Post Office Scheme: If a small savings is made a habit every day and invested in government schemes, then a guaranteed fund can be made without any risk. There are many such government schemes, in which you can start investing with just Rs 100. One such scheme that provides risk free and assured income is Post Office Recurring Deposit (5-Year Post Office Recurring Deposit Account). If you aim to save 100 rupees every day, then you will easily deposit about 3000 rupees in a month. If this amount is deposited every month in the Post Office’s Recurring Deposit (RD), then in the next five years this amount will exceed Rs 2 lakh.
Amazing savings of ₹100
Depositing every month in the RD scheme of the post office creates a good corpus on maturity. According to the information available on the post office website, RD account can be opened in the post office from Rs.100. Once you have opened an account with Rs 100, you can make further deposits in multiples of Rs 10 each. There is no maximum limit for investment in this.
From January 1, 2023, 5.8 percent interest is being received annually on the RD scheme of the post office. In this compounding of interest is done on quarterly basis. In this, if you deposit Rs 3000 every month, then after maturity in five years (60 months) you will get around Rs 2.10 lakh. In this the interest income will be more than 29 thousand.
Loan is available on RD
You can take a loan on RD account in the post office at the time of any need. As per the rule, after depositing 12 installments, a loan can be taken up to 50% of the amount deposited in the account. Loan repayment is available in lump sum or in installments. The interest rate of the loan will be 2 percent more than the interest on RD. It also has the facility of nomination.
At the same time, after maturity, RD account can be continued for further 5 years. In this, a person can open any number of accounts. In this, apart from single, joint account can be opened for up to 3 persons. Guardian account can be opened for minor. Pre-mature closure can be done in post office RD after 3 years.