Post Office Saving Scheme: The Post Office, or India Post, offers several savings schemes for the general public. Among these, the Post Office RD (Recurring Deposit) is a very popular and secure option. This scheme is supported by the Government of India and provides guaranteed returns to investors. You can start investing in an RD with a small amount and build a large fund over a fixed period. This scheme is suitable for those who want stable and secure returns through regular savings.
What is the Post Office RD Scheme?
The Post Office RD is a monthly investment plan where a fixed amount is deposited every month. This deposit continues for five years, or 60 months. This scheme offers quarterly compounded interest, which means your investment amount grows every three months. Since this scheme is not market-linked, it is not affected by stock market fluctuations. Currently, NRIs (Non-Resident Indians) cannot open an account in this scheme.
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Features of Post Office RD
Currently, the Post Office RD offers a 6.7 percent annual interest rate compounded quarterly. The investment period is five years, and you can start investing with as little as ₹100 per month. There is no maximum limit on the investment amount, and you can deposit money using cash, check, or online transfer. You can also deposit five years’ worth of installments at once or link your savings account to have the monthly installments deducted automatically.
Who can open an RD account?
A Post Office RD account can be opened by any adult, as well as minors aged 10 years or older in their own name. A joint account option is also available, allowing family members or joint investors to invest together.
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How much return will you get on a monthly investment of ₹2000?
The Post Office RD offers quarterly compounded interest. This means that every three months, the interest is added to your investment, increasing the principal amount. If you deposit ₹2,000 every month and continue this investment for 5 years, the total deposited amount will be ₹1,20,000. According to the Groww Post Office RD calculator, after quarterly compounding interest, the total fund at the end of 5 years will be ₹1,42,732. This way, you can grow your funds securely through regular and disciplined investing.
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