Post office recurring deposit scheme and excel calculator

Post office recurring deposit scheme: - under this scheme one need to deposit a fixed amount installments in the post office which is minimum of 10 Rs. And maximum of no limit. It is deposited in tenure of 5 years which can be extended to further 5 years after the maturity of the scheme.
The features of post office recurring deposit scheme is as under:-
1-      Minimum amount Rs. 10, Maximum amount- no limit, Denominations- Rs. 10
2-      Scheme is available all through the year.
3-      Mode of account may be individual, joint or parents/guardian in case of minor.
4-      The investment period under post office recurring deposit scheme is 5 years.
5-      Nomination facility is available at the opening the account or anytime the accountholder wants to make a nominee.
6-      Premature encashment is also allowed in post office recurring deposit scheme but the account should be more than one year old. The interest rate will be prevailing rare at that time.
7-      On opening the account, a passbook is issued to the account holder. If the passbook is lost, a duplicate pass book is issued after the request in written.
8-      There are no tax benefits of section 88 in the post office recurring deposit scheme.
9-      There are 60 monthly equal installments in the post office recurring deposit scheme which can be paid either in cash, cheque or demand draft.
10-      If there are less than five defaults in monthly installments, the depositor may, at his option, extend the maturity period of the account by as many months as the number of defaults and deposit the defaulted installment during the extended period.
11-      If there are more than the five defaults, the account shall be treated as discontinued. Revival of the account shall be permitted only within a period of six months from the month of sixth default. Interest at the rate of the ten paisa for every five rupees of a defaulted installment for each month of default shall also be paid along with such deposit and an account in which defaulted installments are so deposited, shall not be treated as discontinued.
12-      In the case of any need, the amount can be withdrawal from the account after one year but not more than 50%. 
Post office recurring deposit scheme calculator:- It is an excel based calculator to calculate the interest amount one got on monthly installment every year as well as after five years. want to download this calculator. go to download.
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About Nitin Aggarwal

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