In the last six months, RBI or Reserve Bank of India has increased its ley lending rates, the repo rates, four times. Last week the regulator imposed a hike of 50 bps after which the total increase became 190 bps this year in repo rates to 5.90 per cent. The decision was taken by the Monetary Policy Committee, which comprises three external experts and three members from RBI. After this several lenders have increased their benchmark lending rates. Moreover, the post office has also ascended its interest rates on the investment plans of two-year and three-year deposit tenures, effective from October 1. Also, the Government has increased the return rates on small savings schemes.
Comparing The Interest Rates Offered By SBI FD, Post Office, Kisan Vikas Patra
Interest Rate Of SBI Offered On FDs
The last time the SBI or State Bank of India raised its interest rates on different tenured FDs was in August. As per the status uploaded on the office SBI website, “the interest was last revised on 13 August”.
“The fixed deposits maturing in seven days to 10 years offer an interest rate ranging from 2.90 % to 5.65% to general customers and 3.4% to 6.45% to senior citizens,” further reads the message on the site.
Interest Rates For Post Office Term Deposit Plans
For the latest quarter, the one-year term deposit scheme of the post office will continue to offer an interest rate of 5.5 per cent, the same as it was offered in the last three months. As for the 2-year term deposit plan, the post office department has hiked its rates by 20 bps to 5.7 per cent. The 3 years term deposit scheme has got an increase of 30 bps in interest rates which took the final rates to 5.8 per cent from the existing 5.5 per cent. And if you are interested in a 5 years term deposit plan then the authority is offering a 6.7 per cent of interest rate.
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New Interest Rates of Kisan Vikas Patra
If you are interested in Kisan Vikas Patra (KVP) then you should know, Government has modified its interest rate and tenure as well. The latest return on KVP is 7 per cent for a 123 months deposit plan as compared to the previous rate of 6.9 per cent for which the investment had to be made for 124 months.
