Public banks FDs will quickly double on this scheme of post workplace

by Jeremy Spirogis
India's cleanest city for 4th consecutive time

new Delhi. The post workplace has a number of schemes for small financial savings, together with FD facility. You also can FD within the post workplace like a financial institution. This scheme is out there within the post workplace within the title of time deposit, in which you’ll be able to deposit cash for 1 yr, 2 years, three years and 5 years.

The benefit is that right here the rate of interest on FD is 1 % larger than the financial institution. In SBI, there’s a 507% annual curiosity on a 5-year FD. At the identical time, underneath the post workplace time deposit, the curiosity is getting 6.7% every year on 5-year deposits.

It takes about 10.74 years, ie 129 months, to double the quantity deposited within the post workplace at 6.7% every year.

SBI takes 12.63 years, or about 152 months, at an curiosity of 5.7% every year. It is evident that it takes 2 years extra to double the quantity in SBI in comparison with the post workplace. <! –

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