Post Office RD Scheme: If you want to save money by making small savings and do not want to take any risk on investment, then you can invest money in Post Office RD. Investment is made in this scheme for 5 years. If you save and invest even Rs 100 daily, you will be able to save more than 2 lakhs. Understand how?
Post Office RD: RD running in banks and post offices is like a piggy bank. You can invest a fixed amount in it every month. You do not get interest on depositing money in the piggy bank, you only get savings. But if you invest in RD, then on maturity this scheme returns the money along with interest. This scheme is very good for those people who invest by making small savings and do not want to take any kind of risk on it.
If you are also thinking of investing in RD, then you can invest money in Post Office RD. Investment is made in this scheme for 5 years. If you save Rs 100 every day and invest in it, then in 5 years you will accumulate Rs 2,14,097. You can use this amount anywhere as per your need.
This is how you will accumulate Rs 2,14,097
If you add Rs 100 every day, you will add Rs 3,000 in a month. In this way, you can invest Rs 3,000 every month in the post office RD scheme. At the rate of Rs 3,000, you will deposit Rs 36,000 annually. In this way, in 5 years you will invest a total of Rs 1,80,000. Currently, this scheme is getting an interest of 6.7%. According to this, in 5 years you will get Rs 34,097 as interest and on maturity you will get Rs 2,14,097. In this way, you will accumulate a good amount with small savings and you will not even know. According to the information available on the post office website, RD account can be opened in the post office with Rs 100, while there is no maximum limit of investment in it.
RD can also be extended
If you want to take advantage of RD even after 5 years, then you can extend it for the next 5 years. The same interest will be available in the extended account which was applicable at the time of opening the account. The extended account can be closed anytime during the extension. In this, the interest rate of RD account will be applicable for full years and interest will be given as per savings account for a year less than one year. For example, if you close the extended account after 2 years and 6 months, then you will get interest at the rate of 6.7 percent for 2 years, while for the amount of 6 months, you will get interest at the rate of 4% as per the post office savings account.
Rules for closing the account before maturity
If needed, you can close the post office RD even before 5 years. You get this facility after three years from the date of opening the account. But if you close the account even a day before the maturity period, then you are given interest equal to that of the post office savings account. Currently, 4% interest is being given on the post office savings account.
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