Post Office RD: Positive update! You may now get a loan from your RD account with ease; see the details

 Post Office RD: Positive update! You may now get a loan from your RD account with ease; see the details

Post Office RD: Positive update! You may now get a loan from your RD account with ease; see the details

Post Office RD: The Small Savings Scheme is a great choice if you want to invest in government savings plans. For a very long time, investing in Post Office plans carries no risk and offers assured profits. Additionally, you may borrow money against post office schemes.

Post Office RD: The Small Savings Scheme is a great choice if you want to invest in government savings plans. For a very long time, investing in Post Office plans carries no risk and offers assured profits. In addition, you have the option to borrow against post office plans. Additionally, loans against Post Office Recurring Deposits are available. Recently, the government has raised interest in this program.

This level of interest in Post Office RD is now being received.

There has been a 20 basis point rise in interest rates for post office recurring deposits. The five-year post office RD will now get 6.7 percent annual interest from October 1, 2023, to December 31, 2023, as opposed to 6.5 percent.

You are able to borrow against RD.

Clients may also borrow money against their RD accounts. If you want to apply for a loan against a registered deposit (RD) that you formed at the post office, you must have 12 installment payments made into the account and it must have been open for a full year. Only half of the amount in an RD account holder's account may be lent by the post office. You have the option of repaying the loan balance in whole or in installments. The consumer will pay two percent more in interest than the rate of return on deposit (RD) for this loan obtained from the post office. Assume that if the interest rate on your RD is 6.3 percent, the loan interest rate will be 8.3 percent.

How to apply for a loan

You must go to your post office, fill out the loan form, and submit it with your passbook in order to get a loan on an RD account. Only after all the processes are finished will you get the loan from the post office.

There is this level of interest in RD.

You would invest Rs 60,000 in a year and a total of Rs 3,00,000 in five years with a monthly RD of Rs 5,000. After five years, you would get Rs 56,830 as interest at a rate of 6.7%. At maturity, you will get Rs 3,56,830. A monthly investment of Rs 3,000 in RD will yield an annual investment of Rs 36,000. In five years, you would have invested a total of Rs 1,80,000. The post office's RD calculator indicates that you would get Rs 34,097 in interest based on the current interest rates. At maturity, you will get a total of Rs 2,14,097.