Is post office recurring deposit good?
Is post office recurring deposit good?
One can open an RD account in a post office by making an initial contribution of Rs 100/- per month or any amount in multiples of Rs 10/-. with no upper limit. On a quarterly compounded basis the post office RD scheme is currently promising an interest rate of 5.8%.
How is RD calculated in post office?
One of these is the National Savings Recurring Deposit Account scheme. Those opening an RD with any post office can use the RD calculator of the post office to assess their maturity amount….
- R = Rs. 7,000.
- i = 0.0145 (5.8 / 400).
- n = 20 (5 years x 4).
What is the interest rate of FD in Indian post office?
Features Table of Post Office Fixed Deposit
| Particulars | Details |
|---|---|
| Tenure | 1, 2, 3 and 5 years |
| Minimum Deposit Amount | Rs. 1,000 |
| Interest Rates | 5.5% – 6.7% |
| Interest Payment | Annually |
Which bank is best for RD?
Major Bank’s Best Recurring Deposit Interest Rates 2021
| Bank | General Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| ICICI RD Interest Rates | 3.50% – 5.35% | 4.00% – 5.85% |
| HDFC RD Interest Rates | 3.50% – 5.50% | 4.00% – 6.00% |
| Kotak Bank RD Interest Rates | 4.40% – 4.75% | 4.90% – 5.25% |
| Axis Bank RD Interest Rates | 4.40% – 5.50% | 4.65% – 6.05% |
Which scheme is best in Post Office 2020?
Post Office Savings Account(SB)
Which is better RD or FD?
The interest amount earned at the end of maturity of a Fixed Deposit is higher than the interest earned on an RD. The interest amount earned is lesser than the interest earned on an FD. The interest earned on an RD is paid on maturity along with the capital amount.
Which is better Bank FD or Post Office FD?
The Post Office Time Deposit Account (TD) is much better than bank FD. In this, you get 6.7 per cent interest for five years. One of the most preferred investments of post office is Time Deposit Scheme.
Is RD good investment?
Investing in an RD scheme is a great option for salaried people as they do not have to invest a lump sum amount at one time as is the case in Fixed Deposits. Unlike Mutual Funds and Stocks which are subject to market risks, the entire amount invested in an RD is safe and secure.
What is the interest of 1 lakh in post office?
7.7%
1 lakh in the scheme, with a maturity period of 5 years. At the annual interest rate of 7.7%, he will receive a fixed monthly payout of Rs. 641.66. At the end of the investment term, i.e., 5 years, he will get back the amount he deposited.
What is the best investment for 5 years?
Best Investment Plans for 5 years
- Liquid Funds. Also known as money market fund, these are a type of mutual fund scheme, which invests the money in short-term government securities and certificates.
- Savings Account.
- Post-Office Time Deposits.
- Large Cap Mutual Fund.
- Stock market/ Derivatives.
What is the interest rate on post office Rd?
Post Office RD Interests Rates The rate of interest on a National Savings Recurring Deposit Account is 5.8% with effect from 1st April 2020. Read about: Post Office Recurring Deposit Rates Key Features of Post Office RD
How often do you get interest on a post office recurring deposit?
Interest on a post office recurring deposit is compounded every quarter. Account-holders will earn interest on their deposits every 3 months, which totals to 4 times in a year. Those holding a National Savings Recurring Deposit Account can use a post office RD calculator 2020 to assess their maturity amount.
How does 5 year Recurring Deposit Work in India?
5 Year Post Office Recurring Deposit-a Safe And High Return Investment : The India Post provides such an investment facility wherein the customers can deposit some amount of money as savings from their income as a 5 – Year Recurring Deposit scheme which would make them earn interest for some time until the amount is deposited.
Which is the best post office deposit scheme in India?
Under this scheme, investors can park their money in any post office pan India. It is highly affordable too and thus is a highly preferred option by a big chunk of the populace. Also, deposit for 5 years qualifies as tax saving scheme which means deductions u/s 80C of the Income Tax Act, 1961 can be claimed for up to Rs. 1.5 lakh/FY.