The recurring deposit offered by the Post Office is offered as a mid-term saving scheme. With this scheme the depositors will be depositing their investments for 5 years at minimum.
Recurring deposits are believed to be risk-free as they do not depend on the market. Recurring deposits are great for investors who prefer low risk investments, as well as, first time investors depositing their money in a scheme for the first time. The recurring deposit scheme calls for a set amount to be deposited into the account at regular periods, with interest accrued and compounded quarterly.As of 1 July 2024,the interest rate offered on the Post Office recurring deposit Scheme is 6.7% per annum.
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The Post Office Monthly Income Scheme (MIS) is a type of term deposit account offered by India Post. The MIS scheme pays interest each month and is suited for those who seek regular or supplementary income from their investments. This is a type of investment plan that is offered by the Department of Posts (DoP), also known as India Post. Those who would like to invest in Post Office monthly income schemes can do so at any post office in their respective locality. As of 1 Jul 2024,the interest rate offered on the Post Office Monthly Income Scheme is 7.4% p.a
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