Post Office cut the interest rates of this scheme, know how much returns will be received now
Post office savings schemes: The post office has finally cut the interest rates given on savings schemes. The post office has cut interest rates after a long time after the Reserve Bank of India reduced the repo rate, while all the banks of the country started cutting FD interest rates as the repo rate was reduced. Let us tell you that the Reserve Bank of India has cut the repo rate by 1.00 percent this year. RBI has made this cut in 3 times. The central bank first reduced 0.25 percent in February, then 0.25 percent in April and then 0.50 percent in June.
Post office reduced the interest rates of time deposits
The post office has reduced the interest rates of its TD i.e. Time Deposit Scheme. TD accounts of 1 year, 2 years, 3 years and 5 years are opened in the post office. The post office was earlier paying 6.9 percent on 1 year TD, 7.0 percent on 2 years TD, 7.1 percent on 3 years TD and 7.5 percent on 5 years TD. However, after this latest change, now only 6.9 percent interest will be available on TDs of 1 year, 2 years and 3 years.
Post office is still paying more interest than bank FD
The post office has undoubtedly cut TD’s interest rates, but it is still higher than the interest rates given by the top banks in the country. The country’s largest government bank- SBI is paying interest to its customers from 6.25 to 6.75 percent on 1 year FD, 6.45 to 6.95 percent on 2 years FD and 6.30 to 6.80 percent on 3 years FD. Let us tell you that the bank pays 0.50 percent more interest to senior citizens on FD than ordinary citizens, while the post office gives equal interest to all customers.
Disclaimer: This article has been written only for the purpose of information. Before any type of investment or before taking financial risks, consult your financial advisor. India TV will not be responsible for any type of risk.
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