Question

Compare the interest rates of any one bank and post office for fixed deposit considering
the same tenure, rate of interest, amount, and any scheme if available. Conclude which
bank will you prefer? Visit the nearest bank or take a help from your elders to conclude
your result.

Answer 1

Answer:

Step-by-step explanation:

National Saving Certificate from Post office give 16010 from 10000 in 6 Years

Compounded interest  = 8.1 %  ( one time investment)

PPF From Post office & few Banks = return rate keep changing  ( minimum 15 Years) ( max amount in a year = Rs 150000)

Can be extended for next 5 years

Fixed Deposit from ICICI Bank  = 7.5 %  for more than 2 Years

Preference will depend upon the time period for which we want to invest

for Long term investment PPF is Better