Post Office Recurring Deposit Scheme.
Post Office Recurring Deposit Scheme.
Post Office Recurring Deposit: For a better future, it becomes necessary to think about the expenses of the future as well as the present. In such a situation, it comes to mind that some investment should be made. Post offices have become a popular option in India for the salaried middle class people who want to invest their money in safe options and get good returns. The post office offers a variety of investment schemes, which is an excellent alternative to bank FDs and RDs due to higher returns.
One of the important benefits of investing in Post Office Recurring Deposit RD is the protection of both principal amount and interest over time. There is absolutely no risk in this. In such a situation, if you want to invest small amount regularly, then it will be best for you. By investing Rs 10,000 every month or about Rs 333 a day at the current interest rate of 5.8 per cent, investors can earn a return of about Rs 16 lakh after ten years. The total deposit amount for ten years would be Rs 12 Lakhs and the expected return would be around Rs 4.26 Lakhs, resulting in a total return of Rs 16.26 Lakhs.
Opening a post office RD account is easy and is available to any adult or child above the age of 10 years. The minimum monthly deposit amount is Rs 100, and investors can increase their contribution in multiples of Rs 10 each month. Post office RD offers 5.8 per cent interest rate. The government fixes the interest rates of its small savings schemes every quarter. Depositors can also withdraw up to 50 per cent of their deposits after one year of account opening. Additionally, after one year of account opening, depositors can avail a loan of up to 50 per cent of the deposit amount.
