Post Office Scheme: If you want to earn high returns through small savings schemes, then now is a great opportunity. The central government is running several savings schemes that offer strong returns. Following the central government’s guidelines, the Post Office also offers several schemes.
You can join the Post Office RD scheme. Its full name is Recurring Deposit, which helps people fulfil their dream of becoming wealthy. This scheme provides investors with guaranteed returns. The best part is that you can start investing with a small amount and create a substantial fund over a fixed period, without any hassle. If you want to join the RD scheme, don’t delay.
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Learn about the scheme’s features.s
The Post Office’s Recurring Deposit scheme is helping people become wealthy. You can invest in it every month. If you invest a fixed amount every month for 5 years, you will receive quarterly compounded interest on your deposit. This makes it a great option for people who want low risk and stable returns. Moreover, this scheme is not linked to the market, so it is not affected by the fluctuations of the stock market. However, please note that NRIs (Non-Resident Indians) cannot currently open an account in this scheme.
Features of the Post Office RD Scheme
Similar to bank FDs, the Post Office RD scheme also provides people with excellent interest rates. Currently, the RD scheme offers an interest rate of 6.7 per cent. The government revises the interest rates every quarter. The investment period is 5 years (60 months). You can start investing with as little as ₹100 per month (in multiples of ₹10).
There is no maximum amount limit. Money can be deposited in the Post Office Recurring Deposit scheme through cash, check, or online transfer. You can also deposit instalments for up to 5 years at once. You can link your savings account to have the monthly instalments deducted automatically.
Find out who can open an account in this scheme
Accounts can be opened in this Post Office scheme for several categories of individuals. Besides adults, minors aged 10 years or older can also open an account in their own name.
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Joint accounts can also be opened. The best part is that interest on the Post Office RD (Recurring Deposit) is compounded quarterly. This means that interest is added to the principal every three months, increasing the total amount.
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If you invest ₹2000 monthly in this scheme for 5 years, according to the Groww Post Office RD calculator, you will receive a return of up to ₹22,732 at the end of the term. Based on the calculation, you will deposit a total of ₹1,20,000 over 60 months. At the end, you will have a total fund of ₹1,42,732.
