Many people invest in Recurring Deposit ie RD for good returns. But do you know that apart from banks, you can open RD account in post office also.
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Many people invest in Recurring Deposit ie RD for good returns. But do you know that apart from banks, you can open RD account in post office also. Not only will you get the best returns in this. Rather, the entire money invested by you along with it will also be safe, because the government’s sovereign guarantee is on the money invested in the post office. Let us know the whole thing about this scheme.
Rate of interest
At present, the interest rate of 5.8 percent per annum is available in the recurring deposit of the post office. This interest rate is applicable from 1 January 2023. In this scheme, the interest is compounded on a quarterly basis.
In this small savings scheme, a person can invest at least Rs 100 every month. Apart from this, the person will have to invest money in multiples of Rs.10. At the same time, no maximum limit of investment has been fixed.
Who can open the account?
In this post office scheme, one adult, up to three adults together can open a joint account. Apart from this, a guardian can also open an account on behalf of a minor or a person of weak mind. At the same time, in this government scheme, a minor above 10 years of age can open an account in his own name as well. Any number of accounts can be opened in this.
In the Recurring Deposit Scheme of the Post Office, from the date of opening the account will mature on five years i.e. 60 monthly deposits. After this, the person can proceed for five years by giving an application in the concerned post office. The rate of interest applicable during the extended period will be the one at which the account was initially opened. The account can be closed at any time during the extended period. For completed years, RD interest rate and for less than one year period, post office savings account interest rate will be applicable.
RD account can be closed prematurely after three years from the date of account opening. For this, the application form has to be submitted in the concerned post office. Apart from this, if the account is closed even a day before maturity, then the interest rate of Post Office Savings Account will be applicable.