As soon as you become a father, planning and financial planning for your child’s better future starts in your mind. If you want to make your children’s future secure, there is 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 lakhpati.
In Post Office Recurring Deposit Scheme, you can start a Recurring Deposit (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 one lakh 40 thousand rupees will be available for him.
Let us tell you that at present interest of 5.8 percent is being given by the post office.
If you have opened an RD account in the post office in the name of the child and need money before its maturity, then you can close it. However, you can do this only if the RD account has been deposited for 3 years.
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.