There is also no maximum limit for depositing money in the account opened under the RD (Post Office Recurring Deposit-RD) scheme. In this, a person can deposit as much as he wants. According to the amount you deposit, you will get the return.
If you also want to invest in such a scheme in which money is safe and also get good money on maturity, then you should invest in Post Office Recurring Deposit (RD) scheme. The best thing about this scheme is that you can invest in RD with even Rs 100. At present, interest of 5.8 percent is being available on Recurring Deposit Scheme (RD).
There is also no maximum limit for depositing money in the account opened under the RD scheme. In this, a person can deposit as much as he wants. According to the amount you deposit, you will get the return. Recurring Deposit Account (RD) can be opened for 1 year, 2 years, 3 years. Interest is charged quarterly on the money deposited under this scheme. Interest is added to the account at the end of every quarter. It earns compound interest.
Who can open this account (Who Can open RD account)
In the RD scheme, any person above 18 years of age can open an account. A joint account can also be opened in this scheme. A guardian can also open an account of his minor child. You can open as many accounts as you want under this scheme.
Loans can also be taken
Loan facility is also available in Post Office RD (Loan On Post Office RD). Loan can be taken on this account only after depositing 12 installments. Loan can be taken up to 50% of the amount deposited in the account. On the loan, 2 percent more interest will have to be paid than the interest on RD. If the loan is not repaid till the period of RD, then the amount given as loan will be deducted from the maturity amount.
This is how you will get money
if you invest Rs 10,000 in the RD scheme of the post office every month for 10 years, then after 10 years you will get more than Rs 16 lakh at an interest rate of 5.8%. That is, if you put 10,000 rupees every month and getting interest at the rate of 5.8 percent on it, on the maturity of 10 years, you will get Rs 16,28,963.
