Post Office RD Scheme: This is a government scheme with guaranteed returns. In this scheme, you can start investing from Rs 100 and there is no maximum investment limit. Any person above 18 years of age can invest in this scheme.
Post Office RD Scheme: Post Office offers many types of saving schemes. If you want to invest every month with low risk, then you can invest in the Post Office Recurring Deposit Scheme. This is a government scheme with guaranteed returns. In this scheme, you can start investing from Rs 100 and there is no maximum investment limit.
If you invest Rs 2000 every month for five years in the Post Office Recurring Deposit Scheme, then at the end of the tenure at the rate of 6.7 percent, you will be entitled to get a maturity amount of Rs 1,42,732.
Who can invest in Recurring Deposit
Any person above 18 years of age can invest in this scheme. The facility of investing by opening a joint account in Recurring Deposit is also available. The account can be opened with cash or cheque, for cheque, the date of deposit will be the date of withdrawal. The minimum monthly deposit amount is Rs 100, payable by the 15th of the month if opened by that date or by the last working day if opened at the end of the month.
Loan facility is available
Loan facility is also available in this scheme. After depositing 12 installments, investors can get up to 50 percent of the account balance as a loan. The loan can be repaid in lump sum or in monthly installments, with an interest rate of 2 percent and the current RD interest rate. Interest will be paid from the date of withdrawal to the date of repayment and on maturity, the outstanding loan amount is deducted from the maturity amount of the RD account.
