5 min read
Updated on Aug 28, 2023
People wishing to invest in a Post Office Recurring Deposit can use the Post Office RD calculator – a useful tool to estimate an RD’s maturity and interest value. RD scheme is a secured and risk-free plan that can be used by investors to save a corpus for the future. With the RD calculator, you can estimate your returns under the scheme, as it gives a more accurate projection.
In this post, we will learn about the post office RD calculator.
It is an online tool used to evaluate the interest earned and the maturity value to be received under a Post Office RD Account.
The various factors considered by a post office RD Calculator are:
The tool offers an accurate evaluation of the returns received by an investor at maturity.
It is very simple to use the Post Office RD calculator. You just need to enter the below inputs to calculate the values as required:
This is a fixed amount that is deposited in the RD account by the investor each month
The tenure/duration of the RD is the time period for which the RD is held. This can be as short as 6 months or as long as 10 years
The interest rate is offered by the Post Office and is subject to periodic change
When all the above inputs are entered in the required fields of the RD calculator, the calculator instantly does the estimation and shows the result in terms of interest earned as well as the maturity value of the account.
There is no experience required to use the Post Office RD Calculator. It is an utterly simple process. Below are the steps needed to follow by investors to calculate post office RD benefits:
1. Look for the Post Office RD Interest Rate 2023 Calculator online. You can visit Paybima.com to access the post office RD calculator
2. Once you are on the calculator interface page, you need to submit the below details:
3. Once these details are entered, the India Post RD calculator will instantly display the following:
You can use different tenures, amounts deposited, and different interest rates to see the maturity value that you can earn under the plan.
Calculations of RD or Recurring Deposits can be done with the help of a Post Office RD Interest Rate Calculator. However, it can also be done using the below formula.
M =R X [(1 + i) X n – 1] / 1 – (1 + i) (-1 / 3)
‘M’ is the maturity value
‘R’ is the deposited amount invested monthly
‘N’ is the total tenure or the number of quarters in a tenure
‘I’ is the rate of Interest divided by 400 (for 4 quarters/year)
Below are the criteria for eligibility to join the Post Office Recurring Deposit Scheme:
1. You should be a resident individual with a;
2. Minors below 10 years can open an RD account through a guardian/parent
2. If the minor is above 10 years of age, they can get the account in their name
3. In the case of an adult with an unsound mind, they can open an account through parent/guardians
Below are the papers required to start a 5-year post office RD account:
The key benefits of using a Post Office Recurring Deposit Calculator are mentioned below:
To Sum Up
If you are looking at investing your money in a recurring deposit scheme, you can use the post office RD interest rate calculator to estimate the benefits you can earn out of that account. It is a good tool for easy and transparent estimations.
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Post Office RD can be calculated by using the Post Office RD Calculator to know the interest and maturity amount that can be earned from an RD account.
Below are some best RD for 1 year in India:
~ SBI RD Interest Rates - 6.80% (General RD)
~ ICICI RD Interest Rates - 6.70% (General RD)
~ HDFC RD Interest Rates - 6.60% (General RD)
~ Axis Bank RD Interest Rates - 6.80% (General RD)
~ PNB RD Interest Rates - 6.80% (General RD)
Post Office Savings Bank RD is available at an interest rate of 6.20% p.a. from 01 April 2023.
Yes, Post Office RD can be withdrawn at any time once it completes three years duration. However, a penalty is levied on the account holder if the RD is withdrawn before 5 years tenure.
A Post Office Systematic Investment Plan or SIP calculator is a tool that evaluates the benefits received under a post office SIP for investors.
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