Find your suitable insurance plan
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4 min read
Updated on Apr 27, 2023
Have you ever come across a situation where your family members started convincing you to open an RD account since you are financially independent now? Well, it happens to almost all of us. To put things honestly, as soon as you get a job, opening a Recurring Deposit (RD) is one of the best things that you can do. And if you want to get a bit more interest in your RD account, you choose Post Office over any bank.
A Post Office can be found in almost every town and city in India. You can find the nearest post office and open an RD account at your convenience. Well, before we delve deeper, we should first try to know what an RD is.
Usually called RD, Recurring Deposit is a term deposit that will enable you to deposit an amount of money as per your choice, every month. You will get the kind of flexibility that you want while saving some money. The minimum tenure of a Recurring Deposit account is 6 months.
Before you open an RD account, you must check if you match the eligibility criteria or not. Some of the common eligibility requirements are mentioned herein below:
You would be required to provide some documents while trying to open an RD account. Here are some of them mentioned below:
As you plan to open an RD account, you must first use the post office RD calculator for Post Office. Using the Post Office Recurring Deposit calculator for Post Office will help you to understand the amount of money that you can get within a certain tenure. You will also be able to find out the rate of interest that you will get by investing in an RD account.
The Recurring Deposit calculator for Post Office is an online tool that you can use to find out the rate of interest as well as the maturity amount that you are going get out of the account. The tool is user-friendly and anybody can use it without any difficulty. All that you have to do is enter certain details in the calculator for Post Office. The details are herein below:
Once you enter all the details, the maturity amount will be displayed on your screen.
As you use an RD calculator for post office, you will experience many benefits. Some of them are as follows:
You must be aware of the fact that Recurring Deposit Accounts can be opened for senior citizens as well. The rate of interest provided to senior citizens for an RD account is much more than general accounts. Under an RD account for senior citizens, the tenure and minimum amount are fixed by the bank. The interest on a Recurring Deposit account is compounded on a quarterly basis. An additional rate of interest of 0.50% to 0.80% is offered to senior citizens.
Now, if you want to open an RD account at a Post Office near you, the foremost thing that you can do is use the RD calculator for Post Office. Once you have an idea of the maturity amount and the rate of interest you are getting, you can accordingly invest the amount that you want.
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Although the maturity amount of an FD is higher than an RD, you can choose to invest your money in an RD account since it can be done for a shorter period.
Yes, the RD interest rate that you get in Post Office is always higher than the one that you get in a bank.
Yes, you can withdraw 50% of the amount in case of an emergency. However, you can do it from the date of opening the account.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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