Post Office Recurring Deposit (RD) scheme is a savings scheme that is very beneficial for regular income people. In this scheme, you can deposit a certain amount every month and after 5 years you get a big fund including interest. This scheme is ideal for those who want to store money for the future from small savings.
Post office is very easy to invest in RD scheme and can be started with minimum ₹ 100. The interest rate of this scheme is currently 6.7% per year, which occurs on a quarterly basis. The scheme is safe and guaranteed returns, which is very attractive for investors. Let us know in detail about this scheme.
Post Office Recurring Deposit Scheme overview
| Speciality | Description |
| Minimum deposit | ₹ 100 per month |
| Maximum deposit | No upper limit |
| Interest rate | 6.7% per year (quarterly compound) |
| Maturity period | 5 years (60 months) |
| Expansion option | Extension possible after 5 years and up to 5 years |
| Starting investment | Go to any post office |
| Required documents | Aadhar card and PAN card |
Benefits of investment in post office RD scheme
There are many advantages to invest in post office RD scheme:
- Safe investment: The scheme is completely safe as it is supported by the Government of India.
- Regular savings: In this you can deposit a certain amount every month, which makes your savings a habit.
- Guaranteed Return: This gives you a certain interest rate, which gives sure returns on your investment.
- Flexibility: You can increase or reduce the deposit amount as per your convenience.
Return for depositing ₹ 1000, ₹ 2000, ₹ 5000 and ₹ 10,000 in Post Office RD Scheme
If you deposit ₹ 1000, ₹ 2000, ₹ 5000 or ₹ 10,000 every month in the post office RD scheme, then we will have to calculate something to know how much returns you will get after 5 years.
Return for depositing ₹ 1000 per month
- Total deposit: ₹ 60,000 in 5 years
- Interest Rate: 6.7% per year
- Return on maturity: around ₹ 71,000
Return for depositing ₹ 2000 per month
- Total deposit: ₹ 1,20,000 in 5 years
- Interest Rate: 6.7% per year
- Return on maturity: around ₹ 1,42,732
Return for depositing ₹ 5000 per month
- Total deposit: ₹ 3,00,000 in 5 years
- Interest Rate: 6.7% per year
- Return on maturity: around ₹ 3,56,830
Return for depositing ₹ 10,000 per month
- Total deposit: ₹ 6,00,000 in 5 years
- Interest Rate: 6.7% per year
- Return on maturity: around ₹ 7,13,660
Documents required for post office rd scheme
To invest in the post office RD scheme you will need the following documents:
- Aadhaar Card: For identification
- PAN Card: For Income Tax objectives
- Bank Passbook: For Account Details
- Photo: For identification
How to open Post Office RD Scheme?
You can follow the following steps to open the post office RD scheme:
- Go to the nearest post office: Go to your nearest post office and get information about RD scheme.
- Fill the form: Fill the form for RD scheme and attach the required documents.
- First deposit: deposit your first deposit and open an account.
- Regular deposit: deposit your deposit amount by the scheduled date every month.
Post office RD scheme disadvantages
Although the post office RD scheme has many benefits, there are some disadvantages:
- Fixed period: This scheme is for 5 years, during which you may have to pay a fine for withdrawing money.
- Interest Rate: Interest rate may be lower than other investment options.
- Liquidity: There may be some restrictions on withdrawing money.
Tips for Post Office RD Scheme
Some things should be kept in mind while investing in the post office RD scheme:
- Regular deposit: Submit it by the scheduled date every month.
- Changes in interest rate: Keep information about changes in interest rate.
- Extension option: Consider choosing the option of expansion after 5 years.
Questions often asked about Post Office RD Scheme
Some of the questions often asked about the post office RD scheme are as follows:
- Q: What is the minimum deposit in the post office RD scheme?
- A: The minimum deposit in the post office RD scheme is ₹ 100 per month.
- Q: What is the interest rate of post office RD scheme?
- A: Currently the interest rate of post office RD scheme is 6.7% per year.
- Q: What is the maturity period of the post office RD scheme?
- A: Post office RD scheme has a maturity period of 5 years.
Disclaimer: The Post Office RD scheme is a real and government -backed scheme that provides safe and guaranteed returns to investors. This scheme is suitable for those who want to make small savings regularly. However, it is necessary to read all the terms and conditions carefully before investment.
