Post Office RD: Post Office's incredible program; invest Rs 5,000 every month and get over Rs 3.5 lakh assuredly; find out more

Post Office RD: Post Office's incredible program; invest Rs 5,000 every month and get over Rs 3.5 lakh assuredly; find out more

Post Office RD: Post Office's incredible program; invest Rs 5,000 every month and get over Rs 3.5 lakh assuredly; find out more

Post Office RD: RD is a government-guaranteed program that may be found at all banks and post offices. This program is available in banks with tenures varying from one year to ten years, and you may choose the duration that best suits your needs.

In some ways, recurring deposit plans are similar to piggy banks; you must deposit a certain amount each month, and when the account matures, you get the principal amount plus interest. For those who are unable to invest a large chunk of money in any program, recurring installments are a preferable option. By making a set monthly payment via RD, customers may benefit from the scenario while still save money.

RD is a government-guaranteed program that may be found at post offices and banks worldwide. This strategy is available in banks for a term of one year to ten years, and you may choose the duration that works best for you. However, you will need to start RD at the post office and continue doing so for five years. You get excellent interest on a five-year Post Office RD. There won't be many banks that will provide this interest since it is so high. In case you're searching for a secure investment solution similar to this, Post OfficeRD can be a more suitable choice.

How much does Post Office RD interest you?

Post Office RD is available for as little as Rs 100, which is a sum that may be saved with ease. The amount that may be invested in this has no upper limit. Compound interest is available to you on Post Office RD. The interest rate is now 6.7%. Interest is computed on a quarterly basis. In five years, you get a healthy profit in the form of interest in this scenario.

What monthly profit does RD of Rs 5000 make?

You would have Rs 3,00,000 deposited with you in 5 years if you deposit Rs 5,000 at the Post Office RD each month. The interest payment would be Rs 56,830 if interest is computed at a rate of 6.7%. In this case, you would get a total of Rs 3,56,830 at maturity.

loan arrangement also

You are eligible for a loan facility if you make 12 consecutive installment deposits into the post office's five-year recurrent deposit plan. This implies that you must deposit the money consistently for at least a year in order to take use of this service. You are eligible to borrow up to 50% of the total money placed into your account after a year. The loan balance may be repaid in whole or in equal monthly payments. The interest rate on the loan amount will be 2% plus the RD interest rate that applies to the RD account.

Additionally, early withdrawal options

Five years is the RD account's maturity term. However, after three years, premature closure is permitted. Additionally, there is a nomination feature. Additionally, an RD account may be kept open for an additional five years after it matures. A person participating in the Post Office Recurring Deposit Scheme may establish as many accounts as they choose. In addition to a single account, three joint accounts may be established in this. Additionally, it is possible to establish an account in the child's name.