Post Office RD: If you are planning to invest in government savings schemes then Small Saving Scheme is a very good option. You can invest in Post Office schemes for a long time without risk and with guaranteed returns. You can also take loan against post office schemes.
Post Office RD: If you are planning to invest in government savings schemes then Small Saving Scheme is a very good option. You can invest in Post Office schemes for a long time without risk and with guaranteed returns. Apart from this, you can also take loan against post office schemes. You can also take loan against Post Office Recurring Deposit. The government had recently increased the interest on this scheme.
Now this much interest is being received on Post Office RD
Interest rates on post office recurring deposits have been increased by 20 basis points. From October 1, 2023 to December 31, 2023, 5 year post office RD will now get 6.7 percent annual interest instead of 6.5 percent.
You can take loan against RD
Customers can also take loan against RD account. If you are thinking of taking a loan against RD opened in the post office, then there should be 12 installment deposits and the account should be open for one year i.e. the account should be one year old. 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
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.
This much interest is available on 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.
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