InvestorQ : Should I opt for post office time deposits, POMIS or for PO recurring deposits?
Akansha Shivdasani made post

Should I opt for post office time deposits, POMIS or for PO recurring deposits?

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2 years ago
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The PORD, as the name suggests, is a regular savings account with the post office with a maturity period of 5 years. Like most Post Office accounts, the account is automatically renewed on the date of maturity for a similar period. A PORD account can be commenced with a monthly outlay of as low as Rs.10 per month. The PORD pays interest at 7.3% currently which is compounded quarterly for calculation purposes. Effectively, this means that a monthly deposit of Rs.10 will grow to Rs.725.05 at the end of 5 years after considering compounding effect.

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