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Post office RD Vs Bank RD Tax benefits Return Calculation interest rates

Post Office Recurring Deposit (PO RD)

Eligibility 18-65 years, minor single, joint
Interest rate 7.3% (compounded quarterly)
How to open at Post office
Investment Limit Per Year Min 10 INR to no limit
Partial withdrawal up to 50% allowed after 1 year, you may repay the amount with interest.
Premature closing possible
Maturity / Lock-in Period  5 years RD
Extension automatic year after year
Tax Benefits NA

NOTE: Intrest rates change quarterly slightly*

post office rd calculation

Monthly deposit Interest rate years Maturity
1000 7.3 5 72,505.14
2000 7.3 5 1,45,000
5000 7.3 5 3,62,525
10000 7.3 5 725,051.39
20000 7.3 5 1,450,102.78

 

POSt office Rd with Monthly 2000

(interest compounded quarterly – added at the end of each quarter)


Year Year Deposits Year Interest Total Deposits Total Interest Balance
1 ₹24,000.00 ₹964.52 ₹24,000.00 ₹964.52 ₹24,964.52
2 ₹24,000.00 ₹2,837.43 ₹48,000.00 ₹3,801.94 ₹51,801.94
3 ₹24,000.00 ₹4,850.85 ₹72,000.00 ₹8,652.79 ₹80,652.79
4 ₹24,000.00 ₹7,015.32 ₹96,000.00 ₹15,668.11 ₹111,668.11
5 ₹24,000.00 ₹9,342.17 ₹120,000.00 ₹25,010.28 ₹145,010.28

 


Regular Deposit Calculation

Base amount: ₹0.00
Interest Rate: 7.3%
Effective Annual Rate: 7.5%
Calculation period: 5 years

Post Office Rd with Monthly 5,000

 


Year Year Deposits Year Interest Total Deposits Total Interest Balance
1 ₹60,000.00 ₹2,411.30 ₹60,000.00 ₹2,411.30 ₹62,411.30
2 ₹60,000.00 ₹7,093.57 ₹120,000.00 ₹9,504.86 ₹129,504.86
3 ₹60,000.00 ₹12,127.11 ₹180,000.00 ₹21,631.97 ₹201,631.97
4 ₹60,000.00 ₹17,538.29 ₹240,000.00 ₹39,170.26 ₹279,170.26
5 ₹60,000.00 ₹23,355.43 ₹300,000.00 ₹62,525.69 ₹362,525.69

 


 

tax benefit on rd of the post office

  1. 5 Years long term investment applicable but below 5 years RD Account not available with Post office.
  2. recurring deposit in post office tax exemption u/s 80c  (up to 1.5 lakh rebate )allowed.
  3. NO TDS by the post office.
  4. Withdrawal: Under section 80TTA 10,000 allowed, in case of senior citizens 80TTB (up to  50,000 rebate).

 

post office rd interest rate 2019

Year Interest Rate*
2019 7.3 % (from 2019)

post office monthly income scheme 

post office fd calculation

 

SBI RD Vs Post Office Rd

Penalty charges upon irregular payment:  SBI 1.5 per Rs 100 (1.5%), Post Office 0.5 Paise for 5 INR (1%).

Opening & Closing RD online possible with SBI, But Not with Post office.

LockIn Period: SBI 1 Year to 6 years, but Post Office Only has 5 years deposit.

Interest rate: SBI @6.85% Post Office @ 7.3% (both are compounded quarterly)

TDS: deducted at the bank but not at Post office (TDS threshold limit is 40,000 from 2019-20)

What is the difference between TDR: and STDR in FD?

TDR: Pays Intrest on FD Monthly Quartertyl/6/12 basis.

STDR: NO payouts until maturity (interest earns interest)

Faq

Is post office recurring deposit eligible for 80c?

Yes, up to 1.5 lakh every year.

# Post office Saving here

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