for ordinary citizens and 7.50% for senior citizens. Moreover, ICICI Bank and State Bank of India’s 5-year tax-saving FDs offer a similar rate of return for ordinary citizens and senior citizens.

SBI loans will cost more!

Bank of Baroda 5 Year FD Interest Rates

The interest rate on Bank of Baroda’s tax-saving FDs for ordinary citizens is currently 6.5% and 7.15% for senior citizens. The state-run lender is giving a rate 0.65% higher than the rate applicable on 5-year tax-saving FDs to depositors aged 60 and above. The BoB interest rate on this FD is lower than that of the Post Office’s 5-year FDs for ordinary citizens and senior citizens.