Post Office has many schemes. But which is the best, and where will we get more benefits? These types of questions are not new. Through this article we will discuss about the Post Office Recurring Deposit Scheme. Is it possible to become rich by investing in this perticular scheme? By investing a lump sum, you can create a corpus of ₹17 lakh in 5 years, which will grow to ₹42 lakh after another 5 years.
Post Office RD scheme details
With the help of a Post Office Recurring Deposit ( RD), you can easily build a large corpus. If you contribute a fixed amount every month and continue investing for 5 years, you will have a substantial sum in hand upon maturity. Post Office time deposits ( TDs) are also called fixed deposits. In some ways, recurring deposits ( RDs) are quite different from time deposits. In a TD , you deposit a lump sum for a fixed period, whereas in an RD , you have to deposit a small, fixed amount every month. This is an effective way to save for the long term . You can open a TD account for tenures of 1, 2, 3, and 5 years . The tenure of an RD is generally 5 years, and it can be extended for another 5 years.
The minimum investment limit in the Post Office RD scheme is ₹100. After that, you can increase the amount in multiples of ₹ 10 . This means there’s no maximum investment limit. If the account is opened between the 1st and 15th of each month, the next installment must be deposited by the 15th of each month. However, if the account is opened between the 16th and the last working day of the month, the installment can be deposited until the last day of that month.
Who can open an account?
Any person can open an RD account in the post office .
If you are 10 years or older, you can operate it yourself.
Three people can also operate it together in a joint account.
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