Post Office RD Scheme: RD i.e. Recurring Deposit is a savings scheme in which a fixed amount has to be deposited every month. Like banks, RD accounts are also opened in post offices. The post office is giving its customers an annual interest of 6.7 percent on the RD scheme.
In the post office RD scheme, you can start saving with a monthly investment of just Rs 100, while there is no maximum investment limit. That is, you can deposit as much money as you want in it. To open an RD account in the post office, you must have a post office savings account.
Under the Post Office RD scheme, you also get the facility of loan. You become eligible for a loan after the account has been active for at least one year and you have deposited money continuously in the account for 12 months. Under the scheme, you can get 50 percent of the total amount deposited in your RD account as a loan, which can be repaid in lump sum or in monthly installments.
The post office RD scheme matures in 5 years i.e. 60 months. However, you can also extend it for another 5 years. If you deposit Rs 3500 every month in the post office RD scheme, then after 60 months i.e. on maturity, you will get a total of Rs 2,49,776. This includes Rs 2,10,000 deposited by you along with Rs 39,776 of interest.
Disclaimer: This article is written for information purposes only. Consult your financial advisor before making any kind of investment or taking any financial risk. Businessleague will not be responsible for any kind of risk.
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