Quick Answer: What Is The Rate Of Interest Of FD In Post Office?

Deposits qualify for tax rebate under Sec.

80C of IT Act.

The interest accruing annually but deemed to be reinvested under Section 80C of IT Act.

Interest rates From 01.07.2019.

PeriodRate
1yr.A/c6.9%
2yr.A/c6.9%
3yr.A/c6.9​%
5yr.A/c7.7​ %

How many years FD will double in post office?

Time deposit accounts have a tenure ranging from 1 year to 5 years. Depositors can open any number of FD accounts in any of the post offices. Minors aged 10 years or more can open and manage these accounts as well. Minors have to apply to get the account converted in their name after they become 18 years old.

Which scheme is best in post office?

Post Office Saving Schemes: These top 5 will give you high interest – Check key details

  • – Post Office Monthly Income Scheme Account (MIS):
  • – 5-Year Post Office Recurring Deposit Account (RD):
  • – Senior Citizen Savings Scheme (SCSS):
  • – 15 year Public Provident Fund Account (PPF):
  • – Sukanya Samriddhi Accounts:

Which bank is best for fixed deposit in 2019?

Senior Citizen FD Interest Rates in 2019

The highest interest rate for senior citizen is offered by IDFC Bank and Bank of India at 8.25%.

What is the interest rate for FD in SBI?

SBI NRI Services – NRO Fixed Deposit Interest Rate

NRO TERM DEPOSITS With effect from 01st August, 2019*
TenorsBelow Rs.2 CroreRs.2 Crore & above
2 year to less than 3 years6.70%6.70%
3 years and upto 5 years6.60%6.60%
5 years and upto 10 years6.50%6.50%

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Can I double my money in 5 years?

This is the number of years it will take for your money to double. For example, if your money is earning an 8 percent interest rate, you’ll double your money in 9 years (72 divided by 8 equals 9). Or, if your money is earning a 5 percent interest rate, you’ll double it in 14.4 years (72 divided by 5 equals 14.4).

Which bank is best for FD?

Kotak Bank FD Rates

TenureKotak Bank FD Rates
2 years – less than 3 years7.00%7.50%
3 years and above – less than 4 years6.90%7.40%
4 years – less than 5 years6.75%7.25%
5 years – 10 years6.50%7.00%

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How many years FD will double in SBI?

For domestic deposits – Less than Rs. 1 cr

Maturity PeriodDeposit AmountInterest Rate
Senior Citizen
7 days to 45 daysLess than Rs. 1 cr6.25
46 days to 179 daysLess than Rs. 1 cr6.75
180 days to 210 daysLess than Rs. 1 cr6.85

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What is Monthly Income Scheme in Post Office?

The Post Office Monthly Income Scheme (POMIS) is a Government of India backed small savings scheme that allows the investor (s) to set aside (save) a specific amount every month. Subsequently, interest is added to this investment at the applicable rate and paid out to the depositor(s) on a monthly basis.

How can I open FD account in post office?

Steps to Open A Post Office Fixed Deposit Account

  1. Select the nearest post office where you want to open the post office fixed deposit account.
  2. Visit the branch and fill in the fixed deposit opening form.
  3. Provide relevant details such as ID proof, address proof.

Can I get monthly interest on FD?

Yes, you can withdraw the interest of Fixed Deposit on a monthly basis. When you invest your money in FD, you get interest on your principal amount. This interest can be obtained after maturity of fixed deposit or even before that on a monthly, quarterly, half-yearly or annual basis.

What is the interest of 1 lakh in SBI?

FD Calculator SBI in India Jun 2019

TenureRatesMaturity Amount for Rs. 1 Lakh
7 days to 45 days5.75% to 6.25%Rs. 100,110 – Rs.100,771
46 days to 179 days6.25% to 6.75%Rs. 100,788 – Rs.103,337
180 days to 210 days6.35% to 6.85%Rs. 103,156 – Rs.103,985
211 days to 364 days6.40% to 6.90%Rs. 103,739 – Rs.107,061

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How is FD maturity amount calculated?

FD Calculation Formula:

This is A = P (1 + r/4/100) ^ (4*n) and A = P (1 + r/25)4n. Suppose you are investing Rs.1,00,000 in a fixed deposit for a tenor of 3 years at an interest rate of 10%. Here, P is the principal amount, n is the tenor and r is the interest rate.