If you want to invest in an RD scheme, then India Post’s RD scheme gives you the facility to start investing with just Rs 100 per month. At present, the benefit of 5.8 percent annual interest is available on Post Office RD.
Saving is very important to manage your expenses and financial needs properly. Saving makes it easier to meet emergent needs in the future. If you invest your savings money in the right place, then you can earn on it too. Recurring deposit ie, RD has always been known as a safe investment option to invest the savings money. If you want to invest in an RD scheme, then India Post’s RD scheme gives you the facility to start investing with just Rs 100 per month.
According to the website of India Post, at present, the benefit of 5.8 percent annual interest is available on Post Office RD. Tax is also payable on the interest earned from RD. The most important thing about this scheme is that the interest rate in Post Office RD is compounded for three months.
Deposit Amount
To invest in the post office RD scheme, you have to deposit Rs 100 monthly. If your account is opened within the first 15 days of the month, then you have to deposit the amount by 15th of every month. At the same time, if you have opened your account in the last 15 days of the month, then you have to deposit the amount in it before the last date of the month.
Benefits of loan facility
You also get the benefit of the facility of taking a loan in the RD scheme of the post office. If you have deposited your 12 installments in this scheme, then you can also take a loan under it. According to the official website of the post office, a loan can be taken up to 50 percent of the amount deposited in your account.
Who can open account
Any person, whose age is more than 18 years, can open his account in the RD scheme of the post office. A joint account can also be opened in this post office scheme. A minor’s account can also be opened on behalf of a guardian. You can open as many accounts as you want in this scheme.
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