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Post Office RD scheme: Investing ₹25,000 per month in the Post Office Recurring Deposit scheme can yield ₹17 lakh in 5 years. It offers a 6.5% interest rate and has no loss. This scheme can be opened by any Indian…
Post Office RD Scheme: Not only banks, some post office schemes are so beneficial that investing in them can make you a millionaire. Today, we’re going to tell you about one such scheme, which can make you a millionaire in just five years. These post office schemes come with a government guarantee, and there’s no risk of loss. Let’s learn more about this hidden scheme of the post office.
What is this scheme?
If you invest 25,000 rupees every month in the post office’s recurring deposit scheme, or RD, you’ll have over 17 lakh rupees after 5 years. This scheme offers 6.5 percent annual and monthly compound interest. This means you’ll earn 2.74 lakh rupees on your total deposit. Thus, after 5 years, you’ll have 17,74,771 rupees.
Who can open an account?
Any Indian can open an RD at a post office. The most important thing is that two or three people can open it together. The minimum investment in a post office RD is ₹100, and the maximum can be any amount. You can close a post office RD if needed, but there are some rules. RDs are closed following these rules.
If the account holder dies before the RD is complete, the legal heir receives the RD proceeds. The heir must submit certain documents to the post office, after which the money is received. However, if the heir wishes to continue the RD, they are permitted to do so.
Keep these things in mind when opening a Post Office RD:
The interest rate is set by the government and is compounded quarterly, resulting in better returns. Deposits must be made before the due date each month, otherwise a penalty of ₹1 per ₹100 is levied. Also, make a nomination when opening the account to avoid any legal complications in the future.
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