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Post Office RD Scheme Interest Rate: If you are looking for a government scheme in which the money is completely safe and also gives good returns, then Post Office Recurring Deposit (Post Office RD) scheme can be a great option for you. In this scheme, not only can you start investing with a very small amount, but you can also create a good fund in the long term.
Safe investment with government guarantee
Post Office RD Scheme is a small Saving Scheme It is supported by the Government of India. You get complete security by investing in it, because this scheme runs completely under government supervision. Along with this, the interest received in this is also more than the fixed deposits of many banks.
Start with just ₹100
The best thing about this scheme is that you can start investing with just ₹ 100. This means that you do not need a large amount, but you can create a large capital by saving a little every day. This scheme is especially good for those who want to save on a monthly basis.
Opening an account is now even easier
Now you can open an account of Post Office RD scheme through mobile banking or e-banking. Apart from this, any person can open an account in it. Even a 10-year-old child can join this scheme with the help of parents. As soon as he becomes an adult, he will have to update the account with new documents.
Maturity is in 5 years
The maturity period of this scheme is 5 years. That is, if you keep depositing the fixed amount every month, then in 5 years you will get your money back along with the principal and interest. If you want, you can extend it by 5 more years and continue investing for a total of 10 years.
Premature closure and nominee rights
If for any reason you want to close the account midway, this facility is also provided. If you want, you can choose the option of pre-mature closure after 3 years. At the same time, in case of the death of the investor, his nominee can not only withdraw the money, but can also continue the account further.
Monthly Deposit Rules
- The date of deposit in Post Office RD depends on the day on which the account is opened.
- If the account is opened before the 16th of the month, then the deposit has to be made by the 15th of every month.
- If the account is opened after the 16th, then the deposit has to be made between 16th and the last working day of every month.
Loan facility
- Another special feature of this scheme is that you can also take a loan on the money deposited in it.
- Once your account is at least one year old, you can avail a loan of up to 50% of the total deposit amount.
- You have to pay 2% extra interest on this loan, which is also considered a very cheap option financially.
17 lakh fund by saving 333 rupees
Now let’s talk about an example that makes this scheme even more attractive. If you save just ₹333 every day, then your monthly investment will be ₹10,000. If you invest ₹10,000 monthly for 5 years, the total investment will be ₹6,00,000. The interest on this will be approximately ₹1.13 lakh. If you extend this investment for 5 more years (total 10 years), then the interest will become ₹5,08,546. That means you will get a total of ₹17,08,546.
A good fund can be created even with small savings
If it is not possible to invest ₹10,000 per month, then it is okay. Suppose you deposit only ₹5,000 per month and continue investing for 10 years. On this basis, the total investment will be ₹6 lakh. The interest on this will be ₹2,54,272 and you will get a total of ₹8,54,272.
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