You have opened an RD account in the post office in the name of the child, but if you need money before maturity, then you can close it.
As soon as you become a father, planning and financial planning for your child’s better future starts in your mind. If you also want to make it a reality. So you have a great post office scheme. In which you have to deposit only 2 thousand rupees every month and after 5 years your child will become a millionaire. If you also want to invest money in this post office scheme. So let us know, how you can do better financial planning for your child through the post office.
Post Office Scheme for Minor Children – In Post Office Recurring Deposit Scheme, you can start an RD by becoming the legal guardian of the minor child. In this, your investment matures in five years. If a monthly investment of Rs 2000 is started in this scheme in the name of the child after birth, then at the age of five years, a fund of more than Rs.
How much interest is available on RD in Post Office – If you will deposit 2 thousand rupees in RD every month in the name of your child. So in five years this amount will become one lakh 40 thousand rupees. Let us tell you that at present an interest of 5.8 percent is being given by the post office . Compounding is done on quarterly basis. In this way, in 5 years, a huge amount will be added to your child’s name.
You can withdraw money ahead of time – You have opened an RD account in the post office in the name of the child, but if you need money before maturity, then you can close it. However, you can do this only if the RD account has been deposited for 3 years.
Know this thing here, on withdrawing money from RD account before maturity, you will get interest equal to the interest earned on the savings account of the post office. RD account can be transferred to any post office in the country.
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