The post office runs many types of savings schemes based on the needs and convenience of the people in the country. You can open different types of accounts in the post office like RD, TD, MIS, PPF, and Kisan Vikas Patra. Today, we will talk about the Monthly Income Scheme (MIS). MIS is a savings scheme where you invest a lump sum amount, and then you receive interest every month.
In this article, we will share a special post office plan where you can invest ₹340 daily and get a return of ₹7 lakh in just 5 years. Read the full details and understand how this plan works.
Post Office RD Scheme: Start Saving with Just ₹100
The Post Office Recurring Deposit (RD) scheme is a small savings plan run by the government. It helps people build a good fund by saving a small amount every month. You can open this account with just ₹100 per month. It is a safe option with good interest rates.
If you deposit ₹10,000 every month in this scheme, you will get ₹7,13,659 after 5 years. Out of this, ₹6 lakh is your own money and ₹1,13,659 is the interest.
If you need money before 5 years, don’t worry. After one year of opening the RD account, you can take a loan of up to 50% of your total deposit.
Who Can Open the Account and What Do You Need?
This scheme is open to everyone – salaried people, shopkeepers, students, and women. The account runs for 5 years, and you can also extend it for 5 more years.
To open the account, you need an Aadhaar card, PAN card, and a photo. You can open it online or by visiting the post office. It is important to deposit the amount every month on time.