The government has increased the interest rates on post office RD. The new interest rates will be applicable from October 1. In such a situation, if you now start a monthly RD of ₹ 2000, ₹ 3000 or ₹ 5000, then how much return will you get with the new interest rates? Know the calculations.
If you are also planning to invest in Post Office RD, then there is good news for you. In the festive season, the government has increased the interest rate on 5-year recurring deposits of post office. The new rates will be applicable from October 1. Let us tell you that till now you were getting interest at the rate of 6.5% on 5 year RD, but from October 1, you will get interest at the rate of 6.7%. The government has increased it by 20 basis points. In such a situation, if you now start a monthly RD of ₹ 2000, ₹ 3000 or ₹ 5000, then how much return will you get with the new interest rates? Know the calculations.
On investing Rs 2,000
If you are going to start an RD of Rs 2,000 per month for 5 years, then you will invest Rs 24,000 in a year and Rs 1,20,000 in 5 years. In such a situation, you will get Rs 22,732 as interest with the new interest rate i.e. 6.7% interest. In such a situation, after 5 years, your invested amount and interest amount will be combined and you will get a total of Rs 1,42,732.
On investing Rs 3,000
If you want to start an RD of Rs 3,000 per month, then you will invest Rs 36,000 in a year and in 5 years you will invest a total of Rs 1,80,000. According to Post Office RD Calculator, according to the new interest rates, you will get Rs 34,097 as interest and on maturity you will get a total of Rs 2,14,097.
If you start an RD of Rs 5,000 every month, you will invest a total of Rs 3,00,000 in 5 years. According to Post Office RD Calculator, you will get Rs 56,830 as interest at the rate of 6.7%. In this way, you will receive Rs 3,56,830 on maturity.
Review of interest rates every three months
The Finance Ministry of the Central Government reviews the interest received on small savings schemes every three months. After this the interest is revised for the next quarter. In the festive season, the government has changed the interest rates only on 5 year recurring deposits. The old interest rates will remain applicable on the remaining schemes. Let us tell you that in the last few quarters, the government has increased the interest rates of Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) and Post Office Monthly Income Scheme (POMIS). But, there has been no change in the rates of PPF from April 1, 2020.
