In this scheme, you can deposit a big money by depositing just 100 rupees every month. Currently, 5.8 percent interest is being received in this popular scheme of post office.
Post Office Schemes: Everyone wants to invest their money in a place where they are guaranteed good interest as well as security. If you are also seeing such an option, then post office is best for you. There are many special schemes for customers in the post office at this time, in which good interest is received. One of these options is the Post Office Recurring Deposit. In this scheme, you can deposit a big money by depositing just 100 rupees every month. Currently, 5.8 percent interest is being received in this popular scheme of post office. This rate of interest is applicable from 1st April last year.
Deposit amount in multiple
You can deposit amount in minimum multiple of 100 rupees or 10 rupees in a recurring deposit. To take advantage of this scheme, an account has to be opened in the post office, after which you can deposit money through cash or check. In the event of depositing the check, only the date of clearance will be considered as deposit date. The RD account can be invested for a maximum period of 5 years.
An investment of Rs 100 will give 7 thousand rupees
if you invest with a minimum of 100 rupees in Recording Deposit (RD), then you will get a return of up to 7 thousand rupees. Suppose you put money in the scheme with an investment of Rs 100 from 18 February 2021, then its maturity period will be completed on 18 February 2026. With the deposit of 100 rupees, you will be able to add 6 thousand rupees in 5 years. As of now, you will get 5.8 percent interest on this amount. Meaning, in 5 years on a deposit of 100 rupees you will get 6,975 rupees. The special feature of RD is that compounding of interest is done on a quarterly basis.
Who can open an account?
A single or joint account can also be opened in Post Office Schemes. There is a facility to join 3 people in a joint account. If the account holder is a minor, then there should be a guardian for the account. The account of children above 10 years of age can be opened in his name. Loan is also available on RD account. After depositing 12 consecutive installments and continuing the account for 1 year, a loan can be taken up to 50% of the balance in the account. The loan can be repaid in a lump sum or an equal amount every month. The loan interest is determined from the date of receiving the money to the date of its repayment.
You can also close the account in the
middle. There is also the facility to close the account in the middle. Opened a recurring deposit account of the post office for 5 years, but if you do not have money, you can close it after completion of 3 years. To close the account, you have to go to your nearest post office. By filling the form there, you can close it even before the period. You will get your money back with interest.