Post Office RD: Recurring Deposit is a saving scheme in which you deposit a fixed amount every month. Interest is earned on this amount and over time this amount turns into a large amount
What is Post Office RD Scheme?
Nowadays, everyone needs to save – whether it is for medical expenses, children’s education or retirement. Post Office RD Scheme is very useful in this. This is a government scheme in which small amounts of money have to be deposited every month. Gradually, a good fund is formed.
You can start with just Rs 100.
You can open an account with just Rs 100 every month. The money is safe and the interest is also good.
How much interest will you get?
If you deposit Rs 10,000 every month, then after 5 years you will get Rs 7,13,659
(Rs 6 lakh your deposit and Rs 1,13,659 interest)
What if you need money in between?
No worries!
If you have been running RD for a year, then you can take a loan of up to 50% of your deposit amount.
Who is this scheme for?
This scheme is for everyone – working people, small shopkeepers, women, students, anyone can easily join.
How many years does this scheme run?
The RD scheme is for 5 years. If you want, you can extend it for another 5 years. That is, a good option for long term planning.
What is required to open an account?
- Just Aadhaar card, PAN card and a photo.
- Now you can open this account online as well. It is necessary to deposit money every month.
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