Post Office RD Rs 1000, Rs 5000, Rs 10,000 per month in 5 and 10 years: Get up to Rs 16.6 lakh! (2024)

FAQs

What is the post office RD 1000 per month for 10 years? ›

Calculation shows that a monthly contribution of Rs 1000 towards the Post Office RD scheme will result in a corpus of Rs 70,431 lakh in 5 years. If you extend the account by another 5 years, the total corpus will be Rs 1.66 lakh in 10 years.

What is post office RD interest for Rs. 1000 per month in 5 year? The current RD interest rate in post office recurring deposit scheme is at 6.70% p.a. for 5 year. When Rs. 1000 invested every month for 5 year at 6.70% p.a, the total interest earned will be Rs. 11,366 and total corpus will be Rs. 71,366.

Interest on a Post Office RD is calculated using the compound interest formula, taking into account the principal amount, tenure, and prevailing interest rate. The maturity amount is the sum of the principal and the total interest earned over the tenure.

These two Post Office schemes are not market-linked and provide guaranteed returns to investors. While one can invest a lump sum amount in an FD, they can invest monthly amount in an RD. However, in the long term, Post Office FD will be a profitable option.

India Post offers RD interest rate @ 6.70% p.a. for tenure of 5 years. The 5-year Post Office Recurring Deposit Scheme is managed by National Savings Institute (NSI), a unit working under the Union Ministry of Finance.

SIPs offer the potential for higher returns over the long term, while RDs provide stability and predictability for short-term goals. It is crucial to align investment choices with specific objectives to achieve financial success.

1. National Savings Recurring Deposit (RD) The National Savings Recurring Deposit Account (RD) is a popular savings scheme offered by the Indian government through post offices. You can invest a fixed amount of money monthly for a period you choose (typically 5 years).

SBI offers Recurring deposits at interest rates of 6.50% to 7% p.a. to other depositors, and 7.35% to 7.5% to senior citizens with a minimum monthly deposit of ₹100. The tenure for SBI RD ranges from 1 year to 10 years.

What is the interest rate of post office RD for 10 years? ›

Tenure: The tenure of Post Office RD account is from 5 years to 10 years, and the deposit can be made on a monthly basis. 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.

What is the benefit of RD in post office? There are a number of benefits of RD in the post office, The rate of interest offered by the Post office on Recurring deposits is 5.80% per annum compounded quarterly. The tenure for a post office RD is 5 years.

As far as investment safety is concerned, both post office and bank RDs are relatively safer. However, post office deposits have an edge as the entire deposit is backed by the government. Bank RDs have protection only up to Rs 5 lakh.

Are there any differences in terms of security between RD and Post Office Savings Schemes? Both RD and Post Office Savings Schemes are considered safe investment options.

SBI and the Indian Postal Service are both government-backed institutions that offer deposits with a high level of security. The choice between SBI RD and Post Office RD is determined by your preferences and factors such as tenure, interest rates, accessibility, and account management options.

Post Office Monthly Income Scheme Account (MIS)

You can deposit a sum of Rs 1,000 up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account. You can earn an interest rate of 7.4% p.a. for Q1 FY 2024-25 through this account and get a monthly fixed income from the scheme.

Financial sustainability

Our plan enables the Postal Service to achieve a break-even operating performance over the next 10 years. Through a combination of cost and revenue improvement strategies and regulatory and legislative actions, we can avoid $160 billion in projected losses by 2030.