Post Office Small Saving Scheme: Post Office has many small saving schemes on which guaranteed returns are available. In some post office schemes, loan service is also available along with returns. Along with getting guaranteed returns on Post Office Recurring Deposit, you can also take a loan.
Post Office Small Saving Scheme: Post Office has many small saving schemes on which guaranteed returns are available. In some post office schemes, loan service is also available along with returns. Along with getting guaranteed returns on Post Office Recurring Deposit, you can also take a loan. Through RD, you can save a little money every month and deposit it every month, on which you get pre-determined interest.
You can take loan against post office RD
Customers can take loan against post office RD account. If you are thinking of taking a loan against RD opened in the post office, then it is necessary to deposit 12 installments. That is, your RD must have completed one year. An RD account holder can get a loan from the post office only up to 50 percent of the balance in his account. The loan amount can be repaid in lump sum or in installments. For this loan taken from the post office, the customer will have to pay 2 percent more interest than the interest rate of RD. Suppose if you are getting 6.3 percent interest on RD, then the interest rate for the loan will be 8.3 percent.
How to take loan against RD
To take a loan on RD account, you will have to go to your post office and fill the loan form along with your passbook and submit it. You will get the loan from the post office only after all the formalities are completed.
How much interest is available on post office RD?
In an RD of Rs 5,000 every month, you will invest Rs 60,000 in one year and a total of Rs 3,00,000 in five years. You will get Rs 56,830 as interest at the rate of 6.7 percent after 5 years. You will get Rs 3,56,830 on maturity. If you invest Rs 3,000 in RD every month, you will invest Rs 36,000 in a year. Your total investment in 5 years will be Rs 1,80,000. According to the post office RD calculator, according to the new interest rates, you will get Rs 34,097 as interest. You will get a total of Rs 2,14,097 on maturity.
Interest rate on post office scheme
- Annual RD (Post Office RD): 6.7 percent (earlier the interest was 6.5 percent)
- National Savings Certificate (NSC): 7.7 percent
- Kisan Vikas Patra (KVP): 7.5 percent (mature in 115 months)
- PPF – 7.1 percent
- Sukanya Samridhi Account (Sukanya Samridhi Yojana): 8.2 percent
- Senior Citizen Saving Scheme: 8.2 percent
- Monthly Income Scheme (Post Office Monthly Scheme): 7.4 percent
