Post Office Scheme: This scheme will make you the owner of 24 lakhs in 120 months, know how much you will have to invest monthly
There are many schemes of investment in Indian Post Office. In which you can get good returns by investing money on a monthly and yearly basis. Also, the post office gives more interest than banks and other finance companies. Besides, the investment made in the Post Office is also safe. That’s why many people prefer to invest their money in the post office.
Today we are going to tell you about such a scheme of Post Office in which you can invest for 5 years on a monthly basis and can also extend it for a further 5 years after maturity. The name of the scheme is Recurring Deposit Scheme (RD).
How to open Recurring Deposit Scheme account in post office
- Recurring Deposit Scheme account can be opened for small savings in post office with a minimum investment of Rs 100. According to the information given on the post office website, you can make further deposits in this account in multiples of Rs 10-10. There is no maximum investment limit in this.
Funds will be 24 lakhs in 120 months
- At present, 5.8 percent annual interest is available on RD in the post office. In which compounding of interest is done on quarterly basis. If you deposit 15 thousand rupees every month and after 5 years extend this account for 5 years, you will get 24 lakh 39 thousand 714 rupees after 120 months i.e. on maturity. At the same time, the total amount invested by you in 120 months will be Rs 18 lakh. On which you will get interest of Rs 6,39,714. Let us tell you that to extend the RD account in the post office for 5 years, Form-4 has to be submitted.
You can close the account even earlier if needed
- If you open an RD account for 5 years and for some reason you have to close the account. So you can close RD account after 3 years.
These benefits are available on RD account
- A person can open any number of RD accounts in the post office. In this, a joint RD account can also be opened with a maximum of 3 people. At the same time, guardian account can be opened for the minor. Also, after depositing 12 installments on the RD account, a loan can be taken up to 50 percent of the amount deposited in the account. The loan can be paid in lump sum or in installments. The interest rate of the loan is 2% higher than the interest on RD.