Post Office scheme: Investing in any scheme can be risky these days. The market is experiencing significant fluctuations. This has prompted people to consider investing in a safe investment with a good return. But now, there’s no need to worry. The Post Office is currently running a great scheme, offering excellent returns and ensuring safe investment.
We’re talking about the Post Office RD scheme. This scheme doesn’t require a significant investment. You can open an account with a monthly investment of just 100 rupees. After this, you can increase the monthly amount according to your needs. This scheme is becoming quite popular among middle-class people.
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Interest Rates on Investments
Currently, Post Office RD offers an annual interest rate of 6.7%, which is calculated based on quarterly compounding. This compounding effect allows an investor’s small monthly investment to grow into a substantial fund over five years. If a person deposits ₹30,000 monthly, the total investment at 6.7% interest will grow to ₹3,43,091 in five years. At maturity, the total amount will be ₹2,143,091.
Facilities Available in the Post Office Scheme
The unique feature of the Post Office RD scheme is that investors can also take a loan against their deposits if needed. This facility is offered in times of emergency. This facility is particularly beneficial for those investing for the long term. Additionally, this scheme offers tax benefits under Section 80C.
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How to open an account
If you want to open an account under the Post Office RD scheme, you can easily do so at a nearby post office. To do this, visit a nearby post office or bank and fill out the scheme form. You will need some important documents, such as your Aadhaar card, PAN card, and two photographs.