You can open a recurring deposit account with India Post where you can deposit a fixed amount every month for a certain period of time and earn a maturity amount. The interest rate offered by India Post is up to 6.7% p.a.
There are various RD calculators which you can find online and use to calculate the amount you must deposit to earn a maturity amount which you feel will be suitable for you. We will find out more about Post Office RD calculator.
Components of Post Office RD Calculator
The components of Post Office RD Calculator are:
- Deposit Amount: Simply enter the deposit amount you wish to deposit on a monthly basis. The minimum amount that you can deposit is Rs.100. There is no limit on the maximum amount and thus you can enter different amounts to calculate the maturity value you will earn at the end of the tenure.
- Tenure: You can enter the tenure for which you wish to make your deposit. Generally, the maximum tenure offered by India Post is 5 years.
- Interest Rate: Based on the RD scheme chosen by you, you will earn a rate of interest on the amount deposited by you. The rate of interest which you can earn on your deposited amount is up to 6.7%.
How can you use India Post RD Calculator?
Given below are the steps you will have to use while using India Post RD Calculator:
- There are various third-party websites where you can use the RD calculator facility.
- Enter the amount you wish to deposit on a monthly basis.
- Enter the tenure for which you wish to invest in an India Post RD scheme.
- Enter the rate of interest.
- Click on ‘Calculate’.
- You will be able to view the maturity amount you will earn based on your deposited amount, tenure chosen, and the rate of interest you will earn on your amount deposited.
Calculating interest on India Post RD
Given below is the formula applied to determine the maturity amount you will earn:
M =R[(1+i)n – 1]/1-(1+i)(-1/3) where
- M = Maturity value
- R = Monthly deposits to be paid
- n= Tenure during which the deposit is to be made
- i= Interest Rate
Know more about Recurring Deposit
Advantages of using India Post RD calculator:
Some of the advantages of using India Post RD calculator are given below:
- RD Calculator is accurate.
- It can used anytime, anywhere.
- It is a convenient tool to calculate the maturity amount you will earn based on your deposit.
- You can use the RD calculator tool any number of times to calculate the maturity amount you will earn based on the amount deposited and tenure and rate of interest.
Post Office RD Calculator FAQs
- Is the rate of interest same for senior citizens?
- Do I have to pay to use the RD calculator tool?
- Do I have to open an account at India Post to invest in their RD schemes?
- What happens to my account if I do not make any deposits?
- Is the nomination option available?
No, senior citizens earn 7.4% p.a. as interest rate on the amount deposited.
No, you do not have to pay anything to use the RD calculator tool.
Yes, you will have to open an account at India Post to open an RD account.
If you do not make any deposit for the particular month, then it becomes a default. In order to revive it you will have to pay a revival fee which for every Rs.100 the denomination is Re.1 per month. The maximum number of defaults allowed are 4.
Yes, the nomination facility is offered.
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
RD Other Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes
- Monthly Recurring Deposit
- Co-operative Bank Recurring Deposit
- City Union Bank Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit