Post Office Superhit Scheme: There is no maximum deposit limit in this scheme. It can be closed prematurely after 3 years. Apart from this, there is a facility to extend the account for another 5 years after maturity.
Post Office Superhit Scheme: Recurring Deposit (RD) of Post Office is a safe and easy way of regular small savings. You can open this account in any branch of the customer post office. In this, you have to deposit a fixed amount every month on a fixed date. Currently, 6.7 percent annual interest is being given on Post Office RD. Not only is guaranteed interest available on Post Office RD account, but cheap and easy loan will also be available as per need.
RD account can be opened in the post office with a minimum monthly installment of Rs 100. There is no maximum deposit limit in this. RD can be closed prematurely after 3 years. Apart from this, there is a facility to extend the account for another 5 years after maturity.
Post Office RD: When will you get the loan?
According to the post office website, if 12 installments have been deposited in the RD account and the account has not been closed after being operational for 1 year, then the account holder can take a loan. According to the rules, up to 50 percent of the balance in RD can be availed as loan amount. The loan can be repaid in lump sum or in equal monthly installments.
Post Office RD: Loan will be available cheaply
The interest rate on taking loan against post office RD is lower as compared to personal loans from banks. According to the rules, the interest on loan on RD account is 2 percent more (interest on RD account + 2%) than the interest rate on deposits in RD account. At present, the annual interest rate on Post Office RD is 6.7 percent, which means if a loan is taken, the interest rate on the loan will be 8.7 percent.
In case of loan against RD, interest will be calculated from the date of disbursement of the loan amount till the date of loan repayment. The maturity period of RD is 5 years. If the loan is not repaid till the completion of the maturity period, the loan and interest will be deducted from the maturity value of the RD account.
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