Post Office RD: Nowadays people invest in many post office schemes and one of them is Recurring Deposit, which is also called RD. Let us tell you that from October 1, 2023, the interest rate on RD has been increased from 6.5% to 6.7%.
You can deposit a certain amount every month in Post Office RD and get huge benefits later. You have to invest some amount in it every month and after 5 years you can get a good amount from it along with interest. You do not get interest on investing money in your home’s piggy bank, whereas if you invest in Post Office RD every month, you will get 6.7% interest from now on.
Know the special things about Post Office RD:
In this, you can start investing from Rs 100 and apart from this, if you want, you can deposit any maximum amount in multiples of 10.
From October 1, 2023, you will start getting 6.7% interest rate on Post Office RD.
In this you can deposit any maximum amount of rupees.
No interest is charged on the money received in RD
If you deposit money in Post Office RD, then no tax is taken from you on the interest received on it. But if your income is Rs 40,000 and in case of senior citizens Rs 50,000 then you do not need to pay tax. But if the income is more than this, you are given the amount after deducting 10% TDS.
But for this, senior citizens have to submit Form 15H in the bank and other citizens have to submit Form 15G in the bank. This is a self declaration form. In this you have to tell yourself that your income is beyond the tax limit.
Any person can open an account
You can open an account in Post Office RD and in this you can open the account of a child below 10 years of age. But this account can be operated by parents or guardian until the child turns 21 years old. In this, 3 people can also open a joint account. For this you will have to go to the nearest post office.
