Investing requires financial planning, not more money. At present, there are many investment options available in the market. Where you can go from drop to bottom. One such scheme is that of the Central Government. In which you can start investing from just Rs 100 per month. Let us know today about the post office’s 5-year recurring deposit scheme. It is also called the National Savings Recurring Deposit Scheme. You can earn assured returns by investing safely in this scheme.
Who can invest?
According to the official website of India Post, any adult can open his account under this RD scheme of the post office. Apart from this, 3 people can also open a joint account. If someone is a minor, parents can invest money on his behalf. Parents can invest in it on behalf of an unusual person. Under the RD scheme, minors above 10 years of age can also run an account in their name. The unique feature of this scheme is that there is no limit to opening more than one account in this scheme.
Invest only Rs 100
You can deposit only Rs 100 per month in the National Savings Recurring Deposit Account. Moreover, you can invest any amount in multiples of 10. The account can be opened by cash or check. In the case of a check, the date of deposit should be the date of processing of the check. If you open the account on the 15th of the calendar month, the subsequent deposit will be calculated by the 15th of the month. Also, if the account is opened between the 16th and last working day of the calendar month, the subsequent deposit is counted until the last working day of the month.
Interest Rates and Loan Facilities
According to the official website of the post office, the amount deposited in the 5-year post office recurring deposit account is currently getting an annual interest rate of 6.7%. The special thing about this scheme is that you kept the account active for one year by depositing 12 installments. You can also avail of a loan facility for up to 50% of the deposited amount. The loan can be repaid in lump sums or equated monthly installments. The rate applicable to the 2% + RD interest rate on the RD account will be applicable for the loan.