Quick Answer: What Is The Interest Of 1 Lakh In Post Office?

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments.

You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years.

You can invest a minimum amount of Rs..

Is Post Office FD safe?

However, post office term deposits are totally risk-free as they are backed by the government. Bank FDs are insured only up to R1 lakh. … If you are looking for a safe investment, bank FDs are suitable for you.

What is the interest of 1 lakh in fixed deposit?

The FD interest rate offered by financial institutions in the country ranges from 4% to 9%. These rates vary, depending on the tenor of the investment.

Does post office have IFSC code?

There are separate IFSC codes for each branch of India Post Payment Bank. The first four characters of the IFSC Code of India Post Payment Bank represents the bank’s name while the fifth character is zero. The RBI purposely puts the fifth character of the IFSC Code as zero for use if required in future.

How do you find monthly interest?

Bank Fixed Deposits or Bank FDs. … Post Office Monthly Income Scheme or Post Office MIS.The Monthly Income Scheme (MIS) offered by Department of Posts currently offers an interest rate of 7.3 per cent per annum, payable monthly. … Pradhan Mantri Vaya Vandana Yojana (PMVVY) … Senior Citizen Savings Scheme.More items…•

Can I double my money in 5 years?

To get your money doubled in five years, the CAGR needed will be nearly 15 per cent (more preciously 14.87 per cent). However, there is no guaranteed-return product that offers such a high rate of return and the only possible way to achieve this is by taking risk.

What is better option than FD?

Consider this hand-picked list of Debt Mutual Fund Schemes from Money Market, Short-term and Banking & PSU Funds. By investing FD-like instruments from high quality companies, these Funds can offer potential to earn better than FD returns if you are looking for low-risk investment option.

Which FD scheme is best?

List of 10 best FD schemes for 3 yearsShriram City. … Mahindra Finance. … Sundaram Finance. … LVB. … ICICI Home Finance. … Yes Bank. … ICICI Bank. The annual percentage rate paid by ICICI Bank on FDs opened for a period of 3 years is 6.00% p.a. … HDFC Bank. The rate of interest paid on HDFC Bank FDs for a 3-year tenure is 6.00% p.a.More items…

How much interest will 10 lakhs earn?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs. 6,15910 Lakh8.50%Rs. 9,84715 Lakh8.60%Rs. 13,11220 Lakh8.70%Rs. 17,610

What is the interest of 1 lakh?

Currently, the interest rate on savings bank deposits on balance up to Rs 1 lakh is 3.5 per cent. On balance above Rs 1 lakh, the interest rate is 3 per cent per annum, which is set at 2.75 per cent below RBI’s Repo Rate, with a minimum of 3 per cent for the entire balance.

What is the interest rate in post office?

InstrumentInterest rate (%) from 01.10.2020Max amt (Rs)Time Deposit#5.50-6.70No limitPost Office Monthly Income Scheme6.6Single: 4.50 lakhPost Office Monthly Income Scheme6.6Joint: 9 lakhKisan Vikas Patra6.9No limit6 more rows•Oct 16, 2020

Which scheme is best in post office?

Current interest rates on Post office deposit schemesInstrumentInterest rate (%) from 01.10.2020Max amt (Rs)Sukanya Samriddhi Account7.61.50 lakhPublic Provident Fund7.11.50 lakh per annum5 Yr NSC-VIII Issue6.8No limitTime Deposit#5.50-6.70No limit6 more rows•Oct 16, 2020

How much interest will 2 crore rupees earn?

To earn an income of Rs 2 lakh per month or Rs 24 lakh per annum from the corpus of Rs 2 crore, you must return of 12 per cent. However, there is no fixed income instrument that can currently offer you such rate of return.

Which is better Bank FD or Post Office FD?

Post office time deposits The interest earned is fully taxable and to be added to one’s ‘Income from other sources’ as in the case of bank FD. There is complete safety as the entire amount in post office time deposit is backed by a government guarantee. Even the interest rate is higher than bank FD in most cases.

How many years FD will double in post office?

10 yearsHow many years will FD double in the post office? At the interest rate of 7%, a post office fixed deposit investment will double in 10 years and four months.