Central Government Scheme: Invest ₹3,500 and Get ₹2.10 Lakh – Know How to Apply

India Post provides a safe and stable investment opportunity for the common people of the country. Apart from the general savings account, investments can be made in multiple savings schemes including Recurring Deposit (RD), PPF, Kisan Vikas Patra, Time Deposit (TD) and Monthly Income Scheme (MIS) at the post office. Here is a detailed discussion about the RD scheme of the post office.

What is this RD (Recurring Deposit)?

RD or Recurring Deposit is a savings scheme where a fixed amount of money has to be deposited every month. This scheme is very effective in building a large amount of money through gradual regular savings.

How much interest does the post office pay?

Currently, the interest rate on the RD scheme of the post office is 6.7 percent per annum. Minimum monthly deposit: Rs 100

It is mandatory to have a savings account with the post office to open an account, that is, you can deposit as much money as you want every month according to your ability. Loan facilities in RD account

A major advantage of this scheme is the opportunity to take a loan. The account must be active for at least 1 year. After depositing installments for 12 consecutive months, eligibility for the loan is made. A maximum loan of 50 percent of the total amount deposited can be taken. The loan can be repaid in one-time or monthly installments

The tenure of the Post Office RD scheme is 5 years (60 months). However, if desired, the tenure can be extended for the next 5 years. If someone deposits 3500 rupees per month for 60 months, then the total deposit will be 2,10,000 rupees. At a 6.7 percent interest rate, a total of about 2,49,776 rupees will be available at the time of maturity.

That is, about 39,776 rupees will be available as interest. The Post Office RD scheme is a reliable option to develop a habit of regular savings and meet future financial goals.