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Post Office RD Interest Rate: The money invested in the Post Office National Savings Recurring Deposit Account grows every month at a rate set by the government. The interest rate is compounded quarterly. According to India Post website indiapost.gov.in, the interest rate applicable on Post Office Recurring Deposit Account for the quarter ending June 30, 2024 is 6.7 percent per annum.
Three important things about Post Office RD Scheme
- input range
The account can be opened by investing any amount with a minimum of Rs 100 per month and in multiples of Rs 10 without any upper limit.
2. How to open an account
Post Office RD account can be opened by paying the initial amount through cash or cheque. Subsequent deposits are required to be made by the 15th day of each month if the account is opened in the first fortnight or between the 16th day and the last working day of the month if the account is opened in the second fortnight.
3. Maturity/Premature Withdrawal
The amount deposited in RD account can be prematurely withdrawn after completion of three years from the date of opening by submitting a prescribed application form in the concerned post office branch. However, if the depositor exercises the premature withdrawal option, the interest rate applicable to Post Office Savings Account is applicable on the corpus. On maturity, RD can be continued for the next five years.
How money invested in RD scheme grows on maturity
| Duration | Corpus at the end of each year till maturity | ||
| Invest Rs 5,000 per month | Invest Rs 12,000 per month | Rs 20,000 per month investment | |
| End of third year (premature) | Rs 67,492 | Rs 1,61,980 | Rs 2,69,967 |
| End of fourth year (premature) | Rs 70,192 | Rs 1,68,460 | Rs 2,80,766 |
| End of fifth year (maturity) | Rs 3,56,829 | Rs 8,56,390 | Rs 14,27,317 |
List of top five interest paying small savings schemes till April-June 2024 quarter
| small savings scheme | Rate of interest (%) |
| Sukanya Samriddhi Account Scheme | 8.2 |
| Senior Citizen Savings Scheme | 8.2 (Quarterly interest on Rs 10,000 Rs 205) |
| National Savings Certificate (eighth digit) | 7.7 (Maturity value for Rs 10,000 Rs 14,490) |
| Farmer Vikas Patra | 7.5 (Mature in 115 months) |
| Mahila Samman Savings Certificate | 7.5 (Maturity value for Rs 10,000 Rs 11,602) |
| monthly income account | 7.4 (Monthly interest on Rs 10,000 Rs 62) |
| 5 year fixed deposit | 7.5 (Annual interest on Rs 10,000 Rs 771) |