post office Archives

Bharat Bandh: Are banks & post offices open on…

20 August 2024
by admin

Bharat Bandh on August 21, 2024: The Reservation Bachao Sangharsh Samiti has announced a nationwide strike on August 21, 2024, in response to the Supreme Court‘s recent decision on SC/ST reservations. To maintain peace during the demonstration, law enforcement agencies have been instructed to take necessary measures.
The protest organizers have demanded the closure of all commercial establishments.Although market committees have not officially announced the shutdown, there is uncertainty surrounding the potential impact of the protest on the entire country and whether markets will indeed close.

Bharat Bandh: Are banks closed on August 21, 2024?

Despite the call for a Bharat Bandh, government offices, post offices, banks will remain open. Educational institutions, and gas stations are expected to operate normally as well. Furthermore, essential services such as healthcare, water supply, train services, public transportation, and electricity will continue uninterrupted, according to an ET report.

August 2024 Bank Holidays

In August, banks will be closed on various occasions, such as Ker Puja, Tendong Lho Rum Faat, Patriot’s Day, Independence Day/Parsi New Year (Shahenshahi), Raksha Bandhan/Jhulana Purnima/Birthday of Bir Bikram Kishore Manikya Bahadur, Sree Narayana Guru Jayanthi, and Janmashtami (Shravan Vad-8)/Krishna Jayanthi, depending on the state.
The Reserve Bank of India (RBI) categorizes holidays into three types: the Negotiable Instruments Act, the Negotiable Instruments Act and Real Time Gross Settlement (RTGS) Holiday, and the Banks’ Closing of Accounts.
Apart from weekends, banks will be closed on Monday, August 26, in several states, including Gujarat, Orissa, Chandigarh, Tamil Nadu, Uttarakhand, Sikkim, Andhra Pradesh, Telangana, Rajasthan, Jammu, Uttar Pradesh, Bengal, Bihar, Chhattisgarh, Jharkhand, Meghalaya, Himachal Pradesh, and Srinagar, due to Janmashtami (Shravan Vad-8)/Krishna Jayanthi. This holiday falls after the fourth Saturday and Sunday, resulting in a long weekend in these states.

Science & Environment

Post Office FD Interest Rate: Here’s How Much Will…

30 July 2024
by admin

Last Updated: July 30, 2024, 16:17 IST

You can open a Fixed Deposit at Post Office with a minimum investment of Rs 1,000. (Image: Shutterstock)

Interest rates for Post Office FDs vary depending on the duration of the deposit, from 1 year to 5 years.

If you deposit Rs 2 lakh in a Post Office Fixed Deposit (FD) for a period of five years, the interest earned will be calculated based on the prevailing interest rates, which currently range from 6.9% to 7.5%. These rates are compounded quarterly, meaning interest is added to the principal every three months. Interest rates for Post Office FDs vary depending on the duration of the deposit, from 1 year to 5 years. The interest earned will be higher with a longer deposit term.

For those looking to open a Post Office FD account, the minimum deposit required is Rs 1,000. Investments can be made in multiples of Rs 100 (ie. Rs 1,100 or Rs 9,900), but amounts such as Rs 1,110 or Rs 9,990 are not permissible. Withdrawing funds before the maturity of the FD may alter the interest calculations. You can open a Fixed Deposit at Post Office with a minimum investment of Rs 1,000.

If you invest Rs. 2,00,000 now, here’s how much you could earn with interest:

For 1 year – 6.9% interest
For 2 years – 7.0% interest
For 3 years – 7.1% interest
For 5 years – 7.5% interest

Let’s calculate the interest earned based on current rates for a Rs 1,00,000 investment:

After 1 year: Interest will be Rs 7,080, bringing the total amount to Rs 1,07,080.
After 2 years: Interest will be Rs 14,888, resulting in a total of Rs 1,14,888.
After 3 years: Interest will amount to Rs 23,507, with a total of Rs 1,23,507.
After 5 years: The interest will be Rs 44,994, and the total amount will reach Rs 1,44,994.

If you invest Rs 1,50,000, the interest earned will be as follows:

After 1 year: Interest will be Rs 10,621, making the total amount Rs 1,60,621.
After 2 years: Interest will accumulate to Rs 22,332, resulting in a total of Rs 1,72,332.
After 3 years: The interest will be Rs 35,261, bringing the total to Rs 1,85,261.
After 5 years: Interest will amount to Rs 67,492, leading to a total of Rs 2,17,492.

If you invest Rs 2,00,000, the interest earned will be as follows:

After 1 year: The interest will be Rs 14,161, resulting in a total of Rs 2,14,161.
After 2 years: The interest will amount to Rs 29,776, with a total of Rs 2,29,776.
After 3 years: Interest will be Rs 47,015, bringing the total to Rs 2,47,015.
After 5 years: The interest will be Rs 89,989, making the total Rs 2,89,989.

These interest rates are not fixed and may fluctuate. The estimates provided are based on current prevailing rates.

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