BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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6.1% per annum (quarterly compounded)
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6.3% per annum (quarterly compounded)
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6.5% per annum (quarterly compounded)
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6.9% per annum (quarterly compounded)
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Detailed explanation-1: -Post office RD accounts fetch 7.3 per cent per annum interest, which is compounded quarterly. A deposit of ₹ 10 per month in the account fetches ₹ 725.05 on maturity. The recurring deposit account can be continued for another five years on a year-to-year basis.
Detailed explanation-2: -Rate of interest 7.6% Per Annum(with effect from 01-01-2023 ), calculated on yearly basis, Yearly compounded.
Detailed explanation-3: -The interest rates of RD in the post office are revised regularly every year. For the current fiscal year, the RD Interest rate of the post office is 5.8% p.a. which is compounded quarterly. The minimum amount for opening of account is Rs. 100 per month or any amount in multiples of Rs.10 and there is no maximum limit.
Detailed explanation-4: -New interest rate on Kisan Vikas Patra (KVP) would be 7.7%. The rate of interest on 5 year National Savings Certificate (NSC) is 8%. New interest rate on post office MIS (Monthly Income Scheme) is 7.7%. The rate of interest on a 5 year Post Office RD (Recurring Deposit) would be 7.3%.