Post Office Recurring Deposit (RD) is a better option for making big money from small savings. It can also be invested from 100 rupees.
If you are looking for a scheme in which you want to make more profit from less investment and money should also be safe. In such a situation, a recurring deposit (RD) of the post office is a better option. In this, money is 100 percent safe with guaranteed returns. In this, an account can be opened with a minimum amount of 100 rupees. At the same time, if you invest 10 thousand rupees a month, you can get more than 16 lakhs on maturity.
With a small savings in a recurring deposit, you can create a fund of millions. In this scheme, a minimum deposit of 100 rupees is required every month. Deposit amount should be in multiple of Rs. 10. There is no maximum investment limit. Its maturity period is 5 years, but you can extend it even further for 5-5 years.
Special things related to RD scheme
- RD scheme provides both single and joint account. A joint account can have a maximum of 3 adults.
- If you want, you can also open an account in the name of a child over 10 years of age. However, the guardian has to maintain it.
- RD has a maturity of 5 years, but by applying before maturity, it can be extended for the next 5-5 years.
- It has to deposit at least 100 rupees a month. If the amount is not deposited at the given time, then a penalty of 1 rupee will be charged for every 100 rupees.
- It also has the facility of pre-mature closure after 3 years from the date of opening of the account.
- The rate of interest offered in RD changes on a quarterly basis.
- The RD account of the store can be transferred from one branch to another.
- If you want to take a loan, then this facility is also available on RD. After one year, you can take a loan up to 50 percent of the deposit amount.
How much will you get on maturity
If an investor deposits Rs 10,000 every month in RD and if it is done for 10 years, then he should deposit a total of Rs 12 lakh. Since it is currently getting 5.8 percent interest annually. Compounding of interest is done on a quarterly basis. In this case, you will get around 16.28 lakh rupees on maturity. That is, you will gain 4.28 lakhs.
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