According to the rules, if needed, a loan can also be taken on the recurring account. Under this scheme, maturity is completed five years after the account is opened. Let us tell you in detail about the wonderful scheme of the post office.
Post Office’s Recurring Deposit Scheme is a profitable deal, this is how money is protected
Post Office Recurring Deposit: If you are planning to invest in the post office, then the post office Recurring Deposit Scheme There may be a better option for you. In this you get other benefits along with investment. You can start investing in Recurring Deposit with just Rs 100. Not only this, there is no investment limit in this. You can invest as much as you want.
Apart from this, according to the rules, you can also take a loan on this account if needed. Under this scheme, maturity is completed five years after the account is opened. Let us tell you in detail about the wonderful scheme of the post office.
What is the RD scheme of the post office?
Through the post office recurring deposit scheme, you can earn a huge amount by investing less money. Apart from this, your money remains completely safe in this. You can invest just Rs 100 per month out of this. There is no maximum limit of investment in this, you can invest as much money as you want. Post Office RD Deposit Account is a government guaranteed scheme for depositing small installments with better interest amount.
How much interest will you get?
Post office RD account is open for 5 years. Interest is calculated on the deposited amount every quarter (at annual rate). Then it is added to the compound interest at the last of every three months. According to the India Post Office website, currently 5.8% interest is being given on the RD scheme. The Central Government announces the interest rate every quarter in all its small savings schemes every quarter.
You will get more than 16 lakhs by investing 10 thousand rupees
If you invest Rs 10,000 every month in the post office RD scheme, that too for 10 years, then you will get Rs 16,26,476 lakh on maturity.
Features of RD account
If you do not deposit the RD installment on time, then you have to pay late fees. If the installment is delayed, you will have to pay one percent late fee every month. Along with this, if you do not deposit 4 installments continuously, then your account will be closed. However, if the account is closed, it can be activated again for the next 2 months.
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