Table of Contents
What is the interest of 10000 in post office?
Post Office Recurring Deposit Account: Interest Rate For example, if you invest Rs 10,000 every month at the current interest rate of 5.8 per cent, then in 10 years’ time that amount would compound to give you around Rs 16 lakh in returns.
What is the maturity amount of RD in post office?
You can earn a maximum interest of 5.80\% on India Post Office recurring deposit.
How is Rd calculated in post office?
How to Calculate Compound Interest on Post Office Recurring Deposit? R is the amount deposited per month. n is the number of quarters in the tenure. i is the rate of interest divided by 400 (for 4 quarters in a year).
Is Post Office Rd good investment?
Post office RD is basically a monthly investment for a fixed period of 5 years with an interest rate of 5.8\% per annum (compounded quarterly). Post Account RD helps small investors by allowing them to invest as little as Rs. 100 per month and above minimum any amount in multiples of Rs. 10.
Which is better RD or PPF?
If you are planning to invest, know the best recurring deposit you can have: PPF offers attractive interest rates to the investor, which are decided by the government every quarter. PPF’s tax-free status gives it a distinct advantage, unlike RD, where there are no income tax benefits extended to RD investors.
Which is the best saving scheme?
Best Saving Plans
Savings Plans | Current Interest Rate |
---|---|
Public Provident Fund (PPF) | 7.1\% |
KVP (Kisan Vikas Patra) | 7.6\% |
Sukanya Samriddhi Yojana (SSY) | 7.6\% |
Atal Pension Yojana | N/A |
Which is best saving scheme in post office?
Comparison of the various Post office savings schemes
Scheme | Interest Rate | Maximum Investment |
---|---|---|
National Savings Certificates (NSC) | 6.8\% p.a. (Compounded annually) | No limit |
Kisan Vikas Patra (KVP) | 6.9\% p.a. (Compounded annually) | No limit |
Sukanya Samriddhi Accounts | 7.6\% p.a. (Compounded annually) | Rs 1.5 lakh per financial year |
Which bank is best for RD 2021?
Major Bank’s Best RD Interest Rates 2021
Bank | General Interest Rates | Senior Citizen Interest Rates |
---|---|---|
SBI RD Interest Rates | 4.40\% – 5.50\% | 4.90\% – 6.20\% |
ICICI RD Interest Rates | 3.50\% – 5.50\% | 4.00\% – 6.30\% |
HDFC RD Interest Rates | 4.40\% – 5.50\% | 4.90\% – 6.25\% |
Kotak Bank RD Interest Rates | 4.30\% – 5.20\% | 4.80\% – 5.70\% |
Which saving scheme is better in post office?
Which RD is best SBI or post office?
1) SBI RD interest rates vary between 5\%-5.4\% for the general public and an additional interest rate hike of 50 basis points for senior citizens. These rates are effective from 8 January 2021. Post Office RDs offer 5.8\% per annum, compounding quarterly. These rates are effective from 1 January 2021.
Is there any tax benefit on RD?
Is RD interest taxable?: Recurring Deposits attract no tax exemptions. Income tax has to be paid on the Interest amount received from Recurring Deposits. The tax has to be paid at the rate of the tax slab of the RD holder.
What is the minimum amount to invest in post office Rd account?
The minimum investment amount is Rs 100/month and there is no maximum investment limit (instalment should be in multiples of 5). There is no limit to the number of RD accounts you can create in post office. Essentially each RD created is like different account. Premature withdrawal is allowed up to 50\% of the balance after completion of 1 year.
How long can you keep a recurring deposit at the post office?
At present, customers can open the Post Office Recurring Deposit account, and they need to make sure that their deposits are active for a minimum period of 5 years. Customers who opt to continue with their Recurring Deposit account even after five years have ended can further extend their Recurring Deposit account for another five years.
What are the tenure options in post office deposit account?
Post Office Deposit Account provides complete flexibility to the investors. Individuals can invest a certain sum of money in any of the tenure options ranging from 1 year to 5 year. Individuals can invest their money in 1 year, 2 year, 3 year and 5 year deposits.
What is the tenure for post office Rd?
It looks a bit complex and so you can use the RD calculator. The tenure for Post Office RD is 5 years which can be extended by another 5 years. As with all other Small Saving Schemes like PPF, SCSS, Post Office FD rates are also declared every quarter.