Post Office RD Scheme: By depositing Rs 100 daily i.e. Rs 3,000 every month in the Post Office RD Scheme, a fund of more than Rs 5 lakh can be created in 10 years. Know the current interest rate, loan facility, maturity rules and complete information about this safe investment scheme.
Post Office Best RD Scheme: If you want to make safe investments by staying away from the stock market risk, then post office small savings schemes are still the first choice of millions of people. One such popular scheme is Post Office National Savings Recurring Deposit (RD). You can start investing in this scheme with just Rs 100 per month. For investors who make regular savings, this scheme provides an opportunity to build a good corpus over the long term. At present, this scheme is giving 6.7 percent annual interest.
How much will you get by depositing Rs 3,000 every month?
If an investor saves Rs 3,000 every month i.e. an average of Rs 100 per day and deposits it in a post office RD and continues this investment for 10 years, then the total deposit amount will be Rs 3,60,000.
Based on the current interest rate of 6.7 percent, one can get interest of approximately Rs 1,52,565 on this investment. That means, after completion of 10 years, the investor can have a ready fund of around Rs 5,12,565. However, actual returns may vary depending on future changes in interest rates and applicable regulations.
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Who can open an account and what are the facilities?
Post Office RD Scheme has been designed keeping in mind the needs of common citizens. In this, any Indian citizen can open a single or joint account. Minimum investment starts from Rs 100, while there is no limit on maximum investment. Parents can also open this account in the name of their children. If the child is 10 years of age or more, the account can be opened directly in his name. After completing the age of 18 years, the account can be converted into a regular adult account by completing the KYC process.
Important rules related to loan and maturity
The basic tenure of this scheme is 5 years (60 months). After maturity, the investor can extend it for next 5 years by applying. If there is a need for money in between, then a loan up to 50 percent of the deposited amount can be taken after at least one year of account opening and if the condition of depositing 12 consecutive installments is fulfilled.
At the same time, the facility of premature closure of account is also available, but for this it is necessary to complete at least 3 years. In case of pre-mature closure, the investor does not get the interest rate of RD, but interest as per Post Office Savings Account. Therefore, it is important to understand all the terms and conditions of the scheme thoroughly before investing.
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