According to the official website of the post office, any single adult, two people together and even three people together can open a joint account.
There are many options for small savings scheme in the post office, but there is also a scheme which provides the facility of taking loan along with investment if needed. Yes, the Post Office’s five-year recurring deposit scheme (Post Office RD Scheme) is known for such a facility. If you want, you can also start investing in it. For this you have to go to your nearest post office and open an account (5 Year Post Office Recurring Deposit Account). Let us tell you, the amount deposited under this scheme is completely safe.
Who can open an account for investment
According to the official website of the post office, any single adult, two people together and even three people together can open a joint account. If a minor above 10 years of age is interested in it, then he can also operate this account in his own name. Parents can also operate the account on behalf of the minor. Apart from this, if someone is of unsound mind then the guardian can also start investing in Recurring Deposit Scheme on his behalf. At present 6.5 percent interest is being given on this account.
Facility to get loan
You can take loan under 5 Year Post Office Recurring Deposit Account. But there are some rules for this. If you deposit 12 consecutive installments under the scheme and the account is running for one year and has not been closed, then you can take a loan up to 50 percent of the amount deposited in your account. If you wish, you can repay the loan amount in lump sum or as monthly installments. Interest on the loan will be applicable as 2% + RD interest rate applicable on RD account. If you do not repay the loan on time, this amount will be deducted from the total amount of your RD when it matures. To take a loan, you have to fill the application form along with the passbook and submit it to the post office.
How much can you invest?
You can deposit at least Rs 100 every month in this scheme. The amount above this has to be deposited in multiples of 10. If any RD account has not been closed then advance can be deposited in any account for 5 years. Under this scheme (Post Office RD Scheme), you can open any number of accounts. This scheme will mature in five years. You can also extend the post office account. During this period it can be switched off at any time.
