Post Office RD Account: 6.2 percent interest is being given on RD (Post office rd calculator rd in post office) in post office RD calculator post office. Any investor can invest in RD from 5 years to 10 years.
Frequency Deposit or Recurring Deposit among the safe investment options in India
(RD) is a very popular option. The biggest advantage of the Recurring Deposit Scheme is that in this you do not have to deposit a lump sum amount like FD, but you have to deposit small amounts every month. The interest on this is more than savings account but less than FD. The tenure of RD can be from five years to ten years.
Interest rate on RD
Post Office RD Schemes come under Small Savings Schemes. In the new interest rates announced by the central government for April to June 2023, the interest on RD has been increased from 5.8 percent to 6.2 percent. Apart from the post office, you can open an RD account in any government and private bank.
RD is of two types
There are two types of RD schemes. One is Regular Recurring Deposit and the other is Flexi Recurring Deposit. (Flexi Recurring Deposit) In this you have to deposit a fixed amount every month for a fixed period. For example, you deposit an amount of Rs 4000 every month for 10 years, then it will be called Regular Recurring Deposit.
Whereas, in Flexi Recurring Deposit, you can increase or decrease your monthly installment according to your need.
Formula to calculate interest in RD
m = r [(1+i)n – 1] divided by 1 -(1+i)(-1/3)
Here M stands for the amount received at maturity. R stands for the total number of monthly installments paid. N stands for the tenure of the RD and I stands for the rate of interest.
How much profit on investing in RD?
If you deposit 5000 rupees every month in the post office at an interest rate of 6.2 percent, then after 5 years you will get an amount of 3.52 lakhs and after 10 years it will increase to 8.32 lakhs.
