Friday, December 3, 2021
HomeFinancePost Office Bumper scheme! Will get Rs 16,00000/ directly; Learn rules and...

Post Office Bumper scheme! Will get Rs 16,00000/ directly; Learn rules and procedures

Post Office RD Scheme: If you invest 10 thousand rupees every month in the RD scheme of the post office for 10 years, then after 10 years you will get more than 16 lakh rupees at the rate of 5.8%.




New Delhi. There is a risk factor associated with any investment. People invest according to their ability. If you are one of those people who do not want to take risk then post office small savings schemes can be the best option for you. Today we are going to tell you about a scheme of post office where the risk is negligible and the returns are also good. We are talking about Post Office Recurring Deposit.

How to start investing in Post Office RD?

Post Office RD Deposit Account is a government guaranteed scheme of depositing small installments with better interest rate, in this you can start investing with a small amount of just Rs 100. There is no maximum investment limit, you can invest as much money as you want.

New Delhi. There is a risk factor associated with any investment. People invest according to their ability. If you are one of those people who do not want to take risk then post office small savings schemes can be the best option for you. Today we are going to tell you about a scheme of post office where the risk is negligible and the returns are also good. We are talking about Post Office Recurring Deposit.

How to start investing in Post Office RD?

Post Office RD Deposit Account is a government guaranteed scheme of depositing small installments with better interest rate, in this you can start investing with a small amount of just Rs 100. There is no maximum investment limit, you can invest as much money as you want.

Invested every month                              Rs 10,000

Interest                                                  5.8%

Maturity                                                 10 years

Maturity amount after 10 years = Rs 16,28,963

Important things about RD account

You will have to keep depositing money regularly in the account, if you do not deposit the money then you will have to pay a penalty of one percent every month. Your account is closed after 4 installments are missed.

Tax on Post Office RD

TDS is deducted on investment in recurring deposits, if the deposit exceeds Rs 40,000 then tax is levied at the rate of 10% per annum. Interest earned on RD is also taxable, but the entire maturity amount is not taxed. Investors who do not have any taxable income can claim TDS exemption by filing Form 15G, as is the case with FDs.

Apart from the post office, government and private banks also provide the facility of recurring deposit.

Recurring Deposits of Banks

Bank                          RD Rates                     Duration

Yes Bank                    7.00%                     12 Months to 33 Months

HDFC Bank                 5.50%                     90/120 Months

Axis Bank                   5.50%                      5 Years to 10 Years

SBI Bank                    5.40%                      5 Years to 10 Years

 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments