Post Office Recurring Deposit Calculator: Post Office Recurring Deposit is a small savings scheme run by the Government of India. This scheme is well-liked due to the attractive interest rate. Under this scheme, for a tenure of 5 years, you can open a post office RD account by depositing any minimum amount of Rs.100 per month or any amount in multiples of Rs.10 without any upper limit.
In this scheme, the depositors will get interest on the deposit amount every 3 months for a total of 4 periods. In this post office scheme, the investor is allowed a total of 60 deposits over a period of 5 years. That is, 1 deposit per month is mandatory. Post Office RD Interest Rates are updated on quarterly basis for the quarter ending 30th June.
Investors in Post Office Recurring Deposit (Post Office RD) currently get interest at an interest rate of 5.8%. Please note that even a minor of minimum 10 years of age can open a Post Office RD account. The maximum tenure offered is 5 years. Once a person’s tenure of 5 years is completed, he/she can extend the investment period for another 5 years by submitting a formal application.
Post Office Recurring Deposit Calculator
Post Office RD Calculator In order to park the funds of an individual on time and generate surplus savings on them for a specified period, Indian Post Office offers Recurring Deposit option. Whenever a person opens an RD account, (Post Office RD Account Opening) at that time that person has to put money once in his post office RD account with the bank. Then it has to be deposited from time to time and it can withdraw any money in the account during the period of deposit.
India Post offers great returns on Recurring Deposit Account (India Post RD Accounts) This savings scheme allows individuals to open a Post Office Recurring Deposit Account for 5 years. Interest rates are revised by the post office from time to time. At present, the interest of 5.8% per annum is being given to the people. India Post RD interest rate is compounded every quarter.
Benefits of Post Office RD Calculator:-
1. It is hassle free and quick to use.
2. It calculates the results instantly.
3. It displays the maturity value accurately.
4. You can plan your deposit accordingly.
How to use Post Office RD Calculator?
In this you have to enter India Post RD Interest Rate and monthly installment amount. The calculator will also tell you the maturity amount and interest earned for 5 years. This calculation is important because it will allow you to calculate your taxes every year.
How to Calculate Post Office RD?
The interest on Post Office Recurring Deposit is compounded monthly and you can calculate by using the formula given below. It is a bit difficult but you can use Post Office RD Calculator.
What is the eligibility for opening a Post Office RD Account?
You must be an Indian resident and HUF (Hindu Undivided Family) to open a Post Office RD account. If an NRI wants to open a post office RD account, then he can open a post office recurring deposit account through NRO and NRE accounts. Apart from this, banks also offer RD scheme for minors under the guardianship of their parents to supervise the withdrawal.
