What is the rate of interest in post office for 5 years?
What is the rate of interest in post office for 5 years?
Post Office Fixed Deposit Rates
| Deposit Tenure | Post Office FD rates (p.a.) |
|---|---|
| 1 year | 5.50% |
| 2 years | 5.50% |
| 3 years | 5.50% |
| 5 years | 6.70% |
What is 5 year monthly income in post office?
4.5 lakh in the post office monthly investment scheme for 5 years. As mentioned above, the interest rate is 6.6% p.a. His monthly income will be Rs. 2,475 for that period. Post-maturity, he can withdraw his deposit, Rs.
What is the interest rate of post office recurring deposit?
5.8% per annum
The interest rate on post office recurring deposits is revised regularly every year. For the current financial year, the post office RD interest rate is 5.8% per annum which is compounded quarterly. ₹ 1 for every ₹100.
What is the RD interest in post office 2020?
5.8%
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.
What is Post Office MIS?
A monthly Income Scheme (MIS) is an investment scheme that promises the investor guaranteed returns at an interest rate of 6.60% per annum. These returns can be availed as fixed monthly income. Post Office Monthly Income Scheme (POMIS) is an investment scheme of the Indian postal service.
Which monthly income scheme is best?
Best Monthly Income Plans for 2021
| Monthly Income Plans | Entry Age (Minimum to Maximum) | Policy Term |
|---|---|---|
| SBI Smart Money Planner | 18 years to 60 years | 15,20 and 25 years |
| Shriram Life Assured Income Plan | 30 days- 55 years | 8,10,12 and 15 years |
| SUD Life’s Elite Assure Plan | 20 years to 50 years | 15 years for Plan 5-5-5 21 years for Plan 7-7-7 |
Is there 1 year rd in post office?
A opens a RD account for tenure of 1 year with periodic deposits of ₹ 5,000 per month at an interest rate of 5.80%. In this case, the maturity amount at the end of 1 year will be ₹ 61,909 and includes the collected principal and total interest earned on the principal amount during the period at ₹ 1,909.
What is better than recurring deposit?
Recurring Deposit is liquid but premature withdrawal or closure will attract penalty charges. In terms of liquidity, a SIP is better when compared to RD. SIP can be closed and the money can be withdrawn without any penal charges. Recurring Deposit amount or the interest earned on it are not exempted from tax.
Which recurring deposit is best?
Top 10 Private Sector Banks Offering Highest Interest Rates On Recurring Deposits
| Sr No. | Banks | Senior Citizens |
|---|---|---|
| 1 | Yes Bank | 5.50% to 7.00% |
| 2 | RBL Bank | 3.75% to 6.80% |
| 3 | IndusInd Bank | 6.00% to 6.50% |
| 4 | IDFC First Bank | 3.75% to 6.50% |
Can I break my post office RD?
As per the rules, one withdrawal is permitted before the maturity period. In case an individual fails to repay the amount withdrawn before the RD matures, the bank/post office will deduct the said amount (with interest) before the maturity sum is paid.
How to calculate recurring deposit maturity amount?
The interest amount on recurring deposits is usually compounded on a quarterly basis. The following formula is used by banks to calculate how much the interest component on a recurring deposit will be at maturity: M =R [ (1+i) n – 1]/1- (1+i) (-1/3)
How do you open a post office account?
Take the following items with you to the post office: current driver’s license or state identification card, one piece of business mail from your current residence, such as a utility bill, and cash or credit card to pay for your new post office account. Tell the postal clerk you wish to open a post office account and post office box.
What is a post office deposit?
A Post-Office Recurring Deposit Account (RDA) is a banking service offered by Department of post, Government of India at all post office counters in the country. The scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after five years.
Can I open a post office account online?
First,visit the official website of Post Office.
