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Interest Rate: The interest rate on Post Office RD account ranges from 5.8% to 6.8% per annum, depending on the tenure of the deposit. Penalty for Delayed Payment: If you miss a monthly payment, you can pay the same with a penalty of Rs. 1 per Rs. 100 per month for each default.
What is the interest rate for RD in Indian post? ›Interest Rate | 6.70% p.a. (Compounded quarterly) |
---|---|
Tenure | 5 Years |
Minimum Deposit | Rs.100 per month |
Maximum Deposit | No Upper Limit (any amount in multiples of Rs.10) |
Missed Deposit Penalty | Re.1 for every Rs.100 |
The 5-year Post Office Recurring Deposit (PORD) scheme, also known as National Savings Recurring Deposit, allows you to save on a regular monthly basis for 5 years. i.e. 60 monthly installments. These deposits earn interest as per the applicable rate compounded on a quarterly basis.
What is $10,000 per month in post office? ›On a Rs 10,000 per month investment for five years, your total deposits will be Rs 6,00,000, the interest earned will be Rs 1,13,659, and and the maturity amount will be Rs 7,13,659.
What is the amount of 1000 RS/RD in post office for 5 years? ›Monthly investment amount | Rs. 1000 |
---|---|
Tenure | 5 years |
Interest Rates | 6.25% |
Maturity Periond | Rs. 70,431.25 |
Banks | 5 years | More than 5 years |
---|---|---|
SBI RD Interest Rates | 6.50% | 6.50% |
ICICI Bank RD Interest Rates | 7.00% | 6.90% |
HDFC Bank RD Interest Rates | 7.00% | 7.00% |
Kotak Mahindra RD Interest Rates | 6.20% | 6.20% |
How much for 5000 per month RD for 5 years? if you are starting a RD account for 5 years with a monthly contribution of Rs.5000 and the applicable interest rate is 7%, then after 5 years you will receive Rs.3,59,663 as a maturity amount.
Which is better, RD or FD? ›In fixed deposits, the Interest earned is higher but recurring deposits are more flexible because they let you deposit in small amounts. Choose wisely, earn better!
How much is $3,000 per month in RD for 5 years? ›Monthly Deposit | Monthly Interest | Total Interest (5 Year) |
---|---|---|
₹3000 | ₹568 | ₹34,097 |
₹4000 | ₹758 | ₹45,463 |
₹5000 | ₹947 | ₹56,829 |
₹10000 | ₹1,894 | ₹1,13,658 |
You make an investment of Rs. 1,00,000 with a maturity period of 5 years. The annual interest rate being 6.60% gives a fixed monthly income of Rs. 550.
Bank Name | Normal Interest Rate | Senior Citizen Interest Rate |
---|---|---|
HDFC Bank | 7.10% | 7.60% |
ICICI Bank | 7.00% | 7.50% |
Indusind Bank | 7.50% | 8.25% |
Kotak Mahindra Bank | 7.10% | 7.60% |
The Post Office Monthly Income Scheme is a government-backed saving scheme which enables investing a certain amount for a regular monthly income. The investment limit stipulated is Rs. 4.5 lakhs for individual accounts and Rs. 9.00 lakhs for joint accounts.
What is the post office RD 3000 per month for 5 years? ›Monthly Insvestment | 5 year return |
---|---|
Rs 3000.00 | Principal :₹ 180000.00 Return : ₹ 34097.00 Total value: ₹2,14,097.00 |
Rs 5000.00 | Principal :₹ 300000.00 Return : ₹ 56829.00 Total value: ₹3,56,829.00 |
Interest: Currently the Post Office Senior Citizen Scheme offers an attractive interest rate of 8.2% per annum (as of April 1, 2024). Interest is compounded quarterly and paid out every quarter. Tax benefits: The Senior Citizen Saving Scheme Post Office offers tax deductions under Section 80C of the Income Tax Act.
What is the new RD scheme in post office? ›5-Year Post Office Recurring Deposit Account (RD)
You can agree to a fixed monthly deposit payment starting from Rs 100 and earn interest at 6.7% p.a. The interest is compounded quarterly. You can get a loan of up to 50% against the deposit available in the account after completing 12 instalments without defaulting.
Bank Name | Normal Interest Rate | Senior Citizen Interest Rate |
---|---|---|
Central Bank of India | 6.75% | 7.25% |
Karur Vysya Bank | 7.00% | 7.40% |
Union Bank of India | 6.70% | 7.20% |
Tamilnad Mercantile Bank | 7.00% | 7.50% |
Monthly Deposit | Monthly Interest | Total Interest (5 Year) |
---|---|---|
₹2000 | ₹379 | ₹22,732 |
₹3000 | ₹568 | ₹34,097 |
₹4000 | ₹758 | ₹45,463 |
₹5000 | ₹947 | ₹56,829 |
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