Post Office RD Scheme: In today’s time, earning money has become very easy but saving money is very difficult. Because there are many ways to earn money but saving money requires excellent planning. And if you are also having trouble in saving money, then today we will tell you a great way by which you can easily save some money every month.
In today’s article we will tell you about Post Office RD Scheme. Let us know in detail how money can be saved through Post Office RD Scheme and how this scheme works. Read the article till the end for complete information.
What is Post Office RD Scheme?
Post Office RD Scheme means Recurring Deposit Account in Post Office. Under this account you will deposit some money little by little every month. Then after a few years they provide you a huge amount at a good interest rate. You will have to open an RD account in the post office.
How to avail post office RD scheme
You can avail the benefits of Post Office RD Scheme by opening your single or joint account in the post office. Any person can open his account in Post Office RD. The account holder must be at least 18 years of age. But if a child below 10 years of age opens an account, then the account can be opened on behalf of his guardian.
What is the interest rate of Post Office RD Scheme?
There are different interest rates for the Post Office RD Scheme. Once you open an account, you have to invest at the same interest rate for 5 years. Although you will deposit money every month under RD account but the interest is calculated quarterly. And finally the interest gets added to your account at the end of the year. Talking about interest rate, currently it is 5.8 percent.
When and how to deposit the installment
If you open your account under Post Office RD Account, then you will have to deposit a fixed amount every month. This amount is decided at the time of opening your account. You have to deposit the same amount that you have decided to pay while opening the account.
The date of deposit of installment depends on the date of your account opening. For example, if you have opened your RD account between 1st and 15th, then you will have to deposit the installment by 15th of every month. And if you have opened your ID account between 15th and 30th then you will have to deposit your installment on the last date of every month.
What is the benefit of Post Office RD Scheme?
A fixed and small amount will have to be deposited every month.
You will get a huge amount by investing for 5 years.
The interest rate on RD account is very low.
If needed, you can also get a loan on the basis of the amount deposited in your RD account.
If you change your city or place of residence, you can transfer your RD account to another post office.
