The Post Office has a small savings scheme called the Post Office Recurring Deposit (RD) Scheme. This is a 60-month or 5-year scheme (National Savings Recurring Deposit Account) that can help you create a big fund from a small monthly deposit.
The National Savings Recurring Deposit Account (Post Office RD) currently offers 6.7% annual interest, with interest calculated quarterly. Using this rate, we can calculate the return on the money you deposit.
If you put ₹11,000 every month in the Post Office RD for 60 months, you will get ₹7,85,025 at the end. This includes your ₹6,60,000 investment and ₹1,25,025 as interest. You can deposit any amount. The minimum is ₹100, in multiples of ₹10. You can also take a loan by giving a loan form and your passbook.
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Who Can Benefit and How to Open an Account
This scheme is good for salaried people, small shop owners, and daily workers who want to save money every month. It is also good for saving for a goal, like school fees, wedding, or building a house. To open an account, you need Aadhaar, PAN card, and a small photo. You must deposit every month. Missing a payment has a small penalty. The account can also be managed online.
The Post Office RD is safe and backed by the government. It helps you save money regularly and get interest without market risk.
Disclaimer: This is only information, not investment advice. Talk to a financial advisor before making money decisions.