Post Office RD Calculator
Table of Contents
Post Office Recurring Deposit (RD)
Post office recurring deposit or post office RD is a great saving scheme for those who are not much tech savy and want an easy way where they can invest an amount every month at a particular date and that keeps compounding through out the time it stay invested in the RD.
RD is similar to SIP, where you just invest some amount at regular interval in order to enjoy the power of compounding.
Benefits of Indian Post Office RD
- 100% Safe – Indian Post office is controlled and operated by our Indian Government hence, investing in a post office RD is 100 times much safer then any bank RD.
- Easy To Invest – If you have a Post Office Savings account then you can easily invest in the RD through ebanking or mobile banking or can visit your nearest post office for the same.
- Attractive Interest Rate – Indian post office provide a competitive RD interest rate compared to the most private sector banks.
- Regular Saving – The best part is that it builds a habit of saving regularly so that you can multiply your wealth in future.
Post Office RD Calculator
Post Office RD Calculator is designed to calculate your final returns from the recurring deposit (RD) you may open in post office.
This way you already have an idea how much total amount you will get after certain time period, which helps in your future planning ultimately.
With that a post office rd calculator helps to save your a lot of time and efforts that you have to put in doing all the recurring deposit calculations manually.
How RD Calculator Post Office Works?
We have designed this RD calculator for post office in such a way that anyone can use it quickly without any hassle.
Follow the steps for using our post office RD calculator:-
- Firstly, you need to enter how much money you wanted to invest monthly in your indian post office recurring deposit (RD) in the “Monthly Investment Amount” Column.
- After that you need to enter how much interest rate your post office RD is offering in “Expected Average Annual Return” column.
- Finally, enter the time period in terms of years or months you can select, for which your doing this RD, in “Investment Period” column.
Result Display:
- Total Amount Invested: This is the total amount you will be going to invest through out the time period of your RD.
- Total Returns: The total returns are interest you have made over your investment over the period.
- Final Amount After x Time Period: The total amount you will have including the total amount you have invested and total returns you have received on that amount.
Post Office RD Interest Rate 2024
Post office keeps revising its interest rates on recurring deposit (RD). Hence, it is important to cross check the RD interest rates when you are investing.
While post office RD interest rate 2024 are 6.7% per annum where it will be going to compound quarterly.
| Post Office Rate of Interest 2024 | Compound Frequency | For Senior Citizens | Time Period |
|---|---|---|---|
| 6.7% (Per Annum) | Quarterly | Same, 6.7% Per Annum | 5 Years |
Do note the rate of interest on post office RD is same for senior citizens and the time period of the RD is 5 Years (to know lesser time period RD interest rate, you can visit indian post office to know the current rate)
Factors To Consider Before Investing in Post Office RD
You should consider below factors investing in a post office recurring deposit:-
Premature Withdrawal
You can only do a premature withdrawal of your post office RD, after 3 years of starting the RD and for that you can visit the nearest post office and can submit the required documents.
But do remember if you have done an advance deposit in your post office RD, so till the time of your advance deposit get settled completely, you can’t do a premature withdrawal.
Also, even if you closed your post office RD a day before maturity date, the interest rate on your RD will drop by 1-2%.
Default Payment
In any case, if you miss the payment of your indian post office RD, then you a fees of Rs. 1 will be applied per Rs. 100 default amount.
Thus, you should avoid avoid missing the payment and for this you can also do an advance deposit.
Advance Deposit
For advance deposit in your indian post office RD, the post office rewards you by a rebate of upto Rs. 100 on deposit amount (the rebate amount depends upon how much instalments you are depositing in advance)
Maturity
The maturity of your RD, will be after 5 year from the date you will start it.
To know how much total maturity amount you will receive for that you can use our post office rd calculator.
Also, you can extend the maturity by extending your RD for further 5 years by submitting required documents in your nearest post office.
Frequently Asked Questions
How much my return will be if invest in post office RD 5,000 per month for 5 years?
If you invest in post office RD 5000 per month for 5 years then using the above Post office RD Calculator you return will be:-
Total amount invested: ₹300,000.00
Total returns: ₹57,181.82
Total maturity amount after 5 years: ₹357,181.82
Do note I have taken the expected average annual return 6.7% (as per post office RD interest rate 2024).
Is this Post Office RD Calculator for senior citizens too?
Yes, our Post office RD calculator is for senior citizen too. Just enter expected the average annual return on post office RD for senior citizens which is currently 6.7% (as per 2024). We have designed it in such a way that anyone can use it without any age factor restriction.
How much I will receive after 5 years RD in post office using this calculator?
Your returns after 5 years RD in post office using this calculator, depends upon how much money you invest monthly and secondly what is the current post office interest rate on RD the India Post Office is offering.
How to calculate post office RD interest?
To calculate post office RD interest amount, you can use our Post Office RD Calculator. While to know what is the current Post Office interest rate on RD Indian Post is offering so for that either you can check our website or visit the nearest Indian Post Office.
Disclaimer: The Honest American provides financial education, investing strategies, & stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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