In today’s climate, interest in bank savings accounts is minimal. But there’s a scheme at your local post office that not only offers better returns than banks but also allows you to start with just Rs 100.
When it comes to secure investments, we often think of bank Fixed Deposits (FD) and Recurring Deposits (RD). However, the Post Office RD, starting at just Rs 100, offers more competitive rates.
Post Office RD Interest
The government sets the Post Office RD interest rate at 6.7% for October-December.
This scheme operates like a systematic investment plan, where you need to deposit a fixed amount every month, with Rs 100 as the minimum. The investment period must be at least 5 years.
Banks Offering Lower RD Interest
When comparing the list of banks, you’ll find that all of them offer lower interest rates for a 5-year RD compared to the Post Office.
Bank Names and Interest Rates on RD
| Yes Bank: 6.50% | South Indian Bank: 5.65% | IDBI Bank: 5.25% | ||
| SBI: 6.50% | Union Bank of India: 5.60% | Bank of Maharashtra: 5.25% | ||
| Indian Overseas Bank: 6.50% | Bandhan Bank: 5.60% | Bank of India: 5.25% | ||
| DBS Bank: 6.50% | Karur Vysya Bank: 5.35% | Kotak Mahindra Bank: 5.20% | ||
| IndusInd Bank: 6.50% | Punjab National Bank: 5.30% | City Bank: | ||
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