The Post Office offers a Recurring Deposit (RD) scheme under the National Savings Recurring Deposit Account, which spans a five-year period. This scheme allows individuals to deposit a fixed sum each month, helping them accumulate a significant fund over time.
With this RD scheme, you can begin with a minimum monthly deposit of ₹100, and contribute any amount thereafter in multiples of ₹10. There’s no upper limit on how much you can deposit.
If you choose to deposit ₹4000 each month into this RD account, the total corpus at maturity (after five years) will be ₹2,85,459. Out of this, ₹2,40,000 will be the total amount you invested, while ₹45,459 will be the interest earned on that investment.
The money you deposit in this scheme is completely secure, and it offers guaranteed returns. However, it’s worth noting that the interest rate may vary periodically, as it is revised by the Ministry of Finance, Government of India.
You also have the option to extend your RD account for another five years by submitting an application at your post office. Even without further contributions, the RD account can remain active for up to five years from its maturity date.
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