Post Office Recurring Deposit Scheme: On September 29, the government increased the interest rate on this scheme from 6.5 percent to 6.7 percent. The maturity period for investment in this is fixed at five years.
In terms of giving excellent returns along with safe investment, now the Small Saving Schemes run by the Post Office are becoming very popular. Post Office RD included in these has now become even more beneficial. The reason for this is that the government has recently increased the interest rate on it. In this scheme, you can raise funds of more than Rs 8 lakh in just 10 months.
Increased interest rate applicable from October 1
If you want to make a recurring deposit for 5 years, then now you are getting more interest on it than before. On September 29, 2023, the Central Government has changed the interest rates of small savings schemes. The new rates will be applicable on all small savings schemes in the October-December 2023 quarter. The Finance Ministry has now increased the interest rate on Post Office RD (Post Office Recurring Deposit) by 20 basis points from 6.5 percent to 6.7 percent for 5 years. This means that now more funds can be raised for investment in this than before. The new rates have been implemented from October 1, 2023.
You can take loan up to 50 percent
You can open an account under Post Office Recurring Deposit Scheme by visiting any nearest Post Office. Investment in this can be started from Rs 100. The maturity period of Post Office RD is five years, but if you want to close the account before the completion of this period, then this facility is also available in this saving scheme. The investor can do pre-mature closure after 3 years. Loan facility is also provided in this. After the account remains active for one year, loan up to 50 percent of the deposited amount can be taken. However, the interest rate on the loan is 2 percent more than the interest rate.
More than 8 lakhs will be made like this in 10 years
Calculate investment and interest in Post Office RD, if you invest Rs 5,000 every month in this scheme, then you will deposit a total of Rs 3 lakh in its maturity period i.e. five years and the interest on it will be at the rate of 6.7 percent. Rs 56,830 will be added to the rupee. That means your total fund in five years will be Rs 3,56,830. Now if you extend your RD account for five more years, then the amount deposited by you in 10 years will be Rs 6,00,000. With this, the interest amount on this deposit at the rate of 6.7 percent will be Rs 2,54,272. If seen accordingly, then your total fund deposited in a period of 10 years will be Rs 8,54,272.
Government increased interest rate only on RD
It is noteworthy that the interest rates of small savings schemes of the post office are revised every three months and they have been changed on 29 September 2023. However, this time the government has increased the interest only on Post Office RD. Whereas in Senior Citizens Saving Scheme (SCSS), National Savings Certificate (NSC), PPF, Kisan Vikas Patra (KVP) and Sukanya Samriddhi Yojana (SSY), the old interest rates will remain applicable, that is, there will be no change in the interest rates of these schemes. There has been no change.
