SBI FD Vs Post Office Time Deposit Scheme: Before Investing, Know Which Place Gets The Most Benefit
National Savings Time Deposit Account earns up to 6.7 percent interest
This is a type of FD. You can invest in it for a fixed period and earn a fixed return. Time deposit accounts offer interest rates ranging from 5.5 to 6.7 percent for tenures ranging from 1 to 5 years. A minimum investment of Rs 1000 has to be made in it. Also there is no maximum investment limit. Click here for more information related to this scheme
How Much Money Will Be Doubled In Which Place?
National Savings Time Deposit Account: This scheme is getting maximum interest of 6.7 percent, so as per rule 72 if you invest money in this scheme, it will take 10 years and 7 months to double the money.
FD Of SBI
In which maximum 6.25% interest is getting. So as per rule 72 if you invest money in this scheme, it will take 11 years and 6 months to double the money.
Where Should You Invest?
If you are planning to do FD for a short period of time ie 1, 2 or 3 years, it would be best to do it in SBI. Because he is getting more interest than the time deposit on FD of this period. Along with this if you want to do FD for 5 years then time deposit scheme will be suitable
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Let's Know What Is Rule 72?
This special rule of finance is Rule 72. Experts consider this the most accurate rule, which determines how long your investment will double. This way you can understand it if you have opted for a particular scheme of the bank, where you get 8 percent interest per annum. In such a situation, you have to give 8 out of 72 under the rule of 72. 72/8 = 9 years, that is, your money will double in 9 years under this scheme.
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