Hi Manish,
Would you like to write an artcle on Post Office Recurring Deposit Account?, Many people in my village are interested in it and want to know more about it.
I know below information about Post Office RDA:
Maturity value of a 5 Years RD account opened on or after 1.4.2013 with monthly deposit of INR.10/- shall be INR.744.53.(Rate of interest 8.30% )
Interest earned is tax free.
Need to make contribution on monthly basis, but four defaults are allowed, defaults can be paid within two months.
Advance Deposits earn rebate.
I would like to know:
1) How to calculate the rebate one will get?, Please make it simple with example as you always do.
2) If I start it in June 2013 and govt decide next year (or in future) to make the interest earned on Post Office RDA as taxable, will it be applicable for me also?.
3) Can I attach my Saving bank account with Post Office RDA so that every month the money get deducted automatically?
4) Who will pay the money after maturity and by what mode?
5) If Govt changes the rate of interest in future will it be applicable for me?
Thanks,
Niraj Kumar