update<\/a>.<\/p>\n\n\n\nTo our surprise, its interest rates have increased by a whopping 30 basis points. <\/p>\n\n\n\n
So now, the interest on post office recurring deposits stands at 6.5 percent instead of the earlier 6.2 percent. <\/p>\n\n\n\n
Besides this change, the interest rate on time deposits of 1 year and 2 years has also been changed.<\/p>\n\n\n\n
It has been increased by 10 basis points.<\/p>\n\n\n\n
Basically, this scheme is for medium term investors. <\/p>\n\n\n\n
For this, the interest of 6.5 percent is available annually and its calculation is done on the basis of quarterly compounding.<\/p>\n\n\n\n
For this scheme, a minimum amount of Rs 100 and thereafter any amount in multiples of Rs 100 can be deposited. <\/p>\n\n\n\n
It is noteworthy here that recurring deposits at the post office are only for 5 years unlike banks.<\/p>\n\n\n\n
But, if you are looking to extend it further then it can be extended again for 5 years. <\/p>\n\n\n\n
Notably, you will get the benefit of old interest rates only during the extension.<\/p>\n\n\n\n
Lets understand this with a simpler example.<\/p>\n\n\n\n
For instance, if an investor deposits Rs 10 thousand every month, then after five years he will get Rs 7 lakh 10 thousand, as per the Post Office RD Calculator.<\/p>\n\n\n\n
In this case, the total deposited capital stands at Rs 6 lakh and its interest comes at Rs 1 lakh 10 thousand.<\/p>\n\n\n\n
If you are planning to open a Recurring Deposit account in the post office, it better be opened between 1st-15th of any month.<\/p>\n\n\n\n
This is due to the reason that you will have to make a deposit by the 15th of every month. <\/p>\n\n\n\n
Again, it will be quite comfortable considering the pay day usually comes during this period.<\/p>\n\n\n\n
In case you open the account after the 15th in any month then you will have to pay the deposit by the last of every month.<\/p>\n\n\n\n
Things To Remember Before Closing The Account<\/strong><\/p>\n\n\n\nIf you are wondering about this scheme, it also comes with a loan facility that is available after depositing 12 installments.<\/p>\n\n\n\n
If you are choosing this option then you will have to consider that its interest rate will be 2 percent more than the RD account interest rate. <\/p>\n\n\n\n
The most important point is in case you close this account even 1 day before 5 years, then only the benefit of savings account interest will be available. <\/p>\n\n\n\n
Please note that the interest rate on savings accounts is 4 percent presently.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a recent development, the Ministry of Finance has revealed the changes in the interest rates of small savings schemes for the July-September quarter. Increased Interest Rate For Post Office Recurring Deposit Ofcourse, the 5 years recurring deposit has been made more attractive, as per this latest update. To our surprise, its interest rates have […]<\/p>\n","protected":false},"author":25,"featured_media":1278959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4671],"class_list":["post-1278947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-post-office"],"acf":[],"yoast_head":"\n
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