Post Office RD Account: There are also investors who do not want to take any risk on their money and want assured return on investment. Government schemes are a good option for guaranteed returns without risk.
Post Office RD: Along with high returns in the stock market and its related investment options, there is also a high risk. These are better options for investors who have the ability to take risk. On the other hand, there are investors who do not want to take any risk on their money and want assured return on investment. Government schemes are a good option for guaranteed returns without risk. One of these schemes is Post Office Recurring Deposit (Post Office RD). Currently, 6.5 percent interest is being received in the RD of the post office. In this compounding of interest is done on quarterly basis.
Post Office RD: ₹10K Monthly Investment, ₹16.90 Lakh in 10 Years
A minimum of Rs 100 per month can be invested in Post Office Recurring Deposit (PORD). There is no maximum limit of investment. You can invest as much as you want in multiples of Rs.10.
If you are investing 10,000 monthly in Post Office RD, then after 5 years you will get Rs 7,09,902 on maturity. In this, your total investment will be Rs 6 lakh and you will get a guaranteed interest of Rs 1,09,902. Post Office RD account can be extended for another 5 years after maturity of 5 years. In this way, if you maintain your RD for 10 years, then your total guaranteed fund will be Rs 16,89,871. In this, there will be a guaranteed income of Rs 4,89,871 from interest.
There is no risk in the recurring deposit scheme of the post office. There is a sovereign guarantee on the small savings schemes of the post office. This is because the government uses this money directly. That’s why the investor’s money is completely safe in these schemes.
Joint account facility
Post Office RD account can be opened in any post office branch with Rs.100. Any number of accounts can be opened by a person in this. In this, apart from single, joint account can be opened for up to 3 persons. Guardian account can be opened for minor. The maturity of post office RD account is 5 years. But, pre-mature closure can be done after 3 years.
Loan can also be taken on RD account in post office. The rule is that after depositing 12 installments, a loan can be taken up to 50% of the amount deposited in the account. The loan can be repaid in lump sum or in installments. The interest rate of the loan will be 2% higher than the interest on RD. It also has the facility of nomination.
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