Post Office Recurring Deposit Account: Investing in post office schemes is something that one considers to be the most reliable and safe way to keep one’s money. Investing in post office schemes is mostly popular among middle-class Indian citizens who do not want to risk their assets and want to invest in the stock market or cryptocurrencies. The multiple savings plans offered by India Post are some of the most popular risk free savings plans in the country. For the average middle class citizen in India, investing in good schemes with fixed and good interest rates is one of the top priorities. The post office schemes are supported by the government, they aim to fulfill those needs of the people.
recurring deposit account
Another great option while investing in fixed deposits or savings accounts of banks is the Post Office Recurring Deposit Account.
This is how you can invest in Post Office RD
Post office RD deposit accounts can also start investing with a small amount of just Rs 100. This scheme comes with the guarantee scheme of the government. There is no maximum investment limit, you can put any amount in it.
Recurring Deposit (RD) can be opened for 1 year, 2 years, 3 years as per your convenience. Interest is charged quarterly on the money deposited in it. At the end of every quarter, your account is added (along with compound interest).
get so much interest
Recurring deposit scheme is currently getting an interest of 5.8%, this new rate is applicable from 1 April 2020. The central government fixes the interest rates of all its small savings schemes every quarter.
Learn Complete Mathematics
If you invest 10 thousand rupees every month in the post office RD scheme for 10 years, then after 10 years you will get more than 16 lakh rupees at the rate of 5.8%. That is, if you put 10000 rupees every month and getting 5.8 percent interest on it, on the maturity of 10 years, you will get Rs 16,28,963.
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