Recurring deposit is also a popular scheme in many post office schemes because in this, interest is not only good, but a large amount can be deposited by investing less money.
Recurring deposit is the oldest way for common people to save money. The biggest advantage of this method of investment would be that by depositing a small amount every month, one can make a big corpus. In fact, if you suddenly need a large amount, then you have to ask people for credit or use a credit card. But if you keep investing small amounts for a fixed period, then you will not even know and it will be useful for you in times of trouble. In this case, recurring deposit comes in handy. We are telling you about the recurring deposit scheme of the post office, in which you can get an amount of more than Rs 69,002 by depositing Rs 990 every month.
Actually, the recurring deposit i.e. RD deposited in the post office gives an annual interest of 5.80 percent. In such a situation, if you deposit an amount of Rs 990 every month for 60 months, then your total deposit amount is Rs 59,400. You get an interest of Rs 9,602 on this amount. In this way your amount increases to Rs 69,002.
how to open account
Any person can open his account in the post office, for this you have to go to your nearest post office and then fill the application form with the necessary information and submit it. Interest up to 7.4 percent is also available in different schemes in the post office. At the same time, you can get information about other schemes including recurring deposits through India Post, the website of the post office. Every month you have to deposit a fixed amount in the recurring deposit of the post office. You can choose this amount yourself.
Why Recurring Deposit is better
Recurring deposit is also a popular scheme among many post office savings schemes as it not only offers good interest, but also this scheme is much better for investing less money. The Indian Postal Department also provides a variety of banking and remittance services from 1.5 lakh post offices spread across the country. Where different schemes get different returns. If you also want to deposit a decent amount with less money, then you can consider this option.
