What Is The Interest Of 1 Lakh In Post Office?

Where can I invest in 5 lakhs?

5 Best Options For Those Looking To Invest Upto Rs 5 LakhsShares of Coal India.

This is a suggestion that may come as a little bit of a surprise.

Fixed Deposits of Mahindra and Mahindra.

The fixed deposits of Mahindra and Mahindra offer a good interest rate.

IDFC First Bank.

Bajaj Finserv Fixed Deposits.

Shriram Transport Finance..

What is the interest rate in post office?

InstrumentInterest rate (%) from October 1, 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

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

How much interest will 5 lakhs earn?

Additionally, if a bank is having an interest rate of 7.25 per cent per annum, (Discounted Rate of Interest of 7.21 per cent), then on a principal amount of Rs 5 lakh, the total interest comes to Rs 1,80,322, which yields Rs 3,005 as the monthly interest amount.

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.

Which is better MIS or FD?

MIS is best suited for conservative investors, say experts. While fixed deposit has always been the preferred choice for many investors, MIS at this point is offering higher interest rate than most bank fixed deposits FDs. Lately, several banks have reduced their FD rates in tandem with RBI’s repo rate cut.

What is Post Office scheme?

Post Office Schemes are time-tested and are in a way safe investment schemes. … Therefore, you can invest your money in it without any risk and make your and your family’s future safe. Benefits of National Saving CertificateThe maturity period of the National Savings Certificate scheme is fixed for 5 years.

Can I deposit 5 lakhs in my account?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

How much interest will I get for 30 lakhs?

You should split the Rs 30 lakh between a mix of government-backed schemes, mutual funds and corporate fixed deposits. Park Rs 4.5 lakh in a Post Office Monthly Income Scheme. This will earn you a 7.6 percent interest per annum, payable monthly.

How much interest will I get if I deposit 1 lakh?

The interest rate on savings bank deposits effective September 1, 2019, with balances up to Rs 1 lakh is 3.5 per cent. Going forward, from November 1, 2019, the interest rate on savings bank deposits with balances up to Rs 1 lakh will be 3.25 per cent.

Which post office scheme is best?

3. Comparison of the various Post office savings schemesSchemeInterest RatePost Office Monthly Income Scheme Account (MIS)7.6% per annum payable monthlySenior Citizen Savings Scheme (SCSS)8.6% p.a. (Compounded annually)15-year Public Provident Fund Account (PPF)7.9% p.a. (Compounded annually)5 more rows•Nov 4, 2020

What is Monthly Income Scheme in Post Office?

Post Office Monthly Income Scheme Vs other saving schemesSavings SchemeRate of InterestTDSPost Office Monthly Income Scheme7.6%No TDS is deductedPost Office Recurring Deposit7.2%No TDS is deductedPost Office Time Deposit (1,2,3 years)6.9%No TDS is deductedPost Office Time Deposit (5 years)7.7%TDS is deducted3 more rows