look news india
Post Office RD Scheme: Post Office offers many types of savings schemes. If you want to invest every month with low risk, then you can invest in Post Office Recurring Deposit Scheme. This is a government scheme with guaranteed returns. In this scheme, you can start investing from Rs 100 and there is no maximum limit of investment.
If you invest Rs 2,000 every month for five years in the Post Office Recurring Deposit Scheme, you will be entitled to get a maturity amount of Rs 1,42,732 at the end of the period at the rate of 6.7 per cent.
Who can invest in recurring deposits?
Any person above 18 years of age can invest in this scheme. Facility to invest in recurring deposits by opening a joint account is also available. The account can be opened by cash or cheque, for cheque the date of deposit will be the date of withdrawal. The minimum monthly deposit amount is Rs 100, which is payable by the 15th of the month if opened by that date or by the last working day if opened at the end of the month.
Loan facility available
Loan facility is also available in this scheme. Investors can avail up to 50 percent of the account balance as loan after depositing 12 installments. The loan can be repaid in lump sum or in monthly installments, with an interest rate of 2 percent plus the prevailing RD interest rate. Interest will be paid from the date of withdrawal to the date of repayment and on maturity, the outstanding loan amount is deducted from the maturity amount of the RD account.
