Nowadays, there are many options for investment in India, but we cannot trust everyone blindly. That is why, we Indians consider it safe to invest in most government schemes. The government is also running amazing schemes, in which one can get good returns by investing. And when it comes to trust, then post office schemes are unmatched! These schemes are safe as well as give good interest. Post Office Recurring Deposit (RD) scheme is also one such great scheme, which can be a perfect fit for you.
If you are also thinking of investing in the post office and are looking for a scheme in which you can deposit a little money every month and get a big fund on maturity, then the post office RD scheme is made for you! This scheme is best for those people who do not want to invest a lot of money at once, but want to save a little every month.
Post Office RD scheme is a small savings scheme of the government. Therefore, your money is absolutely safe in this, tension free! In this scheme, you can invest every month for 5 years and get a very good return on maturity.
What is Post Office RD Scheme?
Post Office Recurring Deposit Scheme is a small savings scheme of the government. This is for those people who want to save a part of their income every month and invest it and want to earn good profits. You can invest in this RD scheme for 5 years. And do you know? After maturity, you can extend it for another 3 years! Isn’t it amazing?
How to open an RD account in the post office?
Opening an account in the Post Office Recurring Deposit Scheme is a child’s play. You just have to go to your nearest post office. From there you have to take the form to open an RD account. Fill in all the details asked in the form and submit it to the post office along with the required documents. You can open an account with just ₹100 and deposit as much as you want! There is no limit!
Just try depositing ₹150 daily, you will get good interest!
The Post Office Recurring Deposit Scheme is a very safe place for customers to invest. You can trust it blindly. On investing in this scheme, the government is currently giving you [current interest rate]% annual interest. Any citizen of India can open an account in the Post Office RD Scheme and start investing.
Understand the calculation of recurring deposit with an example
Let us assume that you deposited ₹4,500 every month for 5 years in the Post Office Recurring Deposit Scheme. So, you will invest ₹54,000 in one year. And in 5 years, you will invest a total of ₹2,70,000. You will earn [current interest rate]% interest on this deposit amount. Thus, you will earn around ₹[calculated interest amount] in 5 years as interest only, and on maturity, you will get a total return of ₹[calculated maturity amount]! Isn’t it great?