banks have increased Rate of interest Feather Fixed deposit (FD) of different tenures. This is good news for risk-averse people who have been forced to accept decadal low interest rates as a result of ongoing rate cuts by banks over the years.

post office fixed deposit

The government sets interest rates for various savings programs every three months of the year. With the regaining of popularity of bank fixed deposits as a result of the rate hike by the Reserve Bank of India, it was estimated that Small Savings Scheme Rates may increase. However, they were left unchanged for this quarter, i.e. July-September 2022.

Interest Rates on Post Office Fixed Deposits

For the quarter ending September 30, 2022, the post office offers 5.5 per cent interest return on fixed deposits for one to three years. Interest is paid at 6.7 per cent on a fixed deposit of 5 years. For these fixed deposits, interest is calculated quarterly but paid annually.

There is no maximum investment amount; The minimum is Rs 1,000. As per Section 80C of the Income Tax Act, what you have deposited in a fixed deposit account for 5 years is eligible for income tax deduction.

As of August 18, 2022, HDFC Bank offers an interest rate of 5.50 per cent for tenures between one to three years. Note that if you book an FD between three years one day to five years, you will get 6.1 per cent.

ICICI Bank offers interest rates between 5.50 per cent and 5.60 per cent for tenures of one to three years till August 19, 2022. If you book an FD between three years one day to five years, you will get 6.1 per cent.

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SBI offers interest rates between 5.45 per cent to 5.50 per cent for tenures between one to three years. If you book an FD between three years one day to five years, then you will get 5.60 percent. These interest rates are effective from 13 August 2022.