What is the interest rate for post office savings account?
4% per annum
The current interest rate offered on the Post Office Savings Account is 4% per annum. It is paid annually, unlike the Monthly Income Scheme where the interest is paid monthly. The first Rs. 10,000 of interest earned each year is tax free.
Which scheme is best in Post Office 2020?
Post Office Investment: Saving Schemes & Interest Rates
| Small Savings Scheme | Interest Rate | Tax Deduction on Investment? |
|---|---|---|
| Kisan Vikas Patra (KVP) | 6.9% | No |
| Public Provident Fund (PPF) | 7.1% | Yes |
| Sukanya Samriddhi Yojana | 7.6% | Yes |
| National Savings Certificate | 6.8% | Yes |
What is the interest of 5 lakh in post office?
If you invest a lump sum of Rs 5 lakh in the Senior Citizens Scheme at a rate of 7.4% (compounding) each year, the total amount after 5 years, or at maturity, will be Rs 6, 85,000. You would receive an interest benefit of Rs 1, 85,000 in this case.
What is the monthly interest on 1 lakh in SBI?
Monthly Interest for Senior Citizens:
| Investment amount | Monthly interest for Senior Citizens | Commutative interest for 5 years |
|---|---|---|
| 1 lakh | Rs. 546 | Rs. 38,624 |
| 5 lakh | Rs.2,729 | Rs. 1,931,122 |
| 10 lakh | Rs.5458 | Rs.3,86,243 |
| 15 lakh | Rs. 8,187 | Rs.5.79,365 |
What is the interest of 5 lakh in Post Office?
Can I double my money in 5 years?
Moreover, the tenure of mutual funds will determine their rate of return. As a rate of return, long-term mutual funds can offer rates between 12% and 15% per year. With these mutual funds, it may take between 5 and 6 years to double your money.
Which is best saving account in post office?
Post Office Savings Account(SB)
Where should I invest 25 lakhs to get monthly income?
You may consider the following funds:
- HDFC / UTI Nifty Index Fund.
- Mirae Asset Large Cap Fund.
- Parag Parikh Flexicap Fund.
- UTI Flexi cap Fund.
- Canara Robeco Emerging Equities Fund.
- Kotak Equity Opportunities Fund.
Is Post Office MIS good?
Post Office offers POMIS among a host of banking products and services, under the purview of the Finance Ministry. Hence, it is highly reliable. It is a low-risk MIS and generates a steady income.
Which FD is best for SBI?
For tenure of 1 year to 5 years, one can avail the highest FD interest rates SBI of 6.20% per annum on Senior citizen SBI FD. For an investment period of 211 days to less than 2 years, the account holder can avail a 4.90% to 5.60% interest rate on FD in SBI per annum.
How to open savings account in post office?
Visit the nearest post office.
How to open franchisee of new post office in India?
The eligibility to start with the post office franchise business is 18 years whereas,there is no such maximum age.
What services does a post office offer in India?
First time applications for an on street Residents Parking Permit for one vehicle only
What is the largest post office in India?
The Government Savings Bank Act,1873 (5 of 1873),passed by the legislature 28 January 1873,was enacted in 1881.