Where is the highest interest on recurring deposits?
More interest is being received on the Recurring Deposit of the Post Office than the SBI. The Ministry of Finance has not made any changes in the interest received on post office deposits for the fourth quarter of the current financial year.
- Last Updated:
January 18, 2020, 12:56 PM IST
- Edited by: Puja menon
The Ministry of Finance revises the interest received on Post Office Deposits on a quarterly basis. In the fourth quarter of the current financial year, the Finance Ministry has not made any change in the interest rates. This means that by March 31, 2020, you are getting interest at the rate of 7.20 percent on the RD of the post office.
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In such a situation, if you want to get a better interest on RD, then you must open a recurring deposit in the post office. Let us know what you should keep in mind at the time of post office recurring deposit.How to open account: To open an account under the Post Office Reconnect Deposit Scheme, you have to invest at least 100 rupees every month. This amount can be any amount in multiple of 10 rupees.
Rate of Return: For the fourth quarter of the current financial year, you are getting 7.2 percent interest on the recurring deposit of the post office. If you invest at least 10 rupees every month in a recurring deposit account for five years, you will get Rs 72.50 on maturity.
Post office RD is for a period of 5 years. This period will be for the next five years from the day of opening the account. If you want, you can extend this period for another 5 years. For this, you have to file an application within the first five years.Also read: Budget can be big announcement for common man, these things will get relief from inflation
What is the maximum you can invest: There is no maximum investment limit for maximum investment in post office recurring deposits. In such a situation, if you want, you can invest more.
How can payment: In this, you can pay through cash or check. According to the official website of India Post, if you open an account before the 15th of a month, then for the next month you will have to make payment before the 15th. Also, if an account is opened after the 16th of a month, then for the next month you can pay till the last date of that month. If you want, you can also pay through intraoperable NetBanking or mobile banking.
Clearance: In this scheme you can withdraw before maturity. After one year of opening the account, you can withdraw 50 percent of the total investment. This will be the sum equal to the amount of interest, which you can withdraw at any time after one year.
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First published: January 18, 2020, 5:58 AM IST
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