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- Post Office RD: Invest From ₹100, Get 6.7% Interest | Small Savings Schemes
New Delhi14 minutes ago
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The government has not changed the interest rates on small savings schemes for October-December (Q1FY27). That means you will continue to get the same interest as before. In such a situation, if you are planning to make Recurring Deposit (RD), then Post Office RD may be right for you.
6.70% annual interest is being given on this. In this, by depositing Rs 2 thousand every month for 5 years, a lump sum fund of Rs 1 lakh 43 thousand can be created. Here we are telling you about post office RD…
First of all understand what is RD?
Post Office Recurring Deposit or RD can help you in big savings. You keep depositing a fixed amount in it every month when your salary comes and when it matures after 5 years, you will have a huge amount in your hand. You may not get interest on depositing money in the piggy bank at home, but on depositing money here you also get huge interest.
A fund of Rs 71 thousand will be created by investing Rs 1 thousand every month for 5 years.
If you invest an amount of Rs 1 thousand per month in Post Office RD, then it will become approximately Rs 71 thousand on maturity after 5 years at 6.7% annual interest rate.
You can take loan against the money deposited in RD
Loan facility is also available against RD. This means that if you need money in between, you can take a loan against it without breaking the RD. In this, loan is available at lower interest compared to personal loan.
If you deposit 12 consecutive installments in the five-year RD of the post office, then you can avail the loan facility. That means, to avail this facility, you will have to deposit the amount continuously for at least one year. After one year, you can take a loan up to 50% of the amount deposited in your account.
If you take a loan against RD, the interest on the loan amount will be 2% + the interest rate applicable on the RD account. Just like currently 6.7% interest is being given on RD, in such a situation, if you take interest on RD now then you will get loan at the interest rate of 8.7% per annum.
5 benefits of RD
- Safe Investment: Post Office RD is backed by the Government of India, so no fear of losing money. This is great for people who don’t want to take risks.
- habit of regular savings: Every month a little amount (starting from minimum Rs 100) has to be deposited, which inculcates the habit of saving.
- Good interest: Currently, 6.7% interest is available annually, which increases with compounding. The returns are much better than a bank’s savings account.
- Flexible Investment: You can start with Rs 100, and there is no limit above. You can choose the amount according to your pocket.
- Loan facility: If you need money in an emergency, you can take a loan against RD. This comes in handy when you don’t want to break the scheme.
Any person can open an account
Any person can open an RD account. This account can also be opened in the name of small children. You can operate it yourself if you are 10 years old or older. 3 people can also open a joint account. You can open an account in this through any post office. Click here for more information
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